George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksCondor Gold Regulatory News (CNR)

Share Price Information for Condor Gold (CNR)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 25.25
Bid: 25.00
Ask: 25.50
Change: -0.25 (-0.99%)
Spread: 0.50 (2.00%)
Open: 25.25
High: 25.25
Low: 25.00
Prev. Close: 25.25
CNR Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Exercise of Warrants and Receipt of £155,000

17 Mar 2020 07:00

RNS Number : 3615G
Condor Gold PLC
17 March 2020
 

 

 

Condor Gold plc

22a St James's Square

London

SW1Y 4JH

 

Tel: +44 (0) 207 493 2784

 

17 March 2020

 

 

Condor Gold Plc

("Condor Gold","Condor" or the "Company")

 

Exercise of Warrants and Receipt of £155,000

 

 

Condor Gold (AIM: CNR; TSX: COG) announces that pursuant to receipt of notices for the exercise of warrants, it has issued 500,000 New Ordinary Shares with a nominal value of 20p each in the capital of the Company at a subscription price of 31p per New Ordinary Share. The Company has received gross proceeds of £155,000.

 

Application has been made for the New Ordinary Shares to be admitted to trading on AIM ("Admission"), with Admission expected to occur on or around 23 March 2020. 

The New Ordinary Shares will rank pari passu with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared after the date of their issue.

 

Following Admission of the New Ordinary Shares, the Company will have 95,163,522 ordinary shares with a nominal value of 20p each in issue with voting rights and admitted to trading on AIM and the TSX. This figure may then be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Rules of the Canadian securities administrators.

 

 

- Ends -

For further information please visit www.condorgold.com or contact:

Condor Gold plc

Mark Child, Chairman and 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

Blytheweigh

Tim Blythe, Camilla Horsfall and Megan Ray

+44 (0) 20 7138 3204

 

 

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.

 

In August 2018, the Company announced that the Ministry of the Environment in Nicaragua had granted the Company the Environmental Permit ("EP") for the development, construction and operation of a processing plant with capacity to process up to 2,800 tonnes per day at its wholly-owned La India gold project ("La India Project"). The EP is considered to be the master permit for mining operations in Nicaragua. Condor Gold published a Pre-Feasibility Study ("PFS") on the La India Project in December 2014, as summarised in the Technical Report (as defined below). The PFS details an open pit gold Mineral Reserve in the Probable category of 6.9 Mt at 3.0 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 of 9,850Kt at 3.6 g/t gold for 1,140Koz gold in the Indicated category and 8,479Kt at 4.3g/t gold for 1,179Koz gold in the Inferred category. 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.

 

Qualified Persons

 

The Mineral Resource Estimate has been completed by Ben Parsons, a Principal Consultant (Resource Geology) with SRK Consulting (U.S.), Inc, who is a Member of the Australian Institute of Mining and Metallurgy, MAusIMM(CP). Ben Parsons has some eighteen years' experience in the exploration, definition and mining of precious and base metal Mineral Resources. Ben Parsons is a full-time employee of SRK Consulting (U.S.), Inc, an independent consultancy, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the type of activity which he is undertaking to qualify as a "qualified person" as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") of the Canadian Securities Administrators and as required by the June 2009 Edition of the AIM Note for Mining and Oil & Gas Companies. Ben Parsons consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears and confirms that this information is accurate and not false or misleading.

 

The technical and scientific information in this press release has been reviewed, verified and approved by Andrew Cheatle, P.Geo., a Non-Executive Director of the Company, who is a "qualified person" as defined by NI 43-101.

.

 

Technical Information

Certain disclosure contained in this news release of a scientific or technical nature has been summarised 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 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 defined by NI 43-101.

 

 

Forward Looking Statements

All statements in this press release, other than statements of historical fact, are 'forward-looking information' with respect to the Company within the meaning of applicable securities laws, including statements with respect to: the Mineral Resources, the Mineral Reserves and future production rates at the La India Project. Forward-looking information is often, but not always, identified by the use of words such as: "seek", "anticipate", "plan", "continue", "strategies", "estimate", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", "could", "might", "will" and similar expressions. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions regarding: future commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future currency exchange and interest rates; the impact of increasing competition; general conditions in economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; the receipt of required permits; royalty rates; future tax rates; future operating costs; availability of future sources of funding; ability to obtain financing and assumptions underlying estimates related to adjusted funds from operations. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.

 

Such forward-looking information involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to: mineral exploration, development and operating risks; estimation of mineralisation, resources and reserves; environmental, health and safety regulations of the resource industry; competitive conditions; operational risks; liquidity and financing risks; funding risk; exploration costs; uninsurable risks; conflicts of interest; risks of operating in Nicaragua; government policy changes; ownership risks; permitting and licencing risks; artisanal miners and community relations; difficulty in enforcement of judgments; market conditions; stress in the global economy; current global financial condition; exchange rate and currency risks; commodity prices; reliance on key personnel; dilution risk; payment of dividends; as well as those factors discussed under the heading "Risk Factors" in the Company's annual information form for the fiscal year ended December 31, 2018 dated March 22, 2019, available under the Company's SEDAR profile at www.sedar.com.

