TIDMCNR
RNS Number : 6198K
Condor Gold PLC
22 December 2022
Condor Gold plc
7/8 Innovation Place
Douglas Drive
Godalming
Surrey
GU7 1JX
Tel: +44 (0) 207 493 2784
22 December 2022
Condor Gold Plc
("Condor" or the "Company")
Appointment of Denham Eke as a Non-Executive Director
Condor Gold Plc (AIM: CNR; TSX: COG) announces that further to
its announcement of 28 November 2022 the Company has today
appointed Denham Eke as a Non-Executive Director . Mr Eke has been
appointed as a condition of the subscription by Galloway Limited
for the GBP1m Unsecured Convertible Loan Notes announced on 28
November, which have now converted into New Ordinary Shares at 15
pence per share (see RNS dated 21 December 2022). Denham is the
sole director of Galloway Limited, an 18.7% shareholder in the
Company which is wholly owned by Burnbrae Group Limited which is,
in turn, is wholly owned by Jim Mellon, Condor's Chairman
Denham Eke began his career in stockbroking before moving into
corporate planning for a major UK insurance broker. He is a
director of many years' standing of both public and private
companies involved in the mining, leisure, manufacturing and
financial services sectors. Denham is the Managing Director of
Burnbrae Group Limited, Galloway Limited and also Executive Vice
Chairman of AIM traded Manx Financial Group Plc (AIM:MFX), Finance
Director of Agronomics Limited (AIM: ANIC) and Bradda Head Lithium
Ltd (AIM:BHL) and Chairman of Webis Holdings Plc (AIM: WEB).
Other than as disclosed below, there are no further disclosures
to be made in accordance with AIM Rule 17 and paragraph (g) of
Schedule Two of the AIM Rules for Companies:
Denham Hervey Newall Eke (aged 71)
Current Past
Agronomics Limited Oilbarrel.com Limited
Albany Management Limited Good Dog Food Limited
Albany SIAG Development GbR West African Minerals Corporation
Albany SIAG Gerwerbe 1 GbR Sharecrazy.com Limited
Albany SIAG Gerwerbe 11 GbR Speymill plc
Albany SIAG Gerwerbe 111 GbR Speymill Property Group (UK)
Albany SIAG Wohnen 1 GbR Limited
Albany SIAG Wohnen 11 GbR Spreadbet Magazine Limited
All Star Leisure (Group) Limited Beckley Psytech Limited
Arundel Services Limited Blue Star Leasing Limited
B.E. Global Services Limited Manx Incahoot Limited
betInternet.com (IOM) Limited Manx Collections Limited
betInternet.com NV
Big Group plc
BigSave Limited
Billing Service Group Limited
Blue Star Business Solutions
Limited
BMIP Limited
Bradburn Limited
Bradda Head Holdings Limited
Burnbrae Belgium Limited
Burnbrae Events Limited
Burnbrae Group Limited
Burnbrae Limited
Burnbrae Media Holdings Limited
Burnbrae Media Investments Limited
Burnbrae Media Services Limited
Burnbrae Spain SL
Burnbrae Style Limited
Burrow Head Limited
Calabrese Holdings Limited
Chester House Property Limited
Clean Air Capital Limited
Clean Air Capital Services Limited
Clean Air Services Limited
Compedica Limited
Conister Bank Limited
Conister Finance & Leasing Ltd
Dundrennan Limited
ECF Asset Finance Ltd
Edgewater Associates Limited
European Collateral Finance Limited
European Corporate Finance Limited
European Leasing Limited
European Wagering Services Limited
Executive Club (IoM) Limited
Galloway Limited
Genseq Limited
Horsfield Limited
IC Technology (UK) Limited
Indigo Securities Limited
Juvenescence AI Limited
Juvenescence Limited
Juvenescence UK Limited
Juvent Holdings LimitedKG Antell
(SIAG 16) KG
Life Science Developments Ltd
Mann Bioinvest (BVI) Limited
Mann Bioinvest Limited
Mann Pathfinder IC
Manx Financial Group plc
Manx Financial Limited
Manx Ventures Limited
MFX Limited
Master Investor Limited
Mediqventures Limited
Navrona Investments Limited
Podenco Distribution Limited
Podenco Evissa Distribution S,L,
