TIDMCNR
RNS Number : 3022A
Condor Gold PLC
01 June 2021
Condor Gold plc
7/8 Innovation Place
Douglas Drive
Godalming
Surrey GU7 1JX
1 June 2021
Condor Gold Plc
("Condor" or "the Company")
Grant of Options
Condor Gold plc, (AIM: CNR; TSX: COG) announces that on 1 June
2021 (the "Grant Date") it granted 4,200,000 share options,
representing 3.1% of the issued share capital (the "2021 Options")
under the Company's existing Share Options Scheme ("Share Option
Scheme").
The 2021 Options were granted by the remuneration committee and
approved by the Board as part of the Share Option Scheme, whereby
options are granted annually as an incentive to Directors,
employees and consultants. The 2021 Options were granted to:
Mark Child 1,250,000
Jim Mellon Chairman and CEO 400,000
Kate Harcourt Non-Executive Director 300,000
Andrew Cheatle Non-Executive Director 300,000
Ian Stalker Non-Executive Director 400,000
David Crawford Non-Executive Director 340,000
Other employees and consultants Chief Technical Officer 1,210,000
In August 2018 the Company established an Enterprise Management
Incentive Scheme (the "EMI Scheme") as a sub-plan within the
framework and in accordance with the rules of the Share Option
Scheme. The EMI Scheme is open only to employees of Condor Gold
plc. Of the 2021 Options, 100,000 were awarded through the EMI
Scheme.
The 2021 Options have an exercise price of 48 pence per share,
equal to the closing price on AIM on 28 May 2021 and are
exercisable for a period of 5 years from the Grant Date, with the
restriction that no options can be exercised within 12 months of
the Grant Date, only up to 50% of the said options can be exercised
in the following 12 months and thereafter , 100% of the said
options can be exercisable, provided that the grantee remains with
the Company.
Following the grant of the 2021 Options outlined above, the
total share options outstanding will represent 11.5%
of the 134,824,179 ordinary shares in issue.
- Ends -
For further information please visit www.condorgold.com or
contact:
Condor Gold plc Mark Child, Chairman and CEO
+44 (0) 20 7493 2784
Beaumont Cornish Limited Roland Cornish and James Biddle
+44 (0) 20 7628 3396
SP Angel Corporate Ewan Leggat
Finance LLP +44 (0) 20 3470 0470
Blytheweigh Tim Blythe, Camilla Horsfall and Megan
Ray
+44 (0) 20 7138 3204
About Condor Gold plc:
Condor Gold plc was admitted to AIM in May 2006 and dual listed
on the TSX in January 2018. The Company is a gold exploration and
development company with a focus on Nicaragua.
In August 2018, the Company announced that the Ministry of the
Environment in Nicaragua had granted the Company an Environmental
Permit for the development, construction and operation of a
processing plant with capacity to process up to 2,800 tonnes per
day at its wholly-owned La India gold project ("La India Project").
The Environmental Permit is considered to be the master permit for
mining operations in Nicaragua. Condor Gold published a
Pre-Feasibility Study ("PFS") on the La India Project in December
2014, as summarised in the Technical Report as defined below. The
PFS details an open pit gold Mineral Reserve in the Probable
category of 6.9 Mt at 3.0 g/t gold for 675,000 oz gold, producing
80,000 oz gold per annum for seven years. La India Project contains
a Mineral Resource of 9,850Kt at 3.6 g/t gold for 1,140Koz gold in
the Indicated category and 8,479Kt at 4.3g/t gold for 1,179Koz gold
in the Inferred category. The Indicated Mineral Resource is
inclusive of the Mineral Reserve.
