Condor Gold PLC Annual Financial Report (5914F)
19 May 2017 - 4:00PM
UK Regulatory
TIDMCNR
RNS Number : 5914F
Condor Gold PLC
19 May 2017
Condor Gold plc
7(th) Floor
39 St. James's Street
London
SW1A 1JD
Telephone +44 020 74932784
Fax: +44 020 74938633
19(th) May 2017
Condor Gold plc
('Condor', 'Condor Gold' or 'the Company')
Condor Gold plc announces its audited results for the year ended
31(st) December 2016 and Notice of its Annual General Meeting
Condor (AIM: CNR) is pleased to announce its results for the
year ended 31(st) December 2016. A copy of the audited annual
report to 31(st) December 2016 and AGM notification documents are
available on www.condorgold.com
HIGHLIGHTS
-- GBP2.82M raised by way of a private placement of new ordinary shares.
-- The Company commenced drilling on the Cacao prospect in
November 2016 and completed 719.6m of diamond core drilling. The
drilling was a success and identified wide dilation zones for gold
bearing fluids
-- 142g/t and 54g/t gold high grade rock chips were found 12 km
from the main La India vein set on the Andrea vein in the north of
the Project area.
-- Soil survey progressed with 180km(2) completed by end 2016 on La India Project.
-- Settled a dispute over the purchase of the high grade
Espinito-Mendoza Concession, which cleared the way to advance the
Concession and convert more of the high grade Soviet classified
resource of 2,392kt at 10.2 g/t gold for 785,694 oz gold on the
Mestiza Vein Set ("Mestiza") to NI 43-101 standards.
-- Settled NSR dispute with B2Gold Inc and Royal Gold Inc and
acquired 3,508 hectares of land surface rights, which cover the
area of the mine site infrastructure.
POST PERIOD HIGHLIGHTS
-- GBP5.42M raised by way of a private placement of new ordinary shares.
-- Announced a 10,000m drilling programme for 2017 at the La India Project.
-- 3 scout drilling targets completed and drilling has commenced on Mestiza.
-- Soil survey completed at end April on entire 313km(2) of the La India Project.
-- El Salvador's government passed a bill to ban metal mining outright across the country.
-- Secondary trading on the OTCQX Best Market in the U.S. commenced in April 2017.
-- At a meeting with Government Ministers in early 2017 it was
re-iterated that the Government is supportive of a new mine at Mina
La India.
Mark Child, Chairman and Chief Executive of Condor Gold
commented: "I am pleased to announce that the Company is making
significant progress. Condor aims to continue its twin strategy in
2017 of obtaining the Environmental Permit for a base case 2,800tpd
processing plant fed from a single open pit at La India, with the
capacity to produce approximately 100,000oz gold per annum and
proving a major Gold District via exploration. Following the
GBP5.42M placement in February 2017, the exploration activity has
increased as we continue to demonstrate a major Gold District at La
India Project through a 10,000m drilling programme which aims to
increase the current resource of 18.8 Mt at 4.0g/t gold for 2.4 M
oz gold and identify new targets via scout drilling. The strategy
builds on the release in December 2014 of a robust, economically
attractive NI 43-101 technical report detailing a Pre-Feasibility
Study ("PFS") and two Preliminary Economic Assessments
("PEAs")."
A full copy of the Company's Audited Annual Accounts for the
year ended 31 December 2016 is being posted to all shareholders and
is also available on the Company's website,
http://condorgold.com/
The notice of the annual general meeting is also being posted to
shareholders and the meeting is to be held at The Clubhouse, 8 St.
James's Square, St. James's, London, SW1Y 4JU at 11:00 a.m. on 29
June 2017.
- Ends -
For further information please visit www.condorgold.com or
contact:
Condor Gold plc Mark Child, Executive
Chairman and CEO
+44 (0) 20 7493 2784
Beaumont Cornish Roland Cornish and
Limited James Biddle
+44 (0) 20 7628 3396
Numis Securities
Limited John Prior and James
Black
+44 (0) 20 7260
1000
Farm Street Media Simon Robinson
+44 (0) 7593 340107
About Condor Gold plc:
Condor Gold plc was admitted to AIM on 31st May 2006. The
Company is a gold exploration and development company with a focus
on Central America.
Condor completed a Pre-Feasibility Study (PFS) and two
Preliminary Economic Assessments (PEA) on La India Project in
Nicaragua in December 2014. The PFS details an open pit gold
mineral reserve of 6.9 Mt at 3.0 g/t gold for 675,000 oz gold
producing 80,000 oz gold p.a. for 7 years. The PEA for the open pit
only scenario details 100,000 oz gold production p.a. for 8 years
whereas the PEA for a combination of open pit and underground
details 140,000 oz gold production p.a. for 8 years. La India
Project contains a total attributable mineral resource of 18.08 Mt
at 4.0 g/t for 2.31 M oz gold and 2.68 M oz silver at 6.2 g/t to
the CIM Code.
In El Salvador, Condor has an attributable 1,004,000 oz gold
equivalent at 2.6 g/t JORC compliant resource. The resource
calculations are compiled by independent geologists SRK Consulting
(UK) Limited for Nicaragua and Ravensgate and Geosure for El
Salvador.
Disclaimer
Neither the contents of the Company's website nor the contents
of any website accessible from hyperlinks on the Company's website
(or any other website) is incorporated into, or forms part of, this
announcement.
Click on, or paste the following link into your web browser, to
view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/5914F_1-2017-5-18.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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