Member Info for frenchie38

Mark arrived back from Managua Sunday night having been in Nicaragua for a week.

Condor Gold (CNR LN) 46.5p, Mkt Cap £31.2m – Receipt of La India environmental permit

Condor Gold reports that it has now received an environmental permit for the development of a mine and associated 1mtpa processing plant and associated infrastructure at its La India mine-site in Nicaragua.
The company is now planning “to progress the redesigned mine site infrastructure for La India Open Pit to a bankable level of Feasibility Study ("BFS")” and expects to start a 24 months long construction period within the next 18 months, suggesting that commissioning and initial production might be around the early part of 2022.
Conditions attaching to the environmental permit requires Condor Gold “to submit … final engineered designs for several key components of the mine prior to construction. For example, the final design and operations manual for the Tailings Storage Facility.”
Although the BFS is likely to refine the details, current plans are for the annual production of around 80,000 oz of gold from a single open-pit mining operation at a capital cost currently estimated at US$120m.
The mine is expected to create around 1,000 jobs in an impoverished area of Nicaragua where, since the closure of Noranda’s underground mining operation in 1956, over 40% of households are deemed to be living in poverty.
The “village of La Cruz de La India … is located in a hilly, dry corridor of Nicaragua with few alternative forms of employment. An independent economic report produced in October 2017 by FUNIDES, a local economic study group, estimated that the former mining town of La Cruz de La India has a 40.5% Multi-Dimensional Poverty Index (the index used … to measure the poverty of 17 Latin American countries and which measures five wellbeing dimensions: living conditions, basic services, income, education and employment).”
Commenting on the recent political unrest in Nicaragua, Condor Gold reiterates its commitment to improve the economic condition of its existing and future workforce and their families and its support for “constructive dialogue for a peaceful resolution of the current political upheaval in Nicaragua.”
Chairman and Chief Executive, Mark Child, paid “tribute to the hard work and dedication of Condor Gold's team on the ground, they are 100% Nicaraguan nationals; I am proud of their achievements” and noted that the grant of the permit “marks the culmination of 11 years of detailed scientific geological work and technical mining studies at La India Project, including three years of the permitting process”.
Conclusion: The award of the environmental permit is a milestone which clears the way for Condor Gold to move to a BFS on the La India project and advance the planned 80,000oz pa, US$120m development towards construction. We look forward to the outcome of the BFS for further details of the project.

https://pueblossinfronteras.wordpress.com/2018/07/28/violent-coup-fails-in-nicaragua-us-continues-regime-change-efforts/

With Permits pending, and hopefully landed in the next few weeks, Mark may have a busy time at the forthcoming Precious Metals Summit in Colorado and Denver Gold Forum in Colorado Springs, both held in September.

If and when we are bought out it could be worth a small punt in the new company. If it does turn out to be a 5M oz + district it could be end up being very rewarding.

That seems extremely cheap for what could be a 6 billion dollar operation. a sale price of $M150 -$M200 and, say 80 million shares after fund raising, would equate to an SP of approx. £1.45 - £1.65 at todays exchange rate.

I still think the company will be sold before we ever get to production. I understand that MC has to be seen to progress once permits are issued, but believe an offer will be made within 12 months, IMHO. I won't make any predictions, but would like to think we wouldn't be sold for less than £2. GLA

I would not be influenced in buying or selling shares, by something written on this bulletin board without research first. Bezzell, even if his intentions were good, got it wrong quite recently when stating on here the ministries had alll been shut down and were not working. Quite clearly that was wrong and we have our PC out of the way. Just be cautious. GLA all.

Or the volume sown at the header of this page?

Strange, not shown on Google finance?

"Permits within three weeks hopefully as per MC."........and the return of Jibbo to the board no doubt! ;)

You obviously have not read nero120 post from yesterday 10:16 where he posted a response from Mark which explained banners had been put up a week in advance and notification in the press was made. It wasn't covertly held with 24 hours notice as you suggest. God I hope we hit your 50-60p target soon so we don't have to read your overtly negative slant on every post on this board.

Something like this: https://www.youtube.com/watch?v=9R_tEd75NMg or this: https://www.youtube.com/watch?v=82sCxDoABew&t=3s

Excellent piece of PR. Thanks for sharingCondorpilot.

Here here

It is old news, exactly. I posted it as Seingred quoted “It is only a year since cnr were trying to prosecute protestors after all” and I was showing it was more than a mere protest, it was criminal damage. Talking of old news, Seingreds reference to B2 protests refers back to 2015 I believe!

From the prospectus for listing on TSX: In addition, in May 2017, the Company was subject to a demonstration by an anti-mining group called Movimiento Comunal Santa Cruz de la India (“Movimiento”). On February 15, 2017, Condor had signed an agreement with an artisanal miners’ cooperative to drill on the cooperatives’ property. This agreement was the 24th agreement signed between the cooperative and Condor since 2011. On February 26, 2017, Movimento stated that the agreement signed with the cooperative was illegal since the local village was not consulted. On February 27, 2017, individuals from Movimiento entered into the cooperative’s private property and destroyed a drilling pad prepared by Condor’s employees. Members of Movimiento then announced their intention to steal the drilling rig once it arrived. On May 15, 2017, seven members of Movimiento were notified that Condor had started a legal process for the damages suffered by the Company during the February 27, 2017 incident. On May 27, 2017, Movimiento held a public demonstration to coincide with the first hearing of the legal process. This public demonstration was conducted by friends and family of the seven accused members of Movimiento to support the individuals on their way to the courtroom. Condor estimates that there were 80 or so people participating in the demonstration. Given the village’s population of 1,085 inhabitants, Condor does not believe that this indicates general support of these individuals from the community. However, the risk remains that the Company’s business and financial condition may be adversely affected by further actions or demonstrations against the Project. On June 23, 2017, Condor reached an out of court agreement with the accused members of Movimiento. No legal document was signed in respect of this agreement, but the accused and Movimiento verbally agreed that they would not block or obstruct a drilling site on private property if Condor had a legal agreement with the landowner. In August 2017, the Company moved a drill rig to a location within La India open pit, adjacent to the village. An agreement was reached with the landowner to drill. Following this, certain members of Movimento held a protest that lasted for four days, which involved throwing stones at the Company’s drill rig. Police were deployed but there were no arrests and no injuries. The Company has subsequent removed the drill rig from this location.

criminal damage is criminal damage. A little more than a protest I think.

It may not be in place yet, but it is on the agenda. mark has earmarked $1M for investment in the existing village, which, in March, was awaiting agreement with local Mayor. plans are for a heath care centre and improvements to drinking water. However, until such time as permits are granted, why would or should the company fork out good money with no agreement in place for a mine development.

Mark is fully committed in developing the mine with consideration given to the local populace and in October, employed a Nicaraguan General Manager for La India, Aiser Sarria. He has a social team liaising with the locals and is investing a fair amount to improve living conditions for them. I think this is going a long way to show the respect and consideration you talk about Halle.