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Condor Gold announces 2020 audited results

Published by
Global Mining Review,


Condor Gold has announced its audited results for the year ended 31 December 2020 and provides notification that the Annual General Meeting of shareholders of the company will be held at 3:00 p.m. on 12 May 2021 at 7/8 Innovation Place, Godalming, Surrey, GU7 1JX, UK.

Highlights for year ended 31 December 2020

  • On 10 January, the company announced the appointment of SP Angel Corporate Finance LLP as broker to the company.
  • The award of the environmental permit for the Mestiza opencsat was announced by the company on 29 April 2020. The Mestiza opencast hosts 92 000 t at a grade of 12.1 g/t gold (36 000o z contained gold) in the indicated mineral resource category and 341 000 t at a grade of 7.7 g/t gold (85 000 oz contained gold) in the inferred mineral resource category. The Mestiza opencast is situated less than 4 km from the location of the permitted processing plant for the La India opencast.
  • The award of the environmental permit for the America opencast was announced by the company on 6 May 2020. The America opencast hosts 114 000 t at a grade of 8.1 g/t gold (30 000 oz contained gold) in the indicated mineral resource category and 677 000 t at a grade of 3.1 g/t gold (67 000 oz contained gold) in the inferred mineral resource category. The America opencast compliments the already permitted La India and Mestiza opencasts.
  • Following the permitting of the Mestiza and America opencasts, together with the La India open cast, Condor has 1.12 million oz gold opencast mineral resources permitted for extraction (8 583 000 t at 3.3g/t gold for 903 000 oz gold in the Indicated category and 1 901 000 t at 3. 6 g/t gold for 220 000 oz gold in the inferred category), inclusive of a mineral reserve of 6.9 million t at 3 g/t gold for 675 000 oz gold.
  • On 28 May 2020, the company announced a placing of 18 082 192 units, comprising an equivalent number of ordinary shares at a price of 36.5 p per share, and 9 041 090 warrants with an exercise price of 40 p, to raise in aggregate gross proceeds of £6 600 000 before expenses.
  • On 13 August 2020, the company announced that it had made significant progress in de-risking La India project through purchase of land in and around the permitted La India opencast mine site area and provided an update on key elements in advancing the project:
    • Acquired 85% of the land within the permitted La India opencast mine site infrastructure, including the key areas of the location of the processing plant, tailings storage facility, open pit, waste dump area, explosive magazine.
    • Tailings storage facility and 2 water retention ponds are being fully designed by Tierra Group Inc. – 40% of the engineering designs are completed.
    • The design of the site wide water balance including a surface water management plan is underway and has been awarded to SRK Consulting (UK) Ltd.
    • Preliminary designs for the layout of the mine site infrastructure including, in some detail, the designs for the location of the processing plant have been completed.
    • Mine and waste dump schedules for a number of mining scenarios have been completed.
    • The power studies have been progressed and several meetings held with the Ministry of Energy and Mines.
    • On 27 October 2020, the commencement of a ground investigation programme on the tailings storage facility, water retention reservoir and plant location was announced by the company.
    • This comprises 20 geotechnical drill holes and 58 test pits and is a component of the Ministry of the Environment and Natural Resources (MARENA) permit conditions for La India Open Pit.
    • The commencement of a 4000 cast in-fill diamond drilling programme at the La India opencast was announced by the company on 7 December 2020 while on 16 December 2020 the company announced that it had initiated site preparation activities at the location of the processing plant at La India.

Post-period highlights

  • Mobilisation of a second diamond drill rig for the on-going campaign at La India was announced by the company in January.
  • A placement of 9 523 810 shares at 42 p each to raise £4 million before expenses was announced by the company on 16 February 2021.
  • The commencement of a 5000 m diamond drill programme at Cacao was announced on 22 February 2021.
  • Results were announced in February and March for the on-going, infill diamond drilling at the La India starter pits. These included 9.6 m true width at 3.98 g/t gold from surface and discovery of a new, additional vein in February and 17.4 m true width at 3.27 g/t gold in March.
  • The purchase was announced on 15 March 2021 of a complete, new SAG mill package from First Majestic Silver Corp. for total consideration of approximately US$6.5 million, including $3 million payable by the issue of new ordinary shares of the company. The new SAG Mill package is supplied by Metso Outotec and comes with warrantees.
  • Acquired a further 10% (to a total of 95%) of the land within the permitted La India opencast mine site infrastructure, including the key areas of the location of the processing plant, tailings storage facility, opencast, waste dump area, explosive magazine.

Read the article online at: https://www.globalminingreview.com/finance-business/05042021/condor-gold-announces-2020-audited-results/

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