Atlanta Leader Logo
Atlanta Leader Logo
  • Facebook
  • Twitter
  • Google Plus
  • RSS Feed
Menu
  • Home
  • International
  • Georgia
  • Business
  • Wire
  • Search
  • Weather
  • Network
VOLUME NO. 0205/16

Condor Gold plc Announces its Unaudited Results for the Three Months Ended 31 March, 2019

ACCESS Newswire
15 May 2019, 16:31 GMT+10

LONDON, UK / ACCESSWIRE / May 15, 2019 / Condor Gold (AIM: CNR; TSX: COG) announces that it has today published its unaudited financial results for the three months ending 31 March, 2019 and the Management's Discussion and Analysis for the same period.

Both of the above have been posted on the Company's website www.condorgold.com and are also available on SEDAR at www.sedar.com.

Highlights for the first quarter of 2019

  • In January 2019 Condor announced the results of an updated Mineral Resource Estimate (the 'MRE') on its 100% owned La India Project in Nicaragua. The MRE as at 25 January 2019 is 9.85 million tonnes ('M tonnes' or 'Mt') at 3.6 g/t gold for 1,140,000 oz gold in the Indicated category and 8.48 Mtonnes at 4.3g/t gold for 1,179,000 oz gold in the Inferred category. The MRE was prepared by SRK Consulting (UK) Limited.
  • In February 1, 2019, the Company announced a private placement of 7,291,667 Units at a price of 24p per Unit, including a Directors & CFO subscription of 3,221,667 Units, to raise in aggregate gross proceeds of Pound 1.75 million. The February 2019 Placement Price of 24 pence per unit represented a discount of 7% to the closing price of the Ordinary Shares on AIM of 25.8 pence per share on January 31, 2019. Each Unit comprised one ordinary share and one half of a warrant with an exercise price of 31 pence and valid for 24 months from issue.
  • On 5 March 2019 the Company announced that it had commenced a permitting process for two satellite feeder pits at La India, which have the potential, according to management's studies, to increase open pit production by 50% to 120,000 oz gold per annum compared to the Pre-Feasibility Study.

Post Period Highlights

  • The Company announced on April 1, 2019 the results from metallurgical test work conducted by B2Gold Inc. ('B2Gold') on behalf of the Company from samples taken from an area within the permitted La India open pit. Two samples of approximately 23kg each produced an average head grade of 12.1 g/t gold and average metallurgical gold recoveries of 95.4%.

Mark Child, Chairman and Chief Executive of Condor Gold, commented:

'The Mineral Resource update on La India Project totals 9.85M tonnes at 3.6 g/t gold for 1,140,000 oz gold in the Indicated category and 8.48M tonnes at 4.3g/t gold for 1,179,000 oz gold in the Inferred category and is a timely reminder of the high grade nature of this gold deposit. The Mineral Resource update includes 8,222m drilling completed since the previous Mineral Resource update in September 2014. Most importantly, the drilling has proved two new satellite open pit resources. There are now four satellite open pits outside the main, permitted La India open pit, which have combined open pit resources of 206Kt at 9.9g/t gold for 66,000 oz gold in the Indicated category and 2,127Kt at 3.23g/t gold for 221,000 oz gold in the Inferred category.

Condor is permitting the high grade Mestiza and America satellite feeder pits. Encouragingly, three Ministries have already completed site visit inspections. Permitting the feeder pits has the potential to increase annual production from open pit material by 50% compared to the Pre-Feasibility Study ('PFS') to 120,000 oz gold p.a. for a 7 year life of mine. In addition, Condor plans to bring the high grade underground Mineral Resources of 1.27Mt at a grade of 5.8 g/t gold, for 238,000 oz gold in the Indicated category and 5.47Mt at a grade of 5.1 g/t gold, for 889,000 oz gold in the Inferred category into the mine plan in due course. The feeder pits compliment the main, fully permitted La India open pit, which has a robust, economically viable PFS with Mineral Reserves of 6.9Mt at 3.0g/t for 675,000 oz gold, with lower quartile all-in-sustaining-cash costs ('AISC') of US$690 per oz gold. The addition of the higher grade feeder pits has the potential to materially enhance project economics be reducing already low AISC, improving the Internal Rate of Return and reducing the payback period for the upfront capital costs of constructing a gold mine.'


