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REG - Condor Gold PLC - Result of AGM

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RNS Number : 0142Z  Condor Gold PLC  10 May 2023

 

 

   Condor Gold plc

   7/8 Innovation Place

   Douglas Drive

   Godalming

   Surrey

   GU7 1JX

   Tel: +44 (0) 207 493 2784

10 May 2023

 

 

Condor Gold Plc

("Condor" or the "Company")

 

Results of Annual General Meeting ("AGM")

 

 

Condor (AIM: CNR; TSX: COG) is pleased to announce that at the Company's AGM
held earlier today, all resolutions were passed.

 

 

- Ends -

 

For further information please visit www.condorgold (http://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 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.

 

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
(http://www.sedar.com) and was prepared in accordance with the requirements of
National Instrument 43-101- Standards of Disclosure for Mineral Projects ("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
("2021 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 the 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.

 

 

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
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; and the
potential to convert Mineral Resources into Mineral Reserves. 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.

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.

 

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.   END  RAGGPUAGAUPWGMU

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