Condor Gold Share Discussion Threads

[usmcgs] 23/7/2013 20:38

Before market closed

[warmsun] 23/7/2013 20:23

Thanks for the above (do we know what time it was published...ie, before or after market close?).
Hopefully this is just the start of getting the show back on the road....maybe we will start to move back up very quickly...gold still doing well too.
Gla

[saturdaygirl] 23/7/2013 19:32

This reads like a for sale advert ...


July 23, 2013
Work Continues Apace To Enhance The Resource And The Economics At Condor's 2.4 Million Ounce La India Gold Project
By Ryan Jackson
Having completed an extensive drilling campaign at the flagship La India Project in Nicaragua, Condor Gold has announced that the drill results so far have been encouraging enough to warrant further drilling before the focus shifts to the completion of a prefeasibility study ("PFS").

Drilling at La India
"On the back of encouraging drill results", said Condor's Mark Child, "the current drilling has been extended by 5,500 metres, using four diamond core drill rigs and is scheduled to be completed by the end August 2013, by which time circa 13,500 metres of infill drilling will have been completed on La India open pit area and a total of 22,000 metres of drilling will have been completed on the entire La India Project since the previous resource announcement in September 2012."

At present, the La India Project hosts a high grade NI 43-10 compliant mineral resource of 2.4 million ounces gold grading an average of 4.6 grams per tonne, including 751,000 ounces at 4.4 grams per tonne in the indicated category. Included within the overall resource is a high grade open pit resource of 954,000 ounces gold at 3.6 grams per tonne.

That resource makes La India the largest undeveloped gold resource in Nicaragua and the Condor team's intention now is to upgrade even more of the resource to the indicated category in preparation for a PFS.

The most recent drilling campaign was conducted with four rigs, and the initial 8,000 metres were designed to infill the 800,000 ounce open pit shell used in the preliminary economic assessment ("PEA") which was published in March 2013, with the goal of proving up an 800,000 ounce indicated resource.

Highlights from the program include 37.2 grams per tonne gold over 4.8 metres, 3.33 grams per tonne gold over 21 metres, 2.86 grams per tonne gold over 11.8 metres, and 9.43 grams per tonne gold over 2.6 metres.

But having completed the planned 8,000 metres, Mark and the Condor team have opted to extend the drilling campaign by 5,500 metres with the intention of extending the indicated resource area to a greater depth as well as further along strike to the south. The stated target is for over 1m ounces gold to the indicated category in La India open pit.

Additionally, ongoing geotechnical studies should enhance the pit geometry as the pit angle used in the PEA is 42:40 degrees, whereas Condor's team believe a 50:50 degree pit angle is achievable, which could lead to more efficient mining and more recoverable ounces of gold.

The PEA detailed 152,000 ounces gold production for the first 8 years of a 12 year mine live, however this is split 88,000 ounces open pit and 64,000 ounces underground production. The current drilling is focused on seeing whether 100% open pit production for several years is possible.What's more, a high grade zone of gold mineralization has been defined at depths of between 80 and 200 metres below surface at the southern end of the structure and gold mineralization remains untested further south.

And, in addition to drilling on the main La India Vein Set, drilling programs have recently been completed on the America Vein Set and the Central Breccia Prospect, with a view to locating new potential open pit areas which could supplement the La India pit in a production scenario.

If new open pit resources can be defined, the company intends to look into mining from multiple open pit mines to feed a central mill.

The America Vein Set currently has a resource of 405,000 ounces of gold and was a hotbed of historical mining in the region.

Between 1938 and 1956 the vein set was exploited by underground mining and it is estimated that roughly 40 per cent of the gold produced in the La India mining district came from the area.

According to records, that works out to approximately 250,000 ounces gold, which was high graded at 13.5 grams per tonne.

The recent campaign at America consisted of nearly 5,500 metres of drilling. The program included 33 holes targeting 550 metres of strike length in the America and Escondido veins to a depth of up to 180 metres down-dip from surface.

The remaining 17 drill holes for 2,592 metres were drilled through the wall rock of historic workings on the conjunction of the America and Escondido veins and the Constancia Vein. Intercepts as high as 2.7 metres at 9.38 grams per tonne gold were encountered in this area and data from 45 of the 55 holes has been returned so far.

The programme at Central Breccia program consisted of over 2,320 metres of drilling for 13 drill holes on the Central Breccia prospect itself and three drill holes testing the two principal soil anomalies in the vicinity.

The goal of the Central Breccia program was better to define the mineralized area which has been identified by trenching and exploratory drilling in the past, as well as to discover the extent of the mineralization along strike and at depth.

The results of the latest program at the Central Breccia are still pending, but the area has already returned assays as high as 45.8 metres grading 4.24 grams per tonne gold from exploratory drilling undertaken in 2012.

Having only identified the prospect in 2011, the Condor is excited about the possibility of rapidly defining an initial resource there which could have a significant open pit component to enhance the La India Project.

In parallel with the drilling, Condor's exploration team have been conducting geological modelling as well as a geotechnical study. The data from those endeavours will be used in conjunction with the drill results to form an updated NI 43-101 resource estimate for La India.

