Condor Gold Provides an Update on the Sale of Assets
Condor Gold (AIM:CNR)(TSX:COG) provides an update on the sale of its assets, following the announcement of a Bankable Feasibility Study on the La India open pit. The company reports significant interest from gold producers, with eleven companies under Non-Disclosure Agreements, five non-binding offers received, and three site visits completed. An additional formal expression of interest has been received in the past three weeks.
The company's Chair, Jim Mellon, highlights the rarity of wholly owned, fully permitted, construction-ready gold mines with potential production of 150,000 oz gold per annum. The recent record gold prices of over US$2,400 oz, compared to the US$1,600 oz used in the Feasibility Study, significantly improves project economics. While the sales process is taking longer than anticipated, the Board remains confident in reaching a binding agreement.
Condor Gold (AIM:CNR)(TSX:COG) fornisce un aggiornamento sulla vendita dei propri asset, a seguito dell'annuncio di uno Studio di Fattibilità Realizzabile sulla miniera a cielo aperto La India. La società riporta un notevole interesse da parte dei produttori d'oro, con undici aziende sotto Accordi di Non Divulgazione, cinque offerte non vincolanti ricevute e tre visite al sito completate. Negli ultimi tre settimane è stata ricevuta un'ulteriore manifestazione formale di interesse.
Il presidente dell'azienda, Jim Mellon, sottolinea la rarità delle miniere d'oro interamente possedute, completamente autorizzate e pronte per la costruzione, con una potenziale produzione di 150.000 once d'oro all'anno. I recenti prezzi record dell'oro superiori ai 2.400 dollari USA per oncia, rispetto ai 1.600 dollari USA utilizzati nello Studio di Fattibilità, migliorano notevolmente l'economia del progetto. Anche se il processo di vendita sta richiedendo più tempo del previsto, il Consiglio rimane fiducioso di raggiungere un accordo vincolante.
Condor Gold (AIM:CNR)(TSX:COG) proporciona una actualización sobre la venta de sus activos, tras el anuncio de un Estudio de Viabilidad Financiera sobre la mina a cielo abierto La India. La compañía informa un interés significativo por parte de productores de oro, con once empresas bajo Acuerdos de Confidencialidad, cinco ofertas no vinculantes recibidas y tres visitas al sitio completadas. En las últimas tres semanas se ha recibido una manifestación formal adicional de interés.
El presidente de la compañía, Jim Mellon, destaca la rareza de las minas de oro de propiedad completa, totalmente autorizadas y listas para la construcción, con una producción potencial de 150,000 oz de oro al año. Los recientes precios récord del oro de más de 2,400 dólares USA por onza, en comparación con los 1,600 dólares USA utilizados en el Estudio de Viabilidad, mejoran significativamente la economía del proyecto. Aunque el proceso de venta está tardando más de lo esperado, la Junta sigue confiada en llegar a un acuerdo vinculante.
콘도르 골드 (AIM:CNR)(TSX:COG)는 라 인디아 개방 광산에 대한 은행 가능성이 있는 타당성 조사 발표 이후 자산 매각에 대한 업데이트를 제공합니다. 회사는 금 생산자들의 상당한 관심을 보고하며, 11개 회사가 비밀 유지 계약 아래 있으며, 5개의 비구속 제안이 접수되었고 3회의 현장 방문이 완료되었다고 확인하였습니다. 지난 3주 동안에 또 다른 공식적인 관심 표명이 있었습니다.
회사의 의장인 짐 멜론은 150,000 온스의 연간 생산이 가능한 완전 소유, 완전 허가된, 건설 준비가 완료된 금광의 희귀성을 강조합니다. 온스당 2,400 달러를 초과하는 최근의 기록적인 금 가격은 타당성 조사에서 사용된 온스당 1,600 달러와 비교하여 프로젝트 경제성을 크게 개선합니다. 판매 과정이 예상보다 오래 걸리고 있지만, 이사회는 구속력 있는 계약을 체결할 것이라고 확신하고 있습니다.