CONDOR GOLD PLC

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE THREE MONTHS TO 31 MARCH 2019


Three months to 31 March
2019
unaudited
Pound
Three months to 31 March
2018
unaudited
Pound
Revenue
- -

Administrative expenses
(352,989 ) (602,915 )

Operating loss
Note 3
(352,989 ) (602,915 )

Finance income
436 237

Loss before income tax
(352,553 ) (602,678 )

Income tax expense
Note 4
- -

Loss for the period
(352,553 ) (602,678 )


Other comprehensive income/(loss):
Write off of Minority Interest
- (85,056 )
Currency translation differences
(675,060 ) (709,604 )
Other comprehensive income/(loss) for the period
(675,060 ) (794,660 )

Total comprehensive loss for the period
(1,027,613 ) (1,397,338 )


Loss attributable to:
Non-controlling interest
- -
Owners of the parent
(352,553 ) (602,678 )

(352,553 ) (602,678 )

Total comprehensive loss attributable to:
Non-controlling interest
(- ) (- )
Owners of the parent
(1,027,613 ) (1,397,338 )

(1,027,613 ) (1,397,338 )

Loss per share expressed in pence per share:
Basic and diluted (in pence)
Note 7
(0.50 ) (0.97 )


CONDOR GOLD PLC

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2019


Share article:
Shares
facebook sharing button Share
twitter sharing button Tweet
reddit sharing button Share
flipboard sharing button Flip
email sharing button Email

Watch latest videos

Subscribe and Follow

Get a daily dose of Atlanta Leader news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.

  • Facebook
  • Twitter
  • Google Plus
  • RSS Feed

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Atlanta Leader.

More Information
null in null

International

Section
US sends message by publicizing visa ban on UK punk-rap band
US sends message by publicizing visa ban on UK punk-rap band

WASHINGTON, D.C.: The Trump administration has made public a visa decision that would usually be kept private. It did this to send...

Tragedy in Spain: Diogo Jota and his brother die in car accident
Tragedy in Spain: Diogo Jota and his brother die in car accident

MADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...

Early heatwave grips Europe, leaving 8 dead and nations on alert
Early heatwave grips Europe, leaving 8 dead and nations on alert

LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...

U.S. military, China, Russia in Space race
U.S. military, China, Russia in Space race

President Donald Trump's plans to build a space-based Golden Dome missile defense shield have drawn immediate criticism from China,...

Trump wins $16 million settlement from Paramount over CBS Harris edit
Trump wins $16 million settlement from Paramount over CBS Harris edit

NEW YORK CITY, New York: Paramount has agreed to pay US$16 million to settle a lawsuit brought by U.S. President Donald Trump over...

British PM faces major party revolt over welfare reforms
British PM faces major party revolt over welfare reforms

LONDON, U.K.: British Prime Minister Keir Starmer won a vote in Parliament this week to move ahead with changes to the country's welfare...

Business

Section
Meta hires SSI CEO Gross as AI race intensifies among tech giants
Meta hires SSI CEO Gross as AI race intensifies among tech giants

PALO ALTO/TEL AVIV: The battle for top AI talent has claimed another high-profile casualty—this time at Safe Superintelligence (SSI),...

Engine defect prompts Nissan to recall over 443,000 vehicles
Engine defect prompts Nissan to recall over 443,000 vehicles

FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...

Microsoft trims jobs to manage soaring AI infrastructure costs
Microsoft trims jobs to manage soaring AI infrastructure costs

REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...

Stocks worldwide struggle to make ground Friday with Wall Street closed
Stocks worldwide struggle to make ground Friday with Wall Street closed

LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...

Nvidia briefly tops Apple’s record in AI-fueled stock rally
Nvidia briefly tops Apple’s record in AI-fueled stock rally

SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market...

ICE raids leave crops rotting in California, farmers fear collapse
ICE raids leave crops rotting in California, farmers fear collapse

SACRAMENTO, California: California's multibillion-dollar farms are facing a growing crisis—not from drought or pests, but from a sudden...

Movie Review

Movie Review
The Suicide Squad
  • About us
  • Contact us
  • News Releases
  • Privacy Policy
  • Terms & Conditions
  • Archives
  • Sitemap
  • Weather
  • Network
  • Facebook
  • Twitter
  • Google
  • Rss

© Copyright 1999-2025 Atlanta Leader. All rights reserved.

As at 31 March 2019
unaudited
Pound
As at 31 December 2018
audited
Pound
As at 31 March 2018
unaudited
Pound
ASSETS:
NON-CURRENT ASSETS
Property, plant and equipment
205,186 211,064 240,368
Intangible assets
20,401,746 20,644,243 18,722,597

20,606,932 20,855,307 18,962,965

CURRENT ASSETS
Trade and other receivables
259,313 219,077 379,925
Cash and cash equivalents
1,116,347 220,975 2,483,095

1,375,660 440,052 2,863,020

TOTAL ASSETS
21,982,592 21,295,359 21,825,985

LIABILITIES:
CURRENT LIABILITIES
Trade and other payables
200,688 251,316 491,981


TOTAL LIABILITIES
200,688 251,316 491,981

NET CURRENT ASSETS
1,174,972 188,736 2,371,039

NET ASSETS
21,781,904 21,044,043 21,334,004


SHAREHOLDERS' EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT
Called up share capital Note 8
14,894,200 13,435,868 13,435,868
Share premium
33,921,425 33,662,309 33,662,309
Legal reserves
- - -
Exchange difference reserve
284,731 959,791 (128,029 )