TIDMCNR
RNS Number : 1160X
Condor Gold PLC
17 December 2019
Condor Gold plc
22a St James's Square
London
SW1Y 4JH
Tel: +44 (0) 207 493 2784
17 December 2019
Condor Gold plc
("Condor", "Condor Gold" or the "Company")
Condor Gold announces the sale of the Potrerillos Concession in
Nicaragua
Condor Gold (AIM: CNR; TSX: COG) announces that Condor S.A., its
wholly-owned subsidiary in Nicaragua, is selling the non-core
Potrerillos exploration and exploitation concession ("Potrerillos
Concession"), to Nicoz Resources S.A., a wholly-owned subsidiary of
Mako Mining Corp. (TSX-V: MKO) ("Mako") (together: the "Parties")
for a gross cash consideration of US$ 600,000.
The Potrerillos Concession comprises 12 square kilometres of sub
surface mineral rights and is located in Nuevo Segovia in the north
of Nicaragua, adjacent to and along strike from Mako's San Albino
gold project and which includes the former San Albino mine. The
Potrerillos Concession was explored by Condor between 2007 and
2009, with a number of channel samples taken on trenches and former
mine adits.
The Company's on-going focus is on the La India Project, which
has an Environmental Permit for the development, construction and
operation of a processing plant with capacity to process up to
2,800 tonnes per day with capacity to produce approximately 100,000
oz gold per annum from an open pit mineral reserve of 6.9 Mt at 3.0
g/t gold for 675,000 oz gold. La India Project contains a Mineral
Resource of 9,850Kt at 3.6 g/t gold for 1,140Koz gold in the
Indicated category and 8,479Kt at 4.3g/t gold for 1,179Koz gold in
the Inferred category. The net sale proceeds will be used for
working capital purposes on La India Project.
Transaction highlights
Condor S.A. has signed an irrevocable undertaking that, subject
to the approval of the Nicaraguan Ministry of Mines and Energy
("MEM") by end-May 2020, it shall transfer (the "Transfer") to
Nicoz S.A. the Potrerillos concession. Transfer documents have been
filed with MEM.
Within five days of the Transfer being approved by MEM, taxes
amounting of up to $90,000 shall become due to the fiscal
authorities in Nicaragua, being 15% of the agreed consideration
value of US$600,000 and which the Parties have agreed to bear
equally. To this extent US$600,000 in cash has been paid by Nicoz
S.A. to Condor S.A. and US$45,000 has been placed by each of the
Parties into an escrow account with a third party agent, to be
released and paid out upon approval of the Transfer. The net
consideration to Condor S.A. from the sale of the Potrerillos
Concession after deduction of taxes is approximately
US$555,000.
- 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
Numis Securities Limited John Prior and James Black
+44 (0) 20 7260 1000
Blytheweigh Tim Blythe, Camilla Horsfall 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 Company 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 the La India Project. The EP is considered to be the master
permit for mining operations in Nicaragua.
Condor Gold published a PFS on La India Project in December
2014, as 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 seven years. La India Project contains
a Mineral Resource of 9,850Kt at 3.6 g/t gold for 1,140Koz gold in
the Indicated category and 8,479Kt at 4.3g/t gold for 1,179Koz gold
in the Inferred category. The Indicated Mineral Resource is
inclusive of the Mineral Reserve.
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.
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: use of proceeds, the Mineral
Resources, Mineral Reserves and future production rates and plans
at the 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, 2018 dated March 22, 2019, 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DISUBABRKNAUARA
(END) Dow Jones Newswires
December 17, 2019 02:23 ET (07:23 GMT)
Condor Gold (LSE:CNR)
Historical Stock Chart
From Apr 2024 to May 2024
Condor Gold (LSE:CNR)
Historical Stock Chart
From May 2023 to May 2024