A great deal of new data has been generated since the publishing of the PEA at La India and the Condor team remains aggressively committed to enhancing the project economics as they move towards prefeasibility and eventually the development of Nicaragua's largest undeveloped gold deposit.

"The PEA in March this year detailed 152,000 ounces of production for the first eight years of a 12 mine life", says Mark Child.

"Production is split 60 per cent open pit and 40 per cent underground. By the end August 2013, over 22,000 metres drilling will have been completed on La India Project since the last resource update in September 2012. Due to the decline in the gold price, the focus of the current drilling is to determine whether La India Project can support 100 per cent open pit production for several years, thereby reducing up front capital costs and lower operating costs.

"The current drilling aims to prove over a million ounces of gold to the Indicated Category in the main La India open pit and to prove one or two feeder pits on the Central Breccia or America areas within the next few months. The results of a helicopter borne geophysics programme over the entire 280 square kilometre area will be released in the next three weeks".

[jeanesy2] 23/7/2013 18:24

Looks like this is the reason for todays rise. Todays article says that the Helicopter results will be out in next 3 weeks.

[usmcgs] 23/7/2013 16:00

full ask 91 paid

[usmcgs] 23/7/2013 15:30

warmsun ..... you may have timed that just right

I bought more yesterday

[warmsun] 23/7/2013 14:36

Bought more....and L2 now 2v1 ....making a comback...... at last?

[usmcgs] 23/7/2013 14:16

jeanesy ....... I'd buy some quick if I was you ;)

lp 85/90

[jeanesy2] 23/7/2013 12:35

Many goldies have enjoyed some pretty large rises yest/today. We have seen diddly squatt in comparison ! hopefully one day soon things will change !

[warmsun] 23/7/2013 11:44

Slooooowly but surely...L2 improving (now 3 - 1 )...a tick-up soon...?

[jeanesy2] 23/7/2013 07:20

Another day , another delay in news. Very disappointing, i only hope that they have a positive reason why but that is becoming harder to believe by the day !

[serious punter] 22/7/2013 12:45

Probably a short closing or an order completed from last week :0)

[jeanesy2] 22/7/2013 10:53

Where is the stock coming from ? There has been very few sells in recent weeks, so someone must have sold for someone else to buy, perhaps we will find out later

[jungmana] 22/7/2013 10:48

wow!! that's huge.
well is at give away price so why not.

[usmcgs] 22/7/2013 10:47

345k buy !!!!!

[usmcgs] 22/7/2013 07:56

PoG $1316.63

With all the news we are due, we should bounce back up

[jeanesy2] 22/7/2013 07:22

Still no news, below 80p today me thinks. What is holding them up ? !!

[saturdaygirl] 20/7/2013 21:30

Gold Short Squeeze

Jul 19, 2013 - 09:47 PM GMT

By: Zeal_LLC


Futures speculators have responded to this year's extreme bearishness plaguing gold by amassing wildly-outlying record short positions in it. These huge and highly-leveraged bets can only be unwound by buying gold futures to cover the shorts. As gold continues rebounding out of its recent hyper-oversold lows, the futures traders on the short side will have to buy. This will likely fuel a massive short squeeze.




When the prices of heavily-shorted assets start rallying rapidly, this covering dynamic quickly feeds on itself. Initially a small fraction of short traders buy to exit their bets. But their very buying accelerates the rally, spooking progressively larger fractions of their peers. So they rush to buy too, forming a vicious circle. The covering shorts are squeezed out of their positions by their own buying, fueling big rallies.

These short squeezes can cascade into full-blown buying panics. These are the opposite of the usual selling panics, igniting some of the biggest and fastest rallies ever witnessed. Several factors greatly increase the odds for spawning a buying panic. They are exceptionally-large short positions for the underlying asset, excessive leverage among the short traders, and hyper-oversold price conditions.

All exist in spades today in the US gold-futures market, which implies high odds for an enormous and imminent short squeeze. Speculators' short positions in gold futures are at a wildly-outlying secular-bull record high. And these futures traders are running extreme leverage of up to 16 to 1, radically ramping the speed and magnitude of their losses during a gold rally. And boy is gold sure overdue to surge higher!

The yellow metal was hammered to its most-oversold levels by far of its entire dozen-year secular bull near the end of last month. In just 9 months, gold plunged far enough to surrender a third of its value! This pummeled it down to an unprecedented three-quarters of its 200-day moving average. Such an extreme selloff would herald a giant mean-reversion recovery for any asset, and gold is certainly no exception.

[saturdaygirl] 19/7/2013 21:23

Why release the news in a falling market , all previous RNS news has be flatened by the current gold down trend . If i was in MC`s shoes i would delay . Whats the point of playing you best hand for a low pot . Within the rules i guess if he does not have the information to hand or delays compiling results there is a chance for the miners to bottom and then release news .

[jeanesy2] 19/7/2013 21:12

Still falling on no news. Time is well up, the silence is deafening !

[jeanesy2] 19/7/2013 21:12

Still falling on no news. Time is well up, the silence is deafening !

[plasybryn] 19/7/2013 17:03

Come on Mark; not in anyone's interest to let this go too low.