REG - Condor Gold PLC - Jim Mellon assumes Chairmanship of Condor Gold

Condor GoldAnnouncement

12/10/2022 07:00

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RNS Number : 5596C  Condor Gold PLC  12 October 2022

 

 

 

12 October 2022

 

Condor Gold Plc

("Condor", "Condor Gold" or the "Company")

 

Jim Mellon Assumes Chairmanship of Condor Gold

 

Condor Gold plc, (AIM: CNR; TSX: COG) announces that on 11 October 2022 Jim
Mellon was appointed Non-Executive Chairman of Condor Gold. Jim has been a
Non-Executive Director for several years and is the largest shareholder with a
18.7% shareholding in Condor Gold. Mark Child remains as Condor's Chief
Executive Officer.

Jim Mellon, Chairman, comments:

"I am delighted to step up from a Non-Executive Director position to the role
of Chairman of Condor Gold, a company I have been a director of for several
years. Following the recent release of a positive Bankable Feasibility Study
on the fully permitted La India Project, I look forward to continuing to work
with Mark Child, the CEO, to maximise the value for all shareholders of this
construction ready gold mine and determine the path forward as the Project
progresses to a construction phase."

 

 

 

- 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
 Adelaide Capital (Investor Relations)  Deborah Honig

                                        +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.

 

In line with the CIM Code, a NI 43-101 compliant Technical Report summarising
the results of the 2022 FS will replace the previously reported Preliminary
Economic Assessment ("PEA") as presented in the Technical Report filed on
SEDAR in October 2021. The 2022 FS Technical Report will be issued within 45
days of this announcement.

 

The previous Preliminary Economic Assessment reported on the 25 October 2021
Condor considered the expanded Project inclusive of the exploitation of the
Mineral Resources associated to the La India, Mestiza, America and Central
Breccia deposits. The 2021 PEA 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 Mineral Resource estimate and associated Preliminary Economic
Assessment contained in the 2021 Technical Report is considered a historical
estimate within the meaning of National Instrument 43-101 - Standards of
Disclosure for Mineral Projects ("NI 43-101"), 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. 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.

 

Technical Information

 

Certain disclosure contained in this news release of a scientific or technical
nature has been reviewed by the Qualified Persons responsible for their
respective components of the 2022 FS as defined below:

·    On behalf of SRK: Dr Tim Lucks of SRK Consulting (UK) Limited, Mr
Fernando Rodrigues and Mr Ben Parsons of SRK Consulting (U.S.) Inc., Mr
Parsons assumes responsibility for the Mineral Resource Estimate, Mr Fernando
Rodrigues for the Mineral Reserve estimate and the open pit mining study and
production schedule, and Dr Lucks for the oversight of the remaining SRK
technical disciplines.

·    On behalf of Hanlon: Mike Rockandel for the Process design and
Project Infrastructure and corresponding operating and capital costs.

·    On Behalf of Tierra Group: Justin Knudsen P.E. for the tailings waste
management and La Simona water attenuation structure design.

 

 

 

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:
future development and production plans, projected capital and operating
costs, mine life and production rates, metal or mineral recovery estimates and
Mineral Resource and Mineral Reserve estimates 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 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 (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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