TIDMCNR
RNS Number : 2041M
Condor Gold PLC
12 September 2023
Condor Gold plc
7/8 Innovation Place
Douglas Drive
Godalming
Surrey
GU7 1JX
Tel: +44 (0) 207 493 2784
12 September 2023
Condor Gold Plc
("Condor Gold", "Condor" or the "Company")
Retirement of Non Executive Director
Condor Gold Plc (AIM: CNR; TSX: COG) announces that Ms Kate
Harcourt has retired as a Non Executive Director of Condor Gold and
will leave the Board with immediate effect. The Board thanks Ms
Harcourt for her substantial contribution during the last eight
years.
Mark Child, CEO, commented:
'On behalf of the Board, I would like to thank Kate for her
substantial contribution to Condor Gold over the last eight years.
She has been a wonderful mentor. As a senior environmental and
social adviser on the Board, her strategic advice and input into
all matters environmental and social at La India Project has been
invaluable. In particular, following an equity investment by the
International Finance Corporation ("IFC"), Kate was involved in an
Environmental and Social Impact Assessment, which led to an
Environmental and Social Action Plan and the Company's compliance
with the IFC's Performance Standards for a new gold mine
pre-construction. This vital work, not only de-risked the Project,
but helped secure the master environmental and social permit to
construct and operate a new mine at Mina La India. At a personal
level I would like to thank Kate for her mentorship and support
during her period with the Company."
- 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, Matt Hasson, Jay Ashfield
+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
94,000 oz gold in the indicated mineral resource category and 5,615
kt at 5.0 g/t gold for 98,000 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.
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.
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 issuance of the Payment
Shares, including the receipt of the approvals of AIM and the TSX;
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, the Company's plans to sell the assets of
the Company or seek alternatives to an asset sale and the
construction timeline of the La India project upon receipt of
financing. 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.
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END
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