18 months ago so whatโs progressed apart from pog28 Oct 2024 09:46
13 Mar 2023 07: 13 Mar 2023 07:40
RNS Number : 7232S
Condor Gold PLC
13 March 2023
Condor Gold plc
7/8 Innovation Place
Douglas Drive
Godalming
Surrey
GU7 1JX
Tel: +44 (0) 207 493 2784
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION (EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM BY VIRTUE OF THE EU (WITHDRAWAL) ACT 2018 ("MAR").
13 March 2023
Condor Gold Plc
("Condor" or the "Company")
Condor Gold Provides an Update on the Sale of Assets
On 22 November 2022, Condor Gold (AIM: CNR; TSX: COG) announced that following a robust and economically attractive Bankable Feasibility Study, also known as a Feasibility Study, on the La India open pit, it appointed H&P Advisory Limited (Hannam and Partners) to seek a buyer for the assets of the Company. The Feasibility Study Technical Report was filed on SEDAR titled Condor Gold Technical Report on the La India Gold Project, Nicaragua, 2022 dated October 25, 2022 (2022 FS) on 26 October 2022 and is also available on the Company's website www.condorgold.com. The sales process is now entering the end of its first phase with various parties having conducted site visits and others ongoing. Three formal expressions of interest including 2 non-binding offers (subject to further due diligence) have been received by the Company and further offers are expected as nine companies are under a Non-Disclosure Agreement (NDA).
Mark Child, Chief Executive of Condor Gold, commented:
"I am currently in Nicaragua hosting site visits for gold producers conducting due diligence on Condor's La India Project. There are currently nine companies under a NDA, all of whom have access to a virtual data room, which includes all drill data, technical studies to Feasibility Study level, details of permits to construct and operate a mine and financial models. The Board is confident that a binding agreement will be reached. Investors will be updated in due course."
Cautionary Statement: Investors should note that, whilst the Board is encouraged by the process to date, there can be no guarantee that the Company will complete the sale of its assets.
- Ends -
For further information please visit www.condorgold.com or contact:
Condor Gold plc
Mark Child, CEO
+44 (0) 20 7493 2784
Beaumont Cornish Limited
Roland Cornish and James Biddle
+44 (0) 20 7628 3396
SP Angel Corporate Finance LLP
Ewan Leggat+44 (0) 20 3470 0470
H&P Advisory Limited
Andrew Chubb, Matt Hasson, Jay Ashfield
+44 207 907 8500
Adelaide Capital (Investor Relations)
Deborah Honig
+1-647-203-8793
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.
The Company's principal asset is La India Project, Nicaragua,