REG - Condor Gold PLC - Grant of Options to Employee

Condor GoldAnnouncement

13/12/2021 16:20

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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 LLP  Ewan Leggat

+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 (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 (http://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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