 

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

Technical Glossary

 

Mineral Resource

Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories. An Inferred Mineral Resource has a lower level of confidence than that applied to an Indicated Mineral Resource. An Indicated Mineral Resource has a higher level of confidence than an Inferred Mineral Resource but has a lower level of confidence than a Measured Mineral Resource.

 

A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction.

 

The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.

 

Material of economic interest refers to diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals.

 

The term Mineral Resource covers mineralization and natural material of intrinsic economic interest which has been identified and estimated through exploration and sampling and within which Mineral Reserves may subsequently be defined by the consideration and application of Modifying Factors. The phrase 'reasonable prospects for eventual economic extraction' implies a judgment by the Qualified Person in respect of the technical and economic factors likely to influence the prospect of economic extraction. The Qualified Person should consider and clearly state the basis for determining that the material has reasonable prospects for eventual economic extraction. Assumptions should include estimates of cutoff grade and geological continuity at the selected cut-off, metallurgical recovery, smelter payments, commodity price or product value, mining and processing method and mining, processing and general and administrative costs. The Qualified Person should state if the assessment is based on any direct evidence and testing.

Interpretation of the word 'eventual' in this context may vary depending on the commodity or mineral involved. For example, for some coal, iron, potash deposits and other bulk minerals or commodities, it may be reasonable to envisage 'eventual economic extraction' as covering time periods in excess of 50 years. However, for many gold deposits, application of the concept would normally be restricted to perhaps 10 to 15 years, and frequently to much shorter periods of time.

 

Inferred Mineral Resource

An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity.

An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

 

An Inferred Mineral Resource is based on limited information and sampling gathered through appropriate sampling techniques from locations such as outcrops, trenches, pits, workings and drill holes. Inferred Mineral Resources must not be included in the economic analysis, production schedules, or estimated mine life in publicly disclosed Pre-Feasibility or Feasibility Studies, or in the Life of Mine plans and cash flow models of developed mines. Inferred Mineral Resources can only be used in economic studies as provided under NI 43-101.

 

There may be circumstances, where appropriate sampling, testing, and other measurements are sufficient to demonstrate data integrity, geological and grade/quality continuity of a Measured or Indicated Mineral Resource, however, quality assurance and quality control, or other information may not meet all industry norms for the disclosure of an Indicated or Measured Mineral Resource. Under these circumstances, it may be reasonable for the Qualified Person to report an Inferred Mineral Resource if the Qualified Person has taken steps to verify the information meets the requirements of an Inferred Mineral Resource.

 

Indicated Mineral Resource

An Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit.

 

Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation.

 

An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral Reserve.

 

Mineralization may be classified as an Indicated Mineral Resource by the Qualified Person when the nature, quality, quantity and distribution of data are such as to allow confident interpretation of the geological framework and to reasonably assume the continuity of mineralization. The Qualified Person must recognize the importance of the Indicated Mineral Resource category to the advancement of the feasibility of the project. An Indicated Mineral Resource estimate is of sufficient quality to support a Pre-Feasibility Study which can serve as the basis for major development decisions.

 

Mineral Reserve

Mineral Reserves are sub-divided in order of increasing confidence into Probable Mineral Reserves and Proven Mineral Reserves. A Probable Mineral Reserve has a lower level of confidence than a Proven Mineral Reserve.

 

A Mineral Reserve is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at Pre-Feasibility or Feasibility level as appropriate that include application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified.

 

The reference point at which Mineral Reserves are defined, usually the point where the ore is delivered to the processing plant, must be stated. It is important that, in all situations where the reference point is different, such as for a saleable product, a clarifying statement is included to ensure that the reader is fully informed as to what is being reported.

 

The public disclosure of a Mineral Reserve must be demonstrated by a Pre-Feasibility Study or Feasibility Study.

 

Mineral Reserves are those parts of Mineral Resources which, after the application of all mining factors, result in an estimated tonnage and grade which, in the opinion of the Qualified Person(s) making the estimates, is the basis of an economically viable project after taking account of all relevant Modifying Factors. Mineral Reserves are inclusive of diluting material that will be mined in conjunction with the Mineral Reserves and delivered to the treatment plant or equivalent facility. The term 'Mineral Reserve' need not necessarily signify that extraction facilities are in place or operative or that all governmental approvals have been received. It does signify that there are reasonable expectations of such approvals.

 

'Reference point' refers to the mining or process point at which the Qualified Person prepares a Mineral Reserve. For example, most metal deposits disclose mineral reserves with a "mill feed" reference point. In these cases, reserves are reported as mined ore delivered to the plant and do not include reductions attributed to anticipated plant losses. In contrast, coal reserves have traditionally been reported as tonnes of "clean coal". In this coal example, reserves are reported as a "saleable product" reference point and include reductions for plant yield (recovery). The Qualified Person must clearly state the 'reference point' used in the Mineral Reserve estimate.

 

Probable Mineral Reserve

A Probable Mineral Reserve is the economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource. The confidence in the Modifying Factors applying to a Probable Mineral Reserve is lower than that applying to a Proven Mineral Reserve.

