19:22:24 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Condor Gold PLC
Symbol COG
Shares Issued 117,048,627
Close 2020-09-23 C$ 0.82
Market Cap C$ 95,979,874
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Condor Gold director Mellon acquires 100,000 shares

2020-09-24 07:10 ET - News Release

Mr. Jim Mellon reports

DIRECTOR SHARE PURCHASE

On Sept. 23, 2020, Galloway Ltd., which is indirectly wholly owned by Jim Mellon, a non-executive director of Condor Gold PLC, purchased 100,000 ordinary shares in the company, at a price of 43 pence per share for a total purchase consideration of 43,000 pounds sterling.

Accordingly, further to the purchase, Jim Mellon owns directly and indirectly a shareholding of 18,726,963 ordinary shares.*

* Mr. Mellon owns a direct and indirect aggregate shareholding of 18,726,963 ordinary shares or 15.9 per cent of the company. The direct interest is in 2,889,883 ordinary shares and the indirect interest is in 15,837,080 ordinary shares held through Galloway Ltd. Galloway is wholly owned by Burnbrae Group Ltd., which is wholly owned by Mr. Mellon.

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.

In August, 2018, the company announced that the Ministry of the Environment in Nicaragua had granted the company an environmental permit 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 environmental permit is considered to be the master permit for mining operations in Nicaragua. Condor Gold published a prefeasibility study (PFS) on the La India project in December, 2014, as summarized in the technical report as defined below. The PFS details an open-pit gold mineral reserve in the probable category of 6.9 million t at 3.0 g/t gold for 675,000 ounces gold, producing 80,000 oz gold per annum for seven years. 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 indicated mineral resource is inclusive of the mineral reserve. A gold price of $1,500/oz and a cut-off grade of 0.5 g/t and 2.0 g/t gold were assumed for open-pit and underground resources respectively. A cut-off grade of 1.5 g/t gold was furthermore applied within a part of the inferred resource. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that any part of the mineral resources will be converted to mineral reserves.

Environmental permits have also been granted in April and May, 2020, in relation to the Mestiza and America open pits respectively, both located in the vicinity of the La India project. 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 mineral resource category and 341,000 t 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 114,000 t 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. Following the permitting of the Mestiza and America open pits, together with the La India open pit, Condor has a 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.

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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