SURREY, BC, Nov. 3, 2021 /CNW/ - Condor Gold (AIM: CNR) (TSX:
COG) is pleased to announce the closing of its previously announced
placing of 11,714,286 units of the Company ("Units") at a
price of 35p per Unit (the "Placing"), including a Directors
& CFO subscription of 2,972,144 Units, for aggregate gross
proceeds of £4.1 million before expenses (the
"Proceeds").
Each Unit is comprised of one ordinary share of 20p each in the
Company (each, an "Ordinary Share") and one-half of one
Ordinary Share purchase warrant (each whole Ordinary Share purchase
warrant, a "Warrant"). Each Warrant, which is unlisted and
fully transferable, entitles the holder thereof to purchase one
Ordinary Share at a price of 50p for a period of 24 months from the
date on which the shares are issued pursuant to the Placing.
The Proceeds have been received by the Company, and the Placing
Shares were admitted to trading on AIM on 02
November 2021.
TSX Matters
The Company is relying on the exemption provided for pursuant to
Section 602.1 of the
TSX Company Manual (the "Manual") from the requirements
of the Manual and the Toronto Stock Exchange (the "TSX")
related to the Placing, as the Company is an "Eligible Interlisted
Issuer" as defined in the Manual.
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.
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.
La India Project contains a Mineral Resource of 9,850 Kt at 3.6
g/t gold for 1.14 M oz gold in the
Indicated category and 8,479 Kt at 4.3 g/t gold for 1.18 M oz gold in the Inferred category. 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 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., who is a "qualified
person" as defined by NI 43-101 and Gerald D. Crawford, P.E., who
is a "qualified person" as defined by NI 43-101 and is the Chief
Technical Officer of Condor Gold plc.
Technical Information
Certain disclosure contained in this news release of a
scientific or technical nature has been summarised or extracted
from the technical report entitled "Technical Report on the La
India Gold Project, Nicaragua,
October 2021", dated October 22, 2021, with an effective date of
September 9, 2021 (the "Technical
Report"), prepared in accordance with NI 43-101. The Technical
Report was prepared by or under the supervision of Tim Lucks, Principal Consultant (Geology &
Project Management), Gabor Bacsfalusi, Principal Consultant
(Mining), Benjamin Parsons,
Principal Consultant (Resource Geology), each of SRK Consulting
(UK) Limited, and Neil Lincoln of
Lycopodium Minerals Canada Ltd., each of whom is an independent
"qualified person" as defined by NI 43-101.
SOURCE Condor Gold plc
