Condor Gold Share News (CNR)

LONDON (Dow Jones)--Condor Resources PLC (CNR.LN), an AIM listed Central American gold exploration company, announced Tuesday it made a pretax loss of GBP551,741 for the year ended December 31, 2009, compared with a wider loss of GBP3,476,595. MAIN FACTS: -Revenue: Nil (2008: Nil) -Operating loss: GBP651,299 (2008: Loss GBP3,526,579) -Loss per share: 0.13 pence (2008: Loss 1.51 pence) -No dividends were paid during the year. -Condor completed a Share Exchange with Grafton Resources Investments Limited and issued 140 million new ordinary shares at 1 pence each and subscribed for shares in Grafton valued at GBP1.4 million based on Grafton's then net asset value. -Condor issued shares at a significant premium to its then share price. -Condor shareholders rejected a hostile share offer for the company which valued the company at 0.45 pence per share. -The Board believes the hostile share offer was linked to a previously withdrawn requisition to remove certain directors from the Board and appoint parties connected with the offer. -Condor was granted 100% ownership of the 16.2 sq km Santa Barbara Concession which is contiguous with Condor's 100% owned Cacao Concession, and includes two known gold mineral anomalies believed to represent outcrops of the Cacao structure up to 4 kilometers along strike of the Cacao Resource within La India Mining District. -Condor applied for five new, high quality advanced exploration concessions in Nicaragua during 2009 and took advantage of the global downturn that forced a number of junior miners to relinquish concessions. -The unofficial moratorium on all exploration and mining in El Salvador continued, which has meant Condor is unable to drill on its key projects. -It is the company's view that it is unlikely to drill on key projects until 2011. -Consequently the decision was made to place all drill core and data into storage and only retain an administrative presence in El Salvador in order to maintain the company's licenses and lobby government in favor of mining. -Condor increased its landholding in Nicaragua to 148.66 from 40.10 square kilometers, through the grant of four new, 100% owned, 25 year exploration and mining concessions, all containing known gold mineralization. -Shares at 0714 GMT stood at 0.45 pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; zechariah.hemans@dowjones.com (END) Dow Jones Newswires June 15, 2010 03:17 ET (07:17 GMT)