Condor Gold (AIM:CNR)(TSX:COG) fournit une mise à jour sur la vente de ses actifs, suite à l'annonce d'une étude de faisabilité bancable sur la mine à ciel ouvert La India. L'entreprise rapporte un intérêt significatif de la part des producteurs d'or, avec onze entreprises sous des accords de non-divulgation, cinq offres non contraignantes reçues et trois visites sur site effectuées. Au cours des trois dernières semaines, une déclaration formelle d'intérêt a été reçue.
Le président de l'entreprise, Jim Mellon, souligne la rareté des mines d'or entièrement possédées, entièrement autorisées et prêtes à être construites, avec une production potentielle de 150 000 oz d'or par an. Les récents prix record de l'or dépassant 2 400 USD l'once, par rapport aux 1 600 USD l'once utilisés dans l'étude de faisabilité, améliorent considérablement l'économie du projet. Bien que le processus de vente prenne plus de temps que prévu, le conseil reste confiant quant à l'atteinte d'un accord contraignant.
Condor Gold (AIM:CNR)(TSX:COG) gibt ein Update über den Verkauf seiner Vermögenswerte, nach der Ankündigung einer bankfähigen Machbarkeitsstudie für den Tagebau La India. Das Unternehmen berichtet von signifikantem Interesse von Goldproduzenten, mit elf Unternehmen unter Geheimhaltungsvereinbarungen, fünf unverbindlichen Angeboten und drei abgeschlossen Site-Besuchen. In den letzten drei Wochen wurde eine zusätzliche formelle Interessensbekundung erhalten.
Der Vorsitzende des Unternehmens, Jim Mellon, hebt die Rarität von vollständig im eigenen Besitz befindlichen, voll genehmigten, baureifen Goldminen hervor, die eine potenzielle Produktion von 150.000 Unzen Gold pro Jahr ermöglichen. Die aktuellen Rekordpreise für Gold von über 2.400 USD pro Unze, im Vergleich zu den im Machbarkeitsstudie verwendeten 1.600 USD pro Unze, verbessern die Wirtschaftlichkeit des Projekts erheblich. Obwohl der Verkaufsprozess länger als erwartet dauert, bleibt der Vorstand zuversichtlich, eine verbindliche Vereinbarung zu erreichen.
- Eleven companies under Non-Disclosure Agreements, indicating strong interest
- Five non-binding offers received for the company's assets
- Three site visits completed by potential buyers
- Additional formal expression of interest received in the past 3 weeks
- Record gold prices of over US$2,400 oz improving project economics
- Fully permitted, construction-ready gold mine with potential production of 150,000 oz gold per annum
- Land and new SAG Mill package already purchased
- Short construction period of only 18 months
- Sales process taking longer than anticipated
- Discussions ceased with one previously interested gold producer
- No binding agreement reached yet
GODALMING, UK / ACCESSWIRE / July 31, 2024 / On 22 November 2022, Condor Gold (AIM:CNR)(TSX:COG) announced that following a robust and economically attractive Bankable Feasibility Study, also known as a Feasibility Study, on the La India open pit, it appointed H&P Advisory Limited (Hannam and Partners) to seek a buyer for the assets of the Company. The Company most recently updated the Market on 17 May 2024 and the current status is that there are now eleven companies under Non-Disclosure Agreements (NDA), the Company remains in receipt of five non-binding offers and three site visits have been completed. An additional formal expression of interest has been received in the past 3 weeks.
Jim Mellon, Chair of Condor Gold, commented:
"There remains substantial interest from gold producers to acquire the Company's assets. Wholly owned, fully permitted, construction ready gold mines with potential production of 150,000 oz gold per annum, in major Gold Districts, with the land and a new SAG Mill package purchased and a construction period of only 18 months are rare. There are currently eleven companies under NDAs, five non-binding offers received and three site visits completed. Whilst discussions have ceased with one gold producer previously referred to, the Company is now focused on active discussions with three other gold producers, one of which we consider the preferred bidder. Companies under NDAs have access to a virtual data room, which includes all drill data, technical studies to Feasibility Study level, details of permits to construct and operate a mine and financial models. While the sales process is taking longer than anticipated, new enquires continue to be received. Record gold prices of over US
Cautionary Statement: Investors should note that, whilst the Board is encouraged by the process to date, there can be no guarantee that the Company will complete the sale of its assets.
