11:23:40 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Condor Gold PLC
Symbol COG
Shares Issued 94,663,522
Close 2020-05-11 C$ 0.70
Market Cap C$ 66,264,465
Recent Sedar Documents

Condor Gold earns 92,477 pounds sterling in Q1

2020-05-12 07:13 ET - News Release

Mr. Mark Child reports

CONDOR GOLD PLC ANNOUNCES ITS UNAUDITED RESULTS FOR THE THREE MONTHS ENDED 31 MARCH, 2020

Condor Gold PLC has published its unaudited financial results for the three months ending March 31, 2020, 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 first quarter of 2020

  • On Jan. 10, 2020, the company announced the appointment of SP Angel Corporate Finance LLP as broker to the company.
  • The company provided an update on Jan. 28, 2020, on permitting for the La India project. This included an extension granted until July 27, 2021, to complete the conditions of the key La India environmental permit.
  • On Feb. 28, 2020, the company held public consultations in the local community as part of the environmental permitting process for the development and extraction of gold from the Mestiza and America open pits.
  • On March 4, 2020, the company announced a high-grade mini-open-pit mining scenario of total diluted mill feed of 1,637,000 tonnes at a 4.65-gram-per-tonne-gold diluted head grade containing 245,000 ounces gold while leaving the bulk of the La India open pit intact.
  • On March 17, 2020, the company announced that it had issued 500,000 new, ordinary shares in the company further to the exercise of an equivalent number of warrants at a price of 31 pence per warrant to raise 155,000 pounds sterling.

Postperiod highlights

  • The award of the environmental permit for the Mestiza open pit was announced by the company on April 29, 2020. The Mestiza open pit hosts 92,000 t at a grade of 12.1 g/t gold (36,000 oz contained gold) in the indicated resource category and 341,000 t at a grade of 7.7 g/t gold (85,000 oz contained gold) in the inferred resource category. The Mestiza open pit is situated less than four kilometres from the location of the permitted processing plant for the La India open pit.
  • The award of the environmental permit for the America open pit was announced by the company on May 6, 2020. The America open pit hosts 114,000 tonnes at a grade of 8.1 g/t gold (30,000 oz contained gold) in the indicated mineral resource category and 677,000 t at a grade of 3.1 g/t gold (67,000 oz contained gold) in the inferred mineral resource category. The America open pit complements the already permitted La India and Mestiza open pits.
  • Following the permitting of the Mestiza and America open pits, together with the La India open pit Condor has 1.12 million oz gold open-pit mineral resources permitted for extraction, inclusive of a mineral reserve of 6.9 million t at 3.0 g/t gold for 675,000 oz gold.

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

"During the first quarter 2020, Condor continued to derisk [the] La India project and demonstrate a clear route to production. The company has been working on the engineering and other technical studies required ahead of a construction decision and acquiring land for the mine site infrastructure. A high-grade mining dilution scenario study was completed, which supports a smaller, 1,000 tpd processing plant capable of producing approximately 50,000 oz gold per annum. Total diluted mill feed is 1,637,000 t at a 4.65 g/t gold diluted head grade containing 245,000 oz gold. A smaller mill would significantly reduce the capex required to construct a processing plant and allow for a much larger plant at a later stage. The company held two successful public consultations for two high-grade feeder pits; permits have subsequently been granted, increasing the open-pit material to 1.12 million oz gold mineral resources permitted for extraction, inclusive of a mineral reserve of 6.9 million t at 3.0 g/t gold for 675,000 oz gold. The objective is to commence site preparation in Q4 2020 and demonstrate a clear route to cash flow."

             CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
                          (in British pounds sterling)

                                                               Three months ended
                                                                         March 31,
                                                               2020          2019

Revenue                                                           -             -
Administrative expenses                                    (386,314)     (352,989)
Gain on disposal of project                                 477,616             -
Operating gain/(loss)                                        91,302      (352,989)
Finance income                                                1,175           436
(Loss) before income tax                                     92,477      (352,553)
Income tax expense                                                -             -
Gain/(loss) for the period                                   92,477      (352,553)
Other comprehensive income/(loss)
Write-off of minority interest                                    -             -
Currency translation differences                          1,436,656      (675,060)
Other comprehensive income/(loss) for the period          1,436,656      (675,060)
Total comprehensive income/(loss) for the period          1,529,133    (1,027,613)
Gain/(loss) per share expressed in pence per share
Basic and diluted (in pence)                                   0.10         (0.50)
                                                    

About Condor Gold PLC

Condor Gold was admitted to the 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.

Qualified persons

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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