LONDON, Jan. 15, 2018 /CNW/ -
Condor Gold plc ("Condor",
"Condor Gold" or the "Company")
Condor Gold (AIM: CNR; OTCQX: CNFGF; TSX: COG) is pleased to
announce that the Company's ordinary shares will commence trading
on the Toronto Stock Exchange (the "TSX") under the symbol COG at
the start of trading on 15th January 2018.
Mark Child, Chairman and Chief
Executive Officer of Condor, stated:
"I am delighted that Condor is to be listed on the TSX
later today via a non-offering long form prospectus. The listing
constitutes an important milestone for Condor Gold, providing a
local trading platform for existing and new Canadian shareholders
and investors. The vast majority of mining and exploration
companies operating in South
America are TSX/TSXV listed and, in my opinion, Canadian
investors will find Condor a compelling investment that is
undervalued compared to its TSX/TSXV listed peer group. Condor is
the 100% owner of the La India Project, a high-grade gold deposit
close to permitting, which can be expanded, and is located in
Nicaragua, a jurisdiction with a
pro-mining government.
Condor is in the final stages of permitting a base case
processing plant of between 2,300 tonnes per day
("tpd") and 2,800tpd with the capacity
to produce 100,000 ounces ("oz") of
gold per annum. In early December
2017, I held a constructive meeting with the Nicaraguan
Minister of Energy and Mines, who re-confirmed the
Government's support for the La India Project.
Subsequently, Condor has held further technical meetings with the
Ministry of Energy and Mines and the Nicaraguan Ministry of the
Environment.
Condor has been engaged with the local community for several
years via employment and many social programmes, from healthcare,
to education, to the distribution of drinking water. Over the past
18 months, we have been in constructive talks with the Nicaraguan
Government and, with their blessing, we have entered direct
conversation with the local community regarding key aspects of
permitting. The strategy remains to permit, construct and operate
the base case processing plant, significantly expand the current
mineral resources and prove a major gold district at La India
Project."
The Company will remain listed on the AIM market of the London
Stock Exchange and its shares trade on the OTCQX.
Shareholders/Investors who wish to buy additional shares or sell
existing holdings acquired through AIM can continue to do so in the
normal manner. Shareholders who wish to trade on the TSX must have
a Canadian broker. Shareholders who wish to sell existing
shareholdings on the TSX must first transfer their holdings from
Computershare's UK Share Register to Computershare's Canadian Share
Register. Further information on this process is available on
Condor's website.
About Condor Gold plc:
Condor Gold plc was admitted to AIM on 31
May 2006. The Company is a gold exploration and development
company with a focus on Central
America.
Condor published a Pre-Feasibility Study ("PFS") on its wholly
owned La India Project in Nicaragua 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 metric tonnes ("Mt") at 3.0
grams per tonne ("g/t") gold for 675,000 oz gold, producing 80,000
oz gold per annum for seven years. La India Project contains a
mineral resource in the Indicated category of 9.6 Mt at 3.5 g/t for
1.08 million oz gold and a total mineral resource in the Inferred
category of 8.5 Mt at 4.5 g/t for 1.23 million oz gold. The
Indicated mineral resource is inclusive of the mineral reserve.
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.
Technical Information
The 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 November 13, 2017 with an effective date of
December 21, 2014 (the "Technical
Report"), prepared in accordance with National Instrument 43-101 -
Standards of Disclosure for Mineral Projects ("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 such term is defined in NI
43-101.
David Crawford, Chief Technical
Officer of the Company and a Qualified Person as defined by NI
43-101, has approved the written disclosure in this press
release.
Forward Looking Statements
Certain statements in this news release constitute
forward-looking information under applicable Canadian securities
laws. These statements relate to future events or future
performance and include, but are not limited to, estimates of
mineral resources and mineral reserves, the benefits of listing the
Company's ordinary shares on the TSX, the benefits of
investing in Condor, the ability of shareholders to trade their
shares on the TSX, future gold production at the La India Project,
the Company's strategy for the La India Project and
the continued listing of the Company on AIM. All statements other
than statements of historical fact may be forward-looking
statements. Forward-looking statements are often, but not always,
identified by the use of words such as
"seek",
"anticipate",
"plan",
"continue",
"objectives",
"strategies",
"estimate",
"expect",
"may",
"will",
"project",
"predict",
"potential",
"targeting",
"intend",
"could",
"might",
"should",
"believe" and similar expressions. These
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements. The Company believes the expectations reflected in
those forward-looking statements are reasonable but no assurance
can be given that these expectations will prove to be correct and
such forward-looking statements included in this news release
should not be unduly relied upon. The Company does not undertake
any obligation to update forward-looking statements except as
required by applicable securities laws.
SOURCE Condor Gold plc
