LONDON, October 24, 2017 /PRNewswire/ --
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."
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.
For further information please visit http://www.condorgold.com
or contact:
Condor Gold plc
Mark Child, Executive Chairman and
CEO
+44(0)20-7493-2784
Beaumont Cornish Limited
Roland Cornish and 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