Mr. Mark Child reports

CONDOR GOLD PLC ANNOUNCES ITS UNAUDITED RESULTS FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER, 2019

Condor Gold PLC has published its unaudited financial results for the three and nine months ending Sept. 30, 2019, and the management's discussion and analysis for the same period.

Both of the above have been posted on the company's website and are also available on SEDAR.

Highlights for the third quarter of 2019

In July, the company raised 4,038,504 pounds sterling by way of a private placement of new ordinary shares. The principal use of proceeds is to meet conditions of the environmental permit to construct and operate a mine for La India open pit. Proceeds are being used to buy land required for the mine site infrastructure, complete engineering studies ahead of a construction decision and complete 18 technical studies required for environmental and social impact assessments (ESIAs) for two high-grade satellite feeder pits.

Significant advancement with 18 technical studies required for ESIAs for two high-grade satellite feeder pits

Nicaragua Milling Company Ltd. became a new 10.4-per-cent shareholder in the company. Randy Martin, the majority owner, has built three gold mines in Nicaragua, which are currently in operation.

Approximately 300 hectares of land has been purchased at the La India project on and surrounding the mine site infrastructure.

Government of Nicaragua granted Condor Gold the 132.1-square-kilometre Los Cerritos exploration and exploitation concession, which expands the La India project concession area by 29 per cent to a total of 587.7 square km.

Postperiod highlights

The engineering studies for the tailings storage facility and water management system for the mine have been awarded to Tierra Group Inc., based in Denver, United States.

The ESIAs required for the application for the environmental permits to extract gold from two high-grade satellite feeder pits are almost completed.

Mark Child, chairman and chief executive officer of Condor Gold, commented:

"During Q3 2019, Condor Gold continued to make solid progress by derisking the La India project ahead of a construction decision. Offers have been made to all landowners to purchase the freehold land within the area of the mine site infrastructure. The majority of the technical and engineering studies required prior to construction by the Ministry of the Environment and Natural Resources (MARENA) have been initiated. The engineering studies for the tailings storage facility and water management system for the mine have been awarded to Tierra Group Inc., based in Denver, USA. The mine and waste dump schedules have been completed, while the sewage and water system designs for the office and accommodation blocks at the mine have been approved.

"The company will submit two environmental and social impact assessments to MARENA within the near future, which apply for environmental permits to extract gold from the high-grade Mestiza and America satellite feeder pits. These have the potential to increase annual production from open-pit material by 50 per cent to 120,000 ounces gold per annum for a seven-year life of mine, as compared to the PFS study, and will result in over one million ounces gold being permitted for extraction."

About Condor Gold PLC

Condor Gold was admitted to Alternative Investment Market in May, 2006, and dual listed on the Toronto Stock Exchange in January, 2018. The company is a gold exploration and development company with a focus on Nicaragua.

In August, 2018, the company announced that the Ministry of the Environment in Nicaragua had granted the company 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. The EP is considered to be the master permit for mining operations in Nicaragua.

Qualified persons

The mineral resource estimate has been completed by Ben Parsons, a principal consultant (resource geology) with SRK Consulting (U.S.) Inc., who is a member of the Australian Institute of Mining and Metallurgy, MAusIMM (CP). Mr. Parsons has about 18 years of experience in the exploration, definition and mining of precious and base metal mineral resources. Mr. Parsons is a full-time employee of SRK Consulting (U.S.) Inc., an independent consultancy, and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration, and to the type of activity which he is undertaking to qualify as a qualified person as defined by National Instrument 43-101 and as required by the June, 2009, edition of the AIM note for mining and oil and gas companies. Mr. Parsons consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears and confirms that this information is accurate and not false or misleading.

The technical and scientific information in this press release has been reviewed, verified and approved by Andrew Cheatle, PGeo, who 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 summarized or extracted from the technical report entitled "Technical Report on the La India Gold Project, Nicaragua, December 2014," dated Nov. 13, 2017, with an effective date of Dec. 21, 2014, prepared in accordance with NI 43-101. The technical report was prepared by or under the supervision of Tim Lucks, principal consultant (geology and project management), Gabor Bacsfalusi, principal consultant (mining), Benjamin Parsons, principal consultant (resource geology), each of SRK Consulting (U.K.) Ltd., and Neil Lincoln of Lycopodium Minerals Canada Ltd., each of whom is an independent qualified person as defined by NI 43-101.

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