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Condor Gold PLC (CNDGF) is a gold exploration and development company with a focus on Nicaragua. The Company's principal asset is the La India Project, a large land package comprising 12 concessions. With a Feasibility Study (FS) indicating high-grade Mineral Resource Estimates, Condor Gold aims to produce 150,000 oz gold per annum from open pit and underground operations. The Company's strategy includes a two-stage production approach to maximise value for shareholders and ensure a successful sale of assets. Condor Gold remains committed to sustainable socio-economic benefits for local communities and maintaining its social license to operate.
Condor Gold has announced a placing of 11,607,149 Units at 28p per Unit, raising approximately £3.25 million before expenses. The Placing, which includes a Directors subscription of 1,833,573 Units, is aimed at completing a Feasibility Study for the La India Project, enhancing project confidence with a detailed engineering design. Jim Mellon, Mark Child, and Andrew Cheatle subscribed for Units, increasing their shareholdings. Completion is conditional upon admission to trading on AIM, expected around June 17, 2022, and has received conditional approval from the Toronto Stock Exchange.
Condor Gold announced positive assay results from geotechnical drill holes at the La India Open Pit, bolstering confidence in mineral resources. Significant findings include 34.1 m at 2.56 g/t gold from 2.80 m depth and 28.7 m at 2.62 g/t gold in historic mine workings. The drilling adds critical infill data and supports the geological model for the Feasibility Study. The results affirm strong economic potential for the project and align with the favorable payback outlined in the PEA report from October 2021.
Condor Gold has announced promising assay results from geotechnical drill holes at the La India Open Pit, boosting confidence in high-grade gold resources. Notable findings include a 34.1 m true width intercept at 2.56 g/t gold from only 2.80 m depth, alongside significant grades from drill holes LIGT528 and LIGT531. Chairman Mark Child stated these results support the project's economic viability and help validate the geological model for the Feasibility Study. The comprehensive drilling program aims to refine the final pit design with a detailed approach.
Condor Gold has published its unaudited financial results for Q1 2022, reporting a loss before income tax of £667,879 compared to £512,518 in Q1 2021. Revenue remains at £0, with administrative expenses totaling £668,134. The company advanced its Definitive Feasibility Study for the La India project and completed an 8,004 m infill drilling program at La Mestiza, expecting it to enhance ore supply. The total assets increased to £38.5 million, while cash and cash equivalents decreased to £408,028. The feasibility study is nearing completion, with results anticipated in Q3 2022.
Condor Gold has released its unaudited financial results for Q1 2022, noting no revenue for the period. The company continues to advance the La India project, including a comprehensive Feasibility Study and progress in land acquisitions, now at 99.6%. The infill drilling program results are complete, highlighting potential high-grade ore sources. However, the company reported a loss of £667,879, an increase from £512,518 year-over-year. Total assets are currently valued at £38.5 million, with cash and equivalents at just over £408,000.
On May 12, 2022, Condor announced that all resolutions were passed at its Annual General Meeting (AGM). The company, focused on gold exploration in Nicaragua, noted significant milestones in its La India Project, which includes a post-tax NPV of US$418 million and an IRR of 54%.
With an average annual production projected at 150,000 oz of gold for the initial nine years, Condor has secured Environmental Permits for multiple open pits, contributing to a total of 1.12 million oz of gold resources ready for extraction.
Condor Gold Plc released its audited financial results for the year ended December 31, 2021, highlighting significant progress in its La India Project. Key achievements include a post-tax NPV of $418 million and an IRR of 54% from a PEA, with plans for 150,000 ounces of gold production annually over nine years. The company raised £4 million through share placings, enhancing liquidity for development. Despite a loss of £2.33 million, the project is nearing construction readiness, supported by extensive drilling activities and environmental permits. The AGM is scheduled for May 12, 2022.
Condor Gold has completed an 8,004-meter infill drilling program on the La Mestiza Open Pit Mineral Resource at La India Project, Nicaragua. The results confirm continuity in gold mineralization, with significant assay grades including 6.84 g/t gold and 15.23 g/t gold from select drill holes. The La Mestiza open pit currently has a mineral resource of 92 kt at 12.1 g/t gold in the Indicated category and 341 kt at 7.7 g/t gold in the Inferred category. The study aims to upgrade resources for future feasibility studies, indicating potential for additional discoveries.
Condor Gold is issuing 300,000 new ordinary shares at 22 pence each, following the exercise of share options, raising £66,000. The shares will be admitted to AIM on January 20, 2022, increasing the total number of ordinary shares to 146,930,715. These shares rank pari passu with existing shares, including rights to dividends. The company's La India Project in Nicaragua boasts a post-tax NPV of US$418 million and a 54% IRR, with production anticipated to average 150,000 oz gold annually for the first nine years.
Condor Gold (AIM:CNR)(TSX:COG) has completed 2,551.50 m of geotechnical drilling for its La India Project, marking a significant advancement towards the Feasibility Study. This drilling, overseen by SRK Consulting, adds to the previously gathered data from a Preliminary Feasibility Study. A total of 32 geotechnical drill holes covering 3,251.50 m has been conducted, enhancing designs for pit stability and slope analysis. The feasibility study is anticipated to be completed by Q1 2022.
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