Last checked at 29 Apr 2015 14:31
| Condor Gold plc 7th Floor 39 St. James's Street London SW1A 1JD Telephone +44 02074081067Fax: +44 020 74938633 |
30th April 2015
Condor Gold plc
(''Condor'' or "the Company")
Settlement of Employee Claim
Condor (AIM:CNR), announces that it has concluded a long running legal claim brought against the Company by Mr Peter O' Hare who was previously the Company's Field and Logistics manager. This claim has been detailed previously in both Condor's 2013 and 2012 audited annual report and accounts. Mr O' Hare commenced litigation against the Company for an injury he sustained in 2011. Condor made an interim payment of £90,000 relating to the case in October 2014 and has now paid a further £460,000 in full and final settlement. The payment of associated legal fees is currently being discussed.
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For further information please visit www.condorgold.com or contact:
Condor Gold plc | Mark Child, Executive Chairman and CEO +44 (0) 20 7408 1067
| Luc English, Country Manager Nicaragua +505 8854 0753
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Beaumont Cornish Limited
Numis Securities Limited | Roland Cornish +44 (0) 20 7628 3396
John Prior and James Black+44 (0) 20 72601000
| |
Farm Street Media | Simon Robinson +44 (0) 7593 340107
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About Condor Gold plc:
Condor Gold plc was admitted to AIM on 31st May 2006. The Company is a gold exploration and development company with a focus on Central America.
Condor completed a Pre-Feasibility Study (PFS) and two Preliminary Economic Assessments (PEA) on La India Project in Nicaragua in December 2014. The PFS details an open pit gold mineral reserve of 6.9M tonnes at 3.0g/t gold for 675,000 oz gold producing 80,000 oz gold p.a. for 7 years. The PEA for the open pit only scenario details 100,000 oz gold production p.a. for 8 years whereas the PEA for a combination of open pit and underground details 140,000 oz gold production p.a. for 8 years. La India Project contains a total attributable mineral resource of 18.4Mt at 3.9g/t for 2.33M oz gold and 2.68M oz silver at 6.2g/t to the CIM Code.
In El Salvador, Condor has an attributable 1,004,000 oz gold equivalent at 2.6g/t JORC compliant resource. The resource calculations are compiled by independent geologists SRK Consulting (UK) Limited for Nicaragua and Ravensgate and Geosure for El Salvador.
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.