Condor Gold plc - Interim Report and Accounts for the Three and Six Months Ended 30 June 2018
LONDON, UK / ACCESSWIRE / August 14, 2018 / Condor Gold ("Condor Gold", "Condor", the "Group" or the "Company"), (AIM: CNR; OTCQX: CNFGF; TSX: COG) presents its unaudited interim financial report together with Management's Discussion and Analysis for the three and six month periods to 30 June 2018. Both of the above have been posted on the Company's website www.condorgold.com and are also available on SEDAR at www.sedar.com.
Highlights for six months to 30 June 2018
- Successful secondary listing on the Toronto Stock Exchange;
- Amendment of Environmental and Social Impact Assessment ("ESIA") involving a re-designed mine infrastructure to avoid resettlement was submitted to the Nicaraguan Ministry of the Environment and Natural Resources ("MARENA") in application for the Environmental Permit to construct and operate a 2,800 tonnes per day ("tpd") processing plant with capacity to produce 100,000 oz gold per annum;
- Final site visit inspection completed by the "Inter-Institutional Committee" which comprises of three Ministries and representatives from the local Mayors' offices;
- Additional technical studies completed and submitted to MARENA following the site visit inspection;
- £2.5 million raised through a private placement;
- Positive rock chip assay results and detailed geological mapping progress the plan to define a major gold district around La India Project;
- Appointment of Andrew Cheatle as a Non-Executive Director based in Canada with 30 years industry experience, strengthens the Board.
Post Period Highlights
MARENA completed a positive review of the ESIA, including amendments, and formally notified the Company to proceed to a Public Consultation on July 13, 2018. The turn out was high; a total of 499 people registered and attended the Public Consultation at which the technical, environment and social aspects of a new mine were presented and discussed in a transparent manner. During presentations of the Project to community groups and house-to-house visits the Company received over 600 expressions of interest in/applications for new jobs.
On August 6, 2018, the Company announced that MARENA had granted the Company the key Environmental Permit for the development, construction and operation of a processing plant with capacity to process up to 2,800 tpd. Gold production is expected to be approximately 80,000 ounce ("oz") gold per annum from a single open pit, with the La India project representing a US$120 million investment and creating an estimated 1,000 new jobs.
Mark Child, Chairman and Chief Executive of Condor Gold, commented:
"This has been a very encouraging first half year period for the Company. A re-designed mine site infrastructure to avoid community resettlement and amended ESIA were submitted to MARENA in January 2018. We subsequently held several encouraging meetings with key Ministries. A final site visit inspection was completed in March 2018 by the 'Inter-Institutional Committee', which is comprised of three Ministries and representatives from the local Mayors' offices. Further technical studies were subsequently submitted to MARENA. MARENA then completed a positive review of the ESIA, including amendments, and formally notified the Company to proceed to a Public Consultation on July 13, 2018.
"On August 6, 2018, the Company announced that MARENA had granted the Company the key Environmental Permit for the development, construction and operation of a processing plant with capacity to process up to 2,800 tpd. Gold production is expected to be approximately 80,000 oz gold per annum from a single open pit, with the La India project representing a US$120 million investment and creating approximately 1,000 new jobs."
For further information please visit www.condorgold.com or contact:
Condor Gold plc
Mark Child, Executive Chairman and CEO
+44 (0) 20 74932734
Beaumont Cornish Limited
Roland Cornish and James Biddle
+44 (0) 20 7628 3396
Numis Securities Limited
John Prior and James Black
+44 (0) 20 72601000
Tim Blythe and Camilla Horsfall
+44 (0) 02 7138 3204
About Condor Gold plc:
Condor Gold plc was admitted to AIM on 31 May 2006. The Company is a gold exploration and development company with a focus on Central America.
Condor published a Pre-Feasibility Study ("PFS") on its wholly owned La India Project in Nicaragua in December 2014, as summarised in the Technical Report (as defined below). The PFS details an open pit gold mineral reserve in the Probable category of 6.9 million tonnes ("Mt") at 3.0 grams per tonne ("g/t") gold for 675,000 oz gold, producing 80,000 oz gold per annum for seven years. La India Project contains a mineral resource in the indicated category of 9.6 Mt at 3.5 g/t for 1.08 million oz gold and a total mineral resource in the inferred category of 8.5 Mt at 4.5 g/t for 1.23 million oz gold. The indicated mineral resource is inclusive of the mineral reserve.
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.
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, December 2014", dated November 13, 2017 with an effective date of December 21, 2014 (the "Technical Report"), prepared in accordance with NI 43-101. The Technical Report was prepared by or under the supervision of Tim Lucks, Principal Consultant (Geology & Project Management), Gabor Bacsfalusi, Principal Consultant (Mining), Benjamin Parsons, Principal Consultant (Resource Geology), each of SRK Consulting (UK) Limited, and Neil Lincoln of Lycopodium Minerals Canada Ltd., each of whom is an independent Qualified Person as such term is defined in NI 43-101.
David Crawford, Chief Technical Officer of the Company and a Qualified Person as defined by NI 43-101, has approved the written disclosure in this press release.
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: to the Company's plans, mineral resources and mineral reserves, production rates and the economic impact on 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, resources and reserves; 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, 2017and dated March 29, 2018, 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.