Podenco Global Limited
SalvaRX Group PLC
SCI Burnbrae Paris
Scotsdale Properties Limited
Shellbay Investments Limited
Sleepwell Aviation Limited
Sleepwell Construction Management
Limited
Sleepwell Hotels (UK) Limited
(Isle of
Man)
Sleepwell Hotels (UK) Limited
(UK)
Sleepwell Hotels Limited
Softline Distribution Limited
Softline Limited
Softline UK Limited
Stonehaven Properties Limited
Technical Facilities & Services
Limited
Teviot Company Limited
Transbank Card Services Limited
Transbank Limited
TransSend Card Services Limited
TransSend Holdings Limited
TransSend Payments Limited
Troon Properties Limited
Watch&Wager.com Limited
Watch&Wager.com LLC
Webis Holdings plc
Wyatt Limited
-----------------------------------
1. On 3 September 2015, Speymill plc, a company of which Denham
Eke was a director of at the time, entered into a voluntary
liquidation and was subsequently dissolved on 6 July 2017. Mr Eke
was also a director of subsidiary company Speymill Contracts
Limited within one year of it entering into administration on 16
December 2012 and a director of Speymill Property Group (UK)
Limited which entered into voluntary liquidation on 25 January
2016. At that time, the combined creditors of the Speymill Group
were approximately GBP4.3 million.
2. On 29 January 2014, Rivington Street Holdings plc, a company
of which Denham Eke was a director at the time, entered into a
voluntary liquidation. The creditors were owed approximately GBP4
million.
3. Mr Eke is a non-executive director and shareholder
representative on the board of All Star Leisure (Group) Limited.
All Star Leisure (Group) Limited appointed Administrators on 17
September 2019. No estimate of a creditor shortfall is currently
available and the administration remains ongoing.
4. Denham Eke was appointed a director of Roldec Systems plc on
10 April 1995. Roldec Systems pic was declared insolvent and
entered creditor's voluntary liquidation on 31 March 1999 with a
deficit to creditors. Roldec Systems pic was dissolved on 17 April
2003.
- Ends -
For further information please visit www.condorgold .com or
contact:
Condor Gold plc Mark Child, 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
Adelaide Capital (Investor Deborah Honig
Relations) +1-647-203-8793
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.
The Company's principal asset is La India Project, Nicaragua,
which comprises of a large, highly prospective land package of 588
sq km comprising of 12 contiguous and adjacent concessions. The
Company has filed a feasibility study technical report dated 25
October 2022 and entitled "Condor Gold Technical Report on the La
India Gold Project, Nicaragua, 2022" (the "2022 FS") which is
available on the Company's SEDAR profile at www.sedar.com and was
prepared in accordance with the requirements of NI 43-101. The 2022
FS indicated that La India Project hosts a high grade Mineral
Resource Estimate ("MRE") of 9,672 kt at 3.5g/t gold for 1,088,000
oz gold in the indicated mineral resource category and 8,642 kt at
4.3 g/t gold for 1,190,000 oz gold in the inferred mineral resource
category. The open pit MRE is 8,693 kt at 3.2 g/t gold for 893,000
oz gold in the indicated mineral resource category and 3,026 kt at
3.0 g/t gold for 291,000 oz gold in the inferred mineral resource
category. Total underground MRE is 979 kt at 6.2 g/t gold for
194,000 oz gold in the indicated mineral resource category and
5,615 kt at 5.0 g/t gold for 898,000 oz gold in the inferred
mineral resource category.
The 2022 FS replaces the previously reported Preliminary
Economic Assessment ("PEA") as presented in the Technical Report
filed on SEDAR in October 2021 as the current technical report for
the La India project.
