TIDMCNR
RNS Number : 4306Y
Condor Gold PLC
12 May 2021
Condor Gold plc
7/8 Innovation Place
Douglas Drive
Godalming
Surrey
GU7 1JX
Tel: +44 (0) 207 493 2784
12 May 2021
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
Blytheweigh 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.
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 Gold published a Pre-Feasibility Study ("PFS") on
the project in December 2014, 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 7 years. La India
Project contains a Mineral Resource of 9,850 Kt at 3.6 g/t gold for
1.14 Moz gold in the Indicated category and 8,479 Kt at 4.3 g/t
gold for 1.18 Moz gold in the Inferred category. The Indicated
Mineral Resource is inclusive of the Mineral Reserve. A gold price
of $1,500/oz and a cut-off grade of 0.5 g/t and 2.0 g/t gold were
assumed for open pit and underground resources, respectively. A
cut-off grade of 1.5 g/t gold was furthermore applied within a part
of the Inferred Resource. Mineral Resources are not Mineral
Reserves and do not have demonstrated economic viability. There is
no certainty that any part of the Mineral Resources will be
converted to Mineral Reserves.
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 Moz gold open
pit Mineral Resources permitted for extraction, inclusive of a
Mineral Reserve of 6.9 Mt at 3.0 g/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 Mineral Resource Estimate has been completed by Ben Parsons,
a Principal Consultant (Resource Geology) with SRK Consulting
(U.S.), Inc, who is a Member of the Australian Institute of Mining
and Metallurgy, MAusIMM(CP). He has some nineteen years' experience
in the exploration, definition and mining of precious and base
metals. Ben Parsons is a full-time employee of SRK Consulting
(U.S.), Inc, an independent consultancy, and has sufficient
experience which is relevant to the style of mineralisation and
type of deposit under consideration, and to the type of activity
which he is undertaking to qualify as a "qualified person" as
defined under National Instrument 43-101 - Standards of Disclosure
for Mineral Projects ("NI 43-101") of the Canadian Securities
Administrators and as required by the June 2009 Edition of the AIM
Note for Mining and Oil & Gas Companies. Ben Parsons 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.
The technical and scientific information in this press release
has been reviewed, verified and approved by 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.
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: the ongoing mining dilution
and pit optimisation studies, and the incorporation of same into
any mining production schedule, future development and production
plans 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 and
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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