Mr. Mark Child reports

CONDOR GOLD ANNOUNCES THE SALE OF THE POTRERILLOS CONCESSION IN NICARAGUA

Condor SA, Condor Gold PLC's wholly owned subsidiary in Nicaragua, is selling the non-core Potrerillos exploration and exploitation concession to Nicoz Resources SA, a wholly owned subsidiary of Mako Mining Corp., for a gross cash consideration of $600,000 (U.S.).

The Potrerillos concession comprises 12 square kilometres of subsurface mineral rights and is located in Nuevo Segovia in the north of Nicaragua, adjacent to and along strike from Mako's San Albino gold project and which includes the former San Albino mine. The Potrerillos concession was explored by Condor between 2007 and 2009, with a number of channel samples taken on trenches and former mine adits.

The company's continuing focus is on the La India project, which has an environmental permit for the development, construction and operation of a processing plant with capacity to process up to 2,800 tonnes per day with capacity to produce approximately 100,000 ounces gold per annum from an open-pit mineral reserve of 6.9 million tonnes at 3.0 grams per tonne gold for 675,000 oz gold. La India project contains a mineral resource of 9.85 million t at 3.6 g/t gold for 1.14 million oz gold in the indicated category and 8,479,000 t at 4.3 g/t gold for 1,179,000 oz gold in the inferred category. The net sale proceeds will be used for working capital purposes on La India project.

Transaction highlights

Condor SA has signed an irrevocable undertaking that, subject to the approval of the Nicaraguan Ministry of Mines and Energy (MEM) by end of May, 2020, it shall transfer to Nicoz SA the Potrerillos concession. Transfer documents have been filed with MEM.

Within five days of the transfer being approved by MEM, taxes amounting of up to $90,000 shall become due to the fiscal authorities in Nicaragua, being 15 per cent of the agreed consideration value of $600,000 (U.S.) and which the parties have agreed to bear equally. To this extent $600,000 (U.S.) in cash has been paid by Nicoz SA to Condor SA and $45,000 (U.S.) has been placed by each of the parties into an escrow account with a third party agent, to be released and paid out upon approval of the transfer. The net consideration to Condor SA from the sale of the Potrerillos concession after deduction of taxes is approximately $555,000 (U.S.).

About Condor Gold PLC

Condor Gold was admitted to Alternative Investment Market 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.

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 National Instrument 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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