The 2021 PEA considered the expanded Project inclusive of the
exploitation of the Mineral Resources associated to the La India,
Mestiza, America and Central Breccia deposits. The strategic study
covers two scenarios: Scenario A, in which the mining is undertaken
from four open pits, termed La India, America, Mestiza and Central
Breccia Zone ("CBZ"), which targets a plant feed rate of 1.225
million tonnes per annum ("Mtpa"); and Scenario B, where the mining
is extended to include three underground operations at La India,
America and Mestiza, in which the processing rate is increased to
1.4 Mtpa. The 2021 PEA Scenario B presented 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 were 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. The 2021 PEA Scenario A presented a
post-tax, post upfront capital expenditure NPV of US$302 million,
with an IRR of 58% and 12 month pay-back period, assuming a
US$1,700 per oz gold price, with average annual production of
approximately 120,000 oz gold per annum for the initial 6 years of
gold production. The Mineral Resource estimate and associated
Preliminary Economic Assessment contained in the 2021 PEA are
considered a historical estimate within the meaning of NI
43-101, a qualified person has not done sufficient work to classify
such historical estimate as current, and the Company is not
treating the historical Mineral Resource estimate and associated
studies as current, and the reader is cautioned not to rely upon
this data as such. Mineral Resources that are not Mineral Reserves
do not have demonstrated economic viability. The Company believes
that the historical Mineral Resource estimate and Preliminary
Economic assessment is relevant to the continuing development of
the La India Project.
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.
TSX Matters
For the purposes of TSX approvals in connection with the Open
Offer, the Company is relying on the exemption set forth in Section
602.1 of the TSX Company Manual, which provides that the TSX will
not apply its standards to certain transactions involving "eligible
interlisted issuers" such as Condor whose shares are also listed on
a recognized exchange such as AIM.
Qualified Persons
The technical and scientific information in this press release
has been reviewed, verified and approved by Andrew Cheatle, P.Geo.,
a director of Condor Gold plc, and Gerald D. Crawford, P.E., the
Chief Technical Officer of Condor Gold plc, each of whom is a
"qualified person" as defined by NI 43-101.
Important Notice(s)
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 open offer and the
potential conversion of the Convertible Loan Notes; the subdivision
of the Company's existing ordinary shares and the meeting of
shareholders to approve such subdivision; future development and
production plans, projected capital and operating costs, mine life
and production rates, metal or mineral recovery estimates, Mineral
Resource, Mineral Reserve estimates at the La India Project, the
potential to convert Mineral Resources into Mineral Reserves; and
the Company's strategic plans and ongoing sales process.
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, 2021 dated March 29, 2022 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.
Beaumont Cornish Limited, which is authorised and regulated in
the United Kingdom by the FCA, is acting as Nominated Adviser
exclusively for the Company and no one else in connection with the
contents of this Announcement and will not regard any other person
(whether or not a recipient of this Announcement) as its client in
relation to the contents of this Announcement nor will it be
responsible to anyone other than the Company for providing the
protections afforded to its clients or for providing advice in
relation to the contents of this Announcement. Apart from the
responsibilities and liabilities, if any, which may be imposed on
Beaumont Cornish by the Financial Services and Markets Act 2000, as
amended or the regulatory regime established thereunder, Beaumont
Cornish accepts no responsibility whatsoever, and makes no
representation or warranty, express or implied, as to the contents
of this Announcement including its accuracy, completeness or
verification or for any other statement made or purported to be
made by it, or on behalf of it, the Company or any other person, in
connection with the Company and the contents of this Announcement,
whether as to the past or the future. Beaumont Cornish accordingly
disclaims all and any liability whatsoever, whether arising in
tort, contract or otherwise (save as referred to above), which it
might otherwise have in respect of the contents of this
Announcement or any such statement. The responsibilities of
Beaumont Cornish as the Company's Nominated Adviser under the AIM
Rules for Companies and the AIM Rules for Nominated Advisers are
owed solely to the London Stock Exchange and are not owed to the
Company or to any director or shareholder of the Company or any
other person, in respect of its decision to acquire shares in the
capital of the Company in reliance on any part of this
Announcement, or otherwise.
This information is provided by RNS, the news service of the
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END
BOAFIFEAFFLFFIF
(END) Dow Jones Newswires
December 22, 2022 05:05 ET (10:05 GMT)
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