TIDMCNR
RNS Number : 3464L
Condor Gold PLC
12 May 2022
Condor Gold plc
7/8 Innovation Place
Douglas Drive
Godalming, Surrey
GU7 1JX
Tel: +44 (0) 207 493 2784
12 May 2022
Condor Gold Plc
("Condor" or the "Company")
Results of Annual General Meeting ("AGM")
Condor (AIM: CNR; TSX: COG) is pleased to announce that at the
Company's AGM held earlier today, all resolutions were passed.
- 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
Finance LLP Ewan Leggat
+44 (0) 20 3470 0470
BlytheRay Tim Blythe 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.
On 25 October 2021 Condor announced the filing of a Preliminary
Economic Assessment Technical Report ("PEA") for its La India
Project, Nicaragua on SEDAR https://www.sedar.com. The highlight of
the technical study is a post-tax, post upfront capital expenditure
NPV of US$418 million, with an IRR of 54% and 12 month pay-back
period, assuming a US$1,700 per oz gold price, with average annual
production of 150,000 oz gold per annum for the initial 9 years of
gold production. The open pit mine schedules have been optimised
from designed pits, bringing higher grade gold forward resulting in
average annual production of 157,000 oz gold in the first 2 years
from open pit material and underground mining funded out of
cashflow.
In August 2018, the Company announced that the Ministry of the
Environment in Nicaragua had granted the Environmental Permit
("EP") 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 EP is considered the master permit for mining operations in
Nicaragua. Condor has purchased a new SAG Mill, which has mainly
arrived in Nicaragua. Site clearance and preparation is at an
advanced stage.
Environmental Permits were granted in April and May 2020 for the
Mestiza and America open pits respectively, both located close to
La India. The Mestiza open pit hosts 92 Kt at a grade of 12.1 g/t
gold (36,000 oz contained gold) in the Indicated Mineral Resource
category and 341 Kt 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) in the
Indicated Mineral Resource category and 677 Kt at a grade of 3.1
g/t gold (67,000 oz) 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 1.12 M oz gold open
pit Mineral Resources permitted for extraction.
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 and Gerald D.
Crawford, P.E., who is a "qualified person" as defined by NI 43-101
and is the Chief Technical Officer of Condor Gold plc.
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, October 2021", dated October 22,
2021 with an effective date of September 9, 2021 (the "Technical
Report"), prepared in accordance with NI 43-101. The Qualified
Persons responsible for the Technical Report are Dr Tim Lucks of
SRK Consulting (UK) Limited, and Mr Fernando Rodrigues, Mr Stephen
Taylor and Mr Ben Parsons of SRK Consulting (U.S.) Inc. Mr Parsons
assumes responsibility for the MRE, Mr Rodrigues the open pit
mining aspects, Mr Taylor the underground mining aspects and Dr
Lucks for the oversight of the remaining technical disciplines and
compilation of the report.
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: Developmment Plans for the La
India Project, 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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