TIDMCNR
RNS Number : 4862V
Condor Gold PLC
13 December 2021
Condor Gold plc
7/8 Innovation Place
Douglas Drive
Godalming
Surrey
GU7 1JX
13 December 2021
Condor Gold Plc
("Condor Gold", "Condor" or the "Company")
Grant of Options to Employee
Condor Gold (AIM: CNR; TSX: COG) announces that on 13 December
2021 ("Grant Date") it granted 150,000 share options (the
"Options") under the Company's existing Share Option Scheme to Jair
Diaz Navarro (the "Grantee"), the recently appointed Senior Mining
Engineer to the Company. The Options were granted by the
remuneration committee and approved by the Board. The Options have
an exercise price of 35 pence per share, being 16% above the 10-day
volume weighted average closing price as of 30 November 2021. They
may be exercised up to 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 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 Options, 15,148,500 share options will
be outstanding, representing approximately 10% of the 146,630,715
ordinary shares in the Company 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 Finance Ewan Leggat
LLP +44 (0) 20 3470 0470
H&P Advisory Limited Andrew Chubb and Nilesh Patel
+44 207 907 8500
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.
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: 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 and resources; 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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