 

The Qualified Person(s) may elect, to convert Measured Mineral Resources to Probable Mineral Reserves if the confidence in the Modifying Factors is lower than that applied to a Proven Mineral Reserve. Probable Mineral Reserve estimates must be demonstrated to be economic, at the time of reporting, by at least a Pre-Feasibility Study.

 

Pre-Feasibility Study (Preliminary Feasibility Study)

The CIM Definition Standards requires the completion of a Pre-Feasibility Study as the minimum prerequisite for the conversion of Mineral Resources to Mineral Reserves.

A Pre-Feasibility Study is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a preferred mining method, in the case of underground mining, or the pit configuration, in the case of an open pit, is established and an effective method of mineral processing is determined. It includes a financial analysis based on reasonable assumptions on the Modifying Factors and the evaluation of any other relevant factors which are sufficient for a Qualified Person, acting reasonably, to determine if all or part of the Mineral Resource may be converted to a Mineral Reserve at the time of reporting. A Pre-Feasibility Study is at a lower confidence level than a Feasibility Study.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCEAXDKFDPEEFA
Date   Source Headline
2nd Jan 202411:09 amRNSTotal Voting Rights
12th Dec 20237:00 amRNSIncrease Fund Raise: £1,851,999 Issue of Equity
5th Dec 20237:00 amRNSCondor Gold Provides Update on the Sale of Assets
16th Oct 20239:57 amRNSExercise of Options
12th Sep 20233:12 pmRNSRetirement of Non Executive Director
7th Sep 20237:00 amRNSInterim Report & Accounts - 6 Months to 30 June 23
21st Jul 20237:00 amRNSUpdate on the Sale of Assets
7th Jul 20235:44 pmRNSGrant of Options - Correction
7th Jul 20233:54 pmRNSCondor Gold Grant of Options 2023
4th Jul 20235:17 pmRNS£1M Raise, Exercise Warrants Dir/PDMR Shareholding
10th May 20236:16 pmRNSResult of AGM
10th May 202310:55 amRNSConfirmation of time for Condor AGM
31st Mar 20231:54 pmRNSDirector/PDMR Shareholding
28th Mar 20237:00 amRNSAnnual Financial Report
14th Mar 20234:35 pmRNSPrice Monitoring Extension
13th Mar 20234:35 pmRNSPrice Monitoring Extension
13th Mar 20237:40 amRNSCondor Gold Provides an Update on Sale of Assets
13th Mar 20237:31 amRNSCondor Gold Provides an Update on Sale of Assets
13th Mar 20237:00 amRNSCondor Gold Provides an Update on Sale of Assets
22nd Dec 202210:05 amRNSAppointment of Denham Eke as a Non-Exec Director
21st Dec 20222:44 pmRNSFundraise of £3.3m, Results of Open Offer, Placing
5th Dec 20227:00 amRNSProposed Open Offer to Raise up to £3.9M
30th Nov 20228:01 amEQSCondor Gold entertaining potential buyers for La India gold project
28th Nov 20227:00 amRNSFundraise via Convertible Loan Note & Open Offer
22nd Nov 20227:00 amRNSStrategy Update, Advisor Appt to Sell the Assets
14th Nov 20227:00 amRNSUnaudited results for the 3rd Quarter
9th Nov 20224:40 pmRNSSecond Price Monitoring Extn
9th Nov 20224:35 pmRNSPrice Monitoring Extension
27th Oct 20225:49 pmRNSCondor Gold Comment on US Sanctions
26th Oct 20227:00 amRNSCNR Files Feasibility Study Tech Report on SEDAR
13th Oct 20224:41 pmRNSSecond Price Monitoring Extn
13th Oct 20224:36 pmRNSPrice Monitoring Extension
12th Oct 20227:00 amRNSJim Mellon assumes Chairmanship of Condor Gold
13th Sep 20224:35 pmRNSGrant of Options
12th Sep 20227:00 amRNSCondor Feasibility Study For La India Open Pit
17th Aug 20227:00 amRNSMineral Resource Update for La India Project
16th Aug 20227:00 amRNSUnaudited Interim Results
4th Aug 20227:00 amRNSMetallurgical Test Results for La India Open Pit
29th Jul 20223:40 pmRNSTotal Voting Rights
18th Jul 20227:00 amRNSExercise of Warrants, Director’s Dealing and TVR
6th Jul 20223:53 pmRNSTotal Voting Rights and Holdings in Company
14th Jun 20222:05 pmRNSSecond Price Monitoring Extn
14th Jun 20222:00 pmRNSPrice Monitoring Extension
14th Jun 20227:00 amRNSCondor Gold Raises £3.25m Via Private Placement
23rd May 20227:00 amRNSLa India Open Pit Drill Results
13th May 20227:00 amRNSResults for the three months ended 31 March 2022
12th May 20224:58 pmRNSResults of Annual General Meeting
29th Mar 20227:00 amRNSResults For The Year Ended 31 December 2021
10th Mar 20227:00 amRNSAll Assay Results Received for La Mestiza Open Pit
13th Jan 20224:55 pmRNSExercise of Options and Issue of Shares

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.