Thu, 18 Jul 2019

LONDON, UK / ACCESSWIRE / May 15, 2019 / Condor Gold (AIM: CNR; TSX: COG) announces that it has today published its unaudited financial results for the three months ending 31 March, 2019 and the Management's Discussion and Analysis for the same period.

Both of the above have been posted on the Company's website www.condorgold.com and are also available on SEDAR at www.sedar.com.

Highlights for the first quarter of 2019

  • In January 2019 Condor announced the results of an updated Mineral Resource Estimate (the 'MRE') on its 100% owned La India Project in Nicaragua. The MRE as at 25 January 2019 is 9.85 million tonnes ('M tonnes' or 'Mt') at 3.6 g/t gold for 1,140,000 oz gold in the Indicated category and 8.48 Mtonnes at 4.3g/t gold for 1,179,000 oz gold in the Inferred category. The MRE was prepared by SRK Consulting (UK) Limited.
  • In February 1, 2019, the Company announced a private placement of 7,291,667 Units at a price of 24p per Unit, including a Directors & CFO subscription of 3,221,667 Units, to raise in aggregate gross proceeds of Pound 1.75 million. The February 2019 Placement Price of 24 pence per unit represented a discount of 7% to the closing price of the Ordinary Shares on AIM of 25.8 pence per share on January 31, 2019. Each Unit comprised one ordinary share and one half of a warrant with an exercise price of 31 pence and valid for 24 months from issue.
  • On 5 March 2019 the Company announced that it had commenced a permitting process for two satellite feeder pits at La India, which have the potential, according to management's studies, to increase open pit production by 50% to 120,000 oz gold per annum compared to the Pre-Feasibility Study.

Post Period Highlights

  • The Company announced on April 1, 2019 the results from metallurgical test work conducted by B2Gold Inc. ('B2Gold') on behalf of the Company from samples taken from an area within the permitted La India open pit. Two samples of approximately 23kg each produced an average head grade of 12.1 g/t gold and average metallurgical gold recoveries of 95.4%.

Mark Child, Chairman and Chief Executive of Condor Gold, commented:

'The Mineral Resource update on La India Project totals 9.85M tonnes at 3.6 g/t gold for 1,140,000 oz gold in the Indicated category and 8.48M tonnes at 4.3g/t gold for 1,179,000 oz gold in the Inferred category and is a timely reminder of the high grade nature of this gold deposit. The Mineral Resource update includes 8,222m drilling completed since the previous Mineral Resource update in September 2014. Most importantly, the drilling has proved two new satellite open pit resources. There are now four satellite open pits outside the main, permitted La India open pit, which have combined open pit resources of 206Kt at 9.9g/t gold for 66,000 oz gold in the Indicated category and 2,127Kt at 3.23g/t gold for 221,000 oz gold in the Inferred category.

Condor is permitting the high grade Mestiza and America satellite feeder pits. Encouragingly, three Ministries have already completed site visit inspections. Permitting the feeder pits has the potential to increase annual production from open pit material by 50% compared to the Pre-Feasibility Study ('PFS') to 120,000 oz gold p.a. for a 7 year life of mine. In addition, Condor plans to bring the high grade underground Mineral Resources of 1.27Mt at a grade of 5.8 g/t gold, for 238,000 oz gold in the Indicated category and 5.47Mt at a grade of 5.1 g/t gold, for 889,000 oz gold in the Inferred category into the mine plan in due course. The feeder pits compliment the main, fully permitted La India open pit, which has a robust, economically viable PFS with Mineral Reserves of 6.9Mt at 3.0g/t for 675,000 oz gold, with lower quartile all-in-sustaining-cash costs ('AISC') of US$690 per oz gold. The addition of the higher grade feeder pits has the potential to materially enhance project economics be reducing already low AISC, improving the Internal Rate of Return and reducing the payback period for the upfront capital costs of constructing a gold mine.'


CONDOR GOLD PLC

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE THREE MONTHS TO 31 MARCH 2019


Three months to 31 March
2019
unaudited
Pound
Three months to 31 March
2018
unaudited
Pound
Revenue
- -

Administrative expenses
(352,989 ) (602,915 )

Operating loss
Note 3
(352,989 ) (602,915 )

Finance income
436 237

Loss before income tax
(352,553 ) (602,678 )

Income tax expense
Note 4
- -

Loss for the period
(352,553 ) (602,678 )


Other comprehensive income/(loss):
Write off of Minority Interest
- (85,056 )
Currency translation differences
(675,060 ) (709,604 )
Other comprehensive income/(loss) for the period
(675,060 ) (794,660 )

Total comprehensive loss for the period
(1,027,613 ) (1,397,338 )


Loss attributable to:
Non-controlling interest
- -
Owners of the parent
(352,553 ) (602,678 )

(352,553 ) (602,678 )

Total comprehensive loss attributable to:
Non-controlling interest
(- ) (- )
Owners of the parent
(1,027,613 ) (1,397,338 )

(1,027,613 ) (1,397,338 )

Loss per share expressed in pence per share:
Basic and diluted (in pence)
Note 7
(0.50 ) (0.97 )


CONDOR GOLD PLC

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2019


More Austin News

Access More

Sign up for Austin News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!

As at 31 March 2019
unaudited
Pound
As at 31 December 2018
audited
Pound
As at 31 March 2018
unaudited
Pound
ASSETS:
NON-CURRENT ASSETS
Property, plant and equipment
205,186 211,064 240,368
Intangible assets
20,401,746 20,644,243 18,722,597

20,606,932 20,855,307 18,962,965

CURRENT ASSETS
Trade and other receivables
259,313 219,077 379,925
Cash and cash equivalents
1,116,347 220,975 2,483,095

1,375,660 440,052 2,863,020

TOTAL ASSETS
21,982,592 21,295,359 21,825,985

LIABILITIES:
CURRENT LIABILITIES
Trade and other payables
200,688 251,316 491,981


TOTAL LIABILITIES
200,688 251,316 491,981

NET CURRENT ASSETS
1,174,972 188,736 2,371,039

NET ASSETS
21,781,904 21,044,043 21,334,004


SHAREHOLDERS' EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT
Called up share capital Note 8
14,894,200 13,435,868 13,435,868
Share premium
33,921,425 33,662,309 33,662,309
Legal reserves
- - -
Exchange difference reserve
284,731 959,791 (128,029 )