Condor Gold PLC TSX Conditional Listing Approval Granted (3924U)
October 24 2017 - 2:00AM
UK Regulatory
TIDMCNR
RNS Number : 3924U
Condor Gold PLC
24 October 2017
Condor Gold plc
7(th) Floor
39 St. James's Street
London
SW1A 1JD
Telephone +44 020 74932794 Fax:
+44 020 74938633
24 October 2017
Condor Gold plc
('Condor', 'Condor Gold' or 'the Company')
TSX Conditional Listing Approval Granted
The Board of Condor Gold (AIM: CNR) is pleased to announce that
the Listing Committee of the Toronto Stock Exchange ("TSX") has
conditionally approved the Company's application to list Condor
Gold on the TSX. Condor's flagship La India Project in Nicaragua
hosts 9.6 M tonnes at 3.5 g/t gold for 1,083,000 oz gold in the
Indicated mineral resource category and 8.5 M tonnes at 4.5 g/t
gold for 1,231,000 oz gold in the Inferred mineral resource
category. The Indicated mineral resource includes 6.9 M tonnes at
3.0 g/t gold for 675,000 oz gold in the Probable mineral reserve
category.
The TSX/TSXV is a robust market with liquidity and access to
capital, particularly for the mining sector with the participation
of over 200 Canadian institutional mining investors and over 500
international institutional mining investors. The TSX/TSXV is the
number one public market for mining companies globally with 1,218
public listings with combined market capitalisation of C$305
billion and coverage by more than 200 mining analysts. In 2016, the
TSX/TSXV accounted for 57 per cent of all equity capital raised in
the mining sector, making it the top source of investment for
mining companies globally.
Final approval for the listing is conditional upon the Company
satisfying the conditions and requirements imposed by the TSX. The
Company will work to satisfy these conditions as quickly as
possible. The listing is also subject to the final receipt and
acceptance by the Ontario Securities Commission of the Company's
long form non-offering prospectus, which the Company expects to
file in the coming weeks. The Company will issue further press
releases as appropriate.
Mark Child, Chairman and CEO comments:
"The TSX listing will constitute a milestone for Condor Gold,
providing a local trading platform for existing and new Canadian
shareholders and investors. The vast majority of mining and
exploration companies operating in South America are TSX/TSXV
listed and, in my opinion, Canadian investors will find Condor a
compelling investment that is undervalued compared to its TSX/TSXV
listed peer group; 100% ownership of a high-grade gold deposit
close to permitting, which can be expanded, in a jurisdiction with
a pro-mining Government.
Condor has been engaged with the local community for several
years via employment and many social programmes, from healthcare,
to education to the distribution of drinking water. Over the past
18 months we have been in constructive talks with national
government and, with their blessing, we are now entering direct
conversation with the local community regarding key aspects of
permitting. Condor is entering the final phase of its permitting
process to construct a 2,800tpd processing plant with a capacity to
produce 100,000 oz gold p.a. from a single open pit and continues
its strategy of expanding the gold resources through drilling and
proving a major gold district."
"The Company will remain listed on the AIM market of the London
Stock Exchange."
- 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
Blytheweigh Tim Blythe, Camilla
Horsfall and Megan
Ray
+44 (0) 20 71383204
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 its wholly owned 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 per annum for seven years. The PEA
for the open pit only scenario details 100,000 oz gold production
per annum for eight years whereas the PEA for a combination of open
pit and underground details 140,000 oz gold production per annum
for eight years. La India Project in Nicaragua hosts 9.6 M tonnes
at 3.5 g/t gold for 1,083,000 oz gold in the Indicated mineral
resource category and 8.5 M tonnes at 4.5 g/t gold for 1,231,000 oz
gold in the Inferred mineral resource category. The Indicated
mineral resource includes 6.9 M tonnes at 3.0 g/t gold for 675,000
oz gold in the Probable mineral reserve category.
The mineral resource and reserve calculations disclosed herein
were prepared by independent geologists SRK Consulting (UK)
Limited. The mineral reserve and mineral resource estimates
disclosed herein have an effective date of 21 December 2014 and 30
September 2014, respectively.
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 Person
The information in this announcement that relates to the mineral
potential, geology, exploration results and database is based on
information compiled, and reviewed, by Mr Peter Flindell, Member of
the Australian Institute of Geoscientists, Member of the
Australasian Institute of Mining and Metallurgy and Member of the
Society of Economic Geologists. Mr Flindell is a geologist with
over thirty years of experience in the exploration of precious
metal mineral resources. Mr Flindell is a non-executive director on
the Board of Condor Gold plc who also provides technical leadership
to the technical team in Nicaragua and has considerable experience
in epithermal mineralization, the type of deposit under
consideration, and sufficient experience in the type of activity
that he is undertaking to qualify as a 'Competent Person' as
defined in the June 2009 Edition of the AIM Note for Mining and Oil
& Gas Companies. Mr Flindell consents to the inclusion in the
announcement of the matters based on their information in the form
and context in which it appears and confirms that this information
is accurate and not false or misleading.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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