Sat, 07 Dec 2019

LONDON, UK / ACCESSWIRE / November 13, 2019 / Condor Gold (AIM:CNR)(TSX:COG) ('Condor', 'Condor Gold' or the 'Company') announces that it has today published its unaudited financial results for the three and nine months ending 30 September, 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 third quarter of 2019

  • In July, the Company raised £4,038,504 by way of a private placement of new ordinary shares. The principal use of proceeds is to meet conditions of the Environmental Permit to construct and operate a mine for La India open pit. Proceeds are being used to buy land required for the mine site infrastructure, complete engineering studies ahead of a construction decision and complete 18 technical studies required for Environmental and Social Impact Assessments ('ESIAs') for 2 high grade satellite feeder pits.
  • Significant advancement with 18 technical studies required for ESIAs for 2 high grade satellite feeder pits
  • Nicaragua Milling Company Limited became a new 10.4% shareholder in the Company. Randy Martin, the majority owner, has built 3 gold mines in Nicaragua, which are currently in operation.
  • Approximately 300 hectares of land has been purchased at the La India Project on and surrounding the mine site infrastructure.
  • Government of Nicaragua granted Condor Gold the 132.1 km2 Los Cerritos exploration and exploitation concession, which expands the La India Project concession area by 29% to a total of 587.7 km2

Post Period Highlights

  • The engineering studies for the Tailings Storage Facility and Water Management System for the mine have been awarded to Tierra Group Inc, based in Denver, USA
  • The ESIAs required for the application for the Environmental Permits to extract gold from 2 high grade satellite feeder pits are almost completed.

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

'During Q3 2019, Condor Gold continued to make solid progress by de-risking the La India Project ahead of a construction decision. Offers have been made to all landowners to purchase the freehold land within the area of the mine site infrastructure. The majority of the technical and engineering studies required prior to construction by the Ministry of the Environment and Natural Resources ('MARENA') have been initiated. The engineering studies for the Tailings Storage Facility and Water Management System for the mine have been awarded to Tierra Group Inc, based in Denver, USA. The mine and waste dump schedules have been completed, while the sewage and water system designs for the office and accommodation blocks at the mine have been approved.

The Company will submit two Environmental and Social Impact Assessments to MARENA within the near future, which apply for Environmental Permits to extract gold from the high grade Mestiza and America satellite feeder pits. These have the potential to increase annual production from open pit material by 50% to 120,000 oz gold p.a. for a seven year life of mine, as compared to the PFS study and will result in over 1 million ounces gold being permitted for extraction.'

CONDOR GOLD PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE THREE AND NINE MONTHS TO 30 SEPTEMBER 2019

Nine months
to 30.09.19
unaudited
£
Nine months
to 30.09.18
unaudited
£
Cash flows from operating activities
Loss before tax
(968,583) (1,611,880)
Share based payment
147,479 501,530
Depreciation charges
35,130 91,350
Impairment charge of intangible fixed assets
- -
Finance income
(2,763) (1,797)
(788,737) (1,020,797)
(Increase)/decrease in trade and other receivables
(149,712) 8,351
Increase/(decrease) in trade and other payables
(95,580) (122,813)
Net cash absorbed in operating activities
(1,034,029) (1,135,259)
Cash flows from investing activities
Purchase of intangible fixed assets
(1,275,263) (1,314,117)
Purchase of tangible fixed assets
(44,015) (13,571)
Interest received
2,763 1,797
Net cash absorbed in investing activities
(1,316,515) (1,325,891)
Cash flows from financing activities
Net proceeds from share issue
5,788,220 2,399,051
Net cash generated in financing activities
5,788,220 2,399,051
Increase / (decrease) in cash and cash equivalents
3,437,676 (62,099)
Cash and cash equivalents at beginning of period
220,975 946,261
Exchange losses on cash and bank
(21,226) (5,890)
Cash and cash equivalents at end of period
3,637,425 878,272

CONDOR GOLD PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2019

30.09.19
unaudited
£
31.12.18
audited
£
30.09.18
unaudited
£
ASSETS:
NON-CURRENT ASSETS
Property, plant and equipment
219,197 211,064 191,881
Intangible assets
21,917,014 20,644,243 20,431,673
22,136,211 20,855,307 20,623,554
CURRENT ASSETS
Trade and other receivables
368,789 219,077 312,626
Cash and cash equivalents
3,637,425 220,975 878,272
4,006,214 440,052 1,190,898
TOTAL ASSETS
26,142,425 21,295,359 21,814,452
LIABILITIES:
CURRENT LIABILITIES
Trade and other payables
155,736 251,316 322,218
TOTAL LIABILITIES
155,736 251,316 322,218
NET CURRENT ASSETS

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