Environmental Permits have also been granted in April and May
2020 in relation to the Mestiza and America open pits respectively,
both located in the vicinity of the La India Project. The Mestiza
open pit hosts 92Kt at a grade of 12.1 g/t gold (36,000 oz
contained gold) in the Indicated Mineral Resource category and
341Kt at a grade of 7.7 g/t gold (85,000 oz contained gold) in the
Inferred Mineral Resource category . The America open pit hosts 114
Kt at a grade of 8.1 g/t gold (30,000 oz contained gold) in the
Indicated Mineral Resource category and 677Kt at a grade of 3.1 g/t
gold (67,000 oz contained gold) in the Inferred Mineral Resource
category. Following the permitting of the Mestiza and America open
pits, together with the La India open pit Condor has 1.12M oz gold
open pit Mineral Resources permitted for extraction, inclusive of a
Mineral Reserve of 6.9Mt at 3.0g/t gold for 675,000 oz gold.
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.
Qualified Persons
The technical and scientific information in this press release
has been reviewed, verified and approved by Andrew Cheatle, P.Geo.,
who is a "qualified person" as defined by NI 43-101.
Technical Information
Certain disclosure contained in this news release of a
scientific or technical nature has been summarised or extracted
from the technical report entitled "Technical Report on the La
India Gold Project, Nicaragua, December 2014", dated November 13,
2017 with an effective date of December 21, 2014 (the "Technical
Report"), prepared in accordance with NI 43-101. The Technical
Report was prepared by or under the supervision of Tim Lucks,
Principal Consultant (Geology & Project Management), Gabor
Bacsfalusi, Principal Consultant (Mining), Benjamin Parsons,
Principal Consultant (Resource Geology), each of SRK Consulting
(UK) Limited, and Neil Lincoln of Lycopodium Minerals Canada Ltd.,
each of whom is an independent "qualified person" as defined by NI
43-101 .
Forward Looking Statements
All statements in this press release, other than statements of
historical fact, are 'forward-looking information' with respect to
the Company within the meaning of applicable securities laws,
including statements with respect to: Mineral Reserves and
Resources at La India Project. Forward-looking information is
often, but not always, identified by the use of words such as:
"seek", "anticipate", "plan", "continue", "strategies", "estimate",
"expect", "project", "predict", "potential", "targeting",
"intends", "believe", "potential", "could", "might", "will" and
similar expressions. Forward-looking information is not a guarantee
of future performance and is based upon a number of estimates and
assumptions of management at the date the statements are made
including, among others, assumptions regarding: future commodity
prices and royalty regimes; availability of skilled labour; timing
and amount of capital expenditures; future currency exchange and
interest rates; the impact of increasing competition; general
conditions in economic and financial markets; availability of
drilling and related equipment; effects of regulation by
governmental agencies; the receipt of required permits; royalty
rates; future tax rates; future operating costs; availability of
future sources of funding; ability to obtain financing and
assumptions underlying estimates related to adjusted funds from
operations. Many assumptions are based on factors and events that
are not within the control of the Company and there is no assurance
they will prove to be correct.
Such forward-looking information involves known and unknown
risks, which may cause the actual results to be materially
different from any future results expressed or implied by such
forward-looking information, including, risks related to: mineral
exploration, development and operating risks; estimation of
mineralisation, resources and reserves; environmental, health and
safety regulations of the resource industry; competitive
conditions; operational risks; liquidity and financing risks;
funding risk; exploration costs; uninsurable risks; conflicts of
interest; risks of operating in Nicaragua; government policy
changes; ownership risks; permitting and licencing risks; artisanal
miners and community relations; difficulty in enforcement of
judgments; market conditions; stress in the global economy; current
global financial condition; exchange rate and currency risks;
commodity prices; reliance on key personnel; dilution risk; payment
of dividends; as well as those factors discussed under the heading
"Risk Factors" in the Company's annual information form for the
fiscal year ended December 31, 2020 dated March 31, 2021, available
under the Company's SEDAR profile at www.sedar.com .
Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking information,
there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. There can be no
assurance that such information will prove to be accurate as actual
results and future events could differ materially from those
anticipated in such statements. The Company disclaims any intention
or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise
unless required by law.
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END
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