- Ends -
For further information please visit www.condorgold.com or contact:
Condor Gold plc | Mark Child, CEO |
Beaumont Cornish Limited | Roland Cornish and James Biddle |
SP Angel Corporate Finance LLP | Ewan Leggat |
H&P Advisory Limited | Andrew Chubb, Matt Hasson, Jay Ashfield |
Adelaide Capital (Investor Relations) | Deborah Honig |
About Condor Gold plc:
Condor Gold plc was admitted to AIM 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.
The Company's principal asset is La India Project, Nicaragua, which comprises of a large, highly prospective land package of 588 sq km comprising of 12 contiguous and adjacent concessions. The Company has filed a feasibility study technical report dated 25 October 2022 and entitled "Condor Gold Technical Report on the La India Gold Project, Nicaragua, 2022" (the "2022 FS") which is available on the Company's SEDAR profile at www.sedar.com and was prepared in accordance with the requirements of NI 43-101. The 2022 FS indicated that La India Project hosts a high grade Mineral Resource Estimate ("MRE") of 9,672 kt at 3.5g/t gold for 1,088,000 oz gold in the indicated mineral resource category and 8,642 kt at 4.3 g/t gold for 1,190,000 oz gold in the inferred mineral resource category. The open pit MRE is 8,693 kt at 3.2 g/t gold for 893,000 oz gold in the indicated mineral resource category and 3,026 kt at 3.0 g/t gold for 291,000 oz gold in the inferred mineral resource category. Total underground MRE is 979 kt at 6.2 g/t gold for 94,000 oz gold in the indicated mineral resource category and 5,615 kt at 5.0 g/t gold for 98,000 oz gold in the inferred mineral resource category.
The 2022 FS replaces the previously reported Preliminary Economic Assessment ("PEA") as presented in the Technical Report filed on SEDAR in October 2021 as the current technical report for the La India project.
The 2021 PEA considered the expanded Project inclusive of the exploitation of the Mineral Resources associated to the La India, Mestiza, America and Central Breccia deposits. The strategic study covers two scenarios: Scenario A, in which the mining is undertaken from four open pits, termed La India, America, Mestiza and Central Breccia Zone ("CBZ"), which targets a plant feed rate of 1.225 million tonnes per annum ("Mtpa"); and Scenario B, where the mining is extended to include three underground operations at La India, America and Mestiza, in which the processing rate is increased to 1.4 Mtpa. The 2021 PEA Scenario B presented a post-tax, post upfront capital expenditure NPV of US
In August 2018, the Company announced that the Ministry of the Environment in Nicaragua had granted 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 ("La India Project"). The EP is considered the master permit for mining operations in Nicaragua. Condor has purchased a new SAG Mill, which has mainly arrived in Nicaragua. Site clearance and preparation is at an advanced stage.
Environmental Permits were granted in April and May 2020 for the Mestiza and America open pits respectively, both located close to La India. The Mestiza open pit hosts 92 Kt at a grade of 12.1 g/t gold (36,000 oz contained gold) in the Indicated Mineral Resource category and 341 Kt 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 Kt at a grade of 8.1 g/t gold (30,000 oz) in the Indicated Mineral Resource category and 677 Kt at a grade of 3.1 g/t gold (67,000 oz) 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 1.12 M oz gold open pit Mineral Resources permitted for extraction.
Disclaimer
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.
Qualified Persons
The technical and scientific information in this press release has been reviewed, verified and approved by Andrew Cheatle, P.Geo., a director of Condor Gold plc, and Gerald D. Crawford, P.E., the Chief Technical Officer of Condor Gold plc, each of whom is a "qualified person" as defined by NI 43-101.
Nominated Adviser
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
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: the issuance of the Payment Shares, including the receipt of the approvals of AIM and the TSX; future development and production plans, projected capital and operating costs, mine life and production rates, metal or mineral recovery estimates, Mineral Resource, Mineral Reserve estimates at the La India Project, the potential to convert Mineral Resources into Mineral Reserves, the Company's plans to sell the assets of the Company or seek alternatives to an asset sale and the construction timeline of the La India project upon receipt of financing. 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 and resources; 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, 2021 dated March 29, 2022 and 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.
SOURCE: Condor Gold plc
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