Condor Gold plc Report & Accounts for year to 31 December 2012
HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2012
(firmenpresse) - LONDON, ENGLAND -- (Marketwired) -- 05/23/13 -- Condor Gold PLC (AIM: CNR) ("Condor", the "Company" or the "Group"), an AIM listed company focused on delineating a large commercial reserve on its La India Project in Nicaragua, announces its results for the year ended 31 December 2012.
Highlights
Post Period Highlights
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About Condor Gold plc:
Condor Gold plc is an AIM listed exploration company focused on developing gold and silver resource projects in Central America. The Company was admitted to AIM on 31st May 2006 with the stated strategy to prove up CIM/JORC Resources in Nicaragua and El Salvador. Condor has seven 100% owned concessions in La India Mining District ("La India Project"); three 100% owned concessions in three other project areas and 20% in the Cerro Quiroz concession in Nicaragua. In El Salvador, Condor has 90% ownership of four licences in two project areas.
Condor's concession holdings in Nicaragua currently contain an attributable CIM/JORC compliant resource base of 2,497,000 ounces of gold equivalent at 4.6 g/t in Nicaragua and an attributable 1,004,000 oz gold equivalent at 2.6g/t JORC compliant resource base in El Salvador. The Resource calculations are compiled by independent geologists SRK Consulting (UK) Limited for Nicaragua, and Ravensgate and Geosure for El Salvador.
CONDOR GOLD PLC
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2012
Dear Shareholder,
I am pleased to announce Condor Gold PLC's ("Condor" or "the Company" or "the Group", ) annual report for the 12 month financial year to 31st December 2012. The main event for the year was the publication on 5th November 2012, by SRK Consulting (UK) Limited ("SRK"), of an independent technical Mineral Resource Estimation for La India Project in Nicaragua using the National Instrument 43-101 standard of disclosure in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards. The circa 200 page report provides a significant amount of detail about La India Project including but not limited to: the project geology, exploration drilling and sampling, data quality and quantity, data validation, the geological model and the classification and reporting criteria. Shareholders and potential investors should take comfort from the quality of work that has gone into producing a NI 43-101 technical report for La India Project, which in the Board's view has produced a very robust Mineral Resource.
The Mineral Resource on La India Project stands at 16.2Mt at 4.6g/t for 2,375,000 oz gold including an open pit resource of 954,000 oz gold at 3.6g/t. The NI 43-101 technical report provides a considerable amount of detail on the Indicated Mineral Resource of 751,000 oz gold at 4.4g/t and Inferred Mineral Resource of 1,624,000 oz gold at 4.6g/t which includes a high grade open pit component with an Indicated Mineral Resource of 534,000 oz gold at 3.9g/t and an Inferred Mineral Resource of 420,000 oz gold at 3.3g/t using a 1.0g/t cut off.
SRK completed an NI 43-101 compliant Preliminary Economic Assessment ("PEA"), announced on the 5th March 2013 based on the 5th November 2012 NI 43-101 Mineral Resource estimation. The PEA for La India Project details average annual gold production of 152,000 oz gold for the first 8 years of an initial mine life of 13 years. 172,000 oz gold production per annum in the first 4 years and 133,000 oz gold production per annum in years 5 to 8. Total production of 1,463,000 oz gold over the Life of Mine is at an average operating cost of US$575 per oz gold; production is split evenly between open pit and underground mining. The NPV of US$325m and IRR of 33% are after a 3% government royalty and 30% corporation tax. The payback period for the capital equipment is 3 years.
Since the publication of the NI 43-101 Mineral Resource in November 2012, the Company has designed its drill programmes with a clear focus, firstly on increasing the confidence of the open pit resource on La India Open Pit by converting the Inferred Resource to the higher category of confidence, an Indicated Resource and secondly on increasing the overall open pit resources by drilling additional open pit targets. To this extent, 8,000m of a 10,000m infill drilling programme and 1,700m of geotechnical drilling have been completed on La India Open Pit, 4,000m of a 5,400m drilling programme has been completed on the America historic mine aimed at proving a feeder pit and 1,000m of a 2,000m drilling programme has been completed on the Central Breccia, aimed at proving a second feeder pit.
A 1,700m geotechnical drilling programme was completed in the first week of May 2013. It is designed to test the competency and strength of the host rock and determine the optimal pit angles for the La India Open Pit resource. The PEA identifies an open pit containing 800,000 oz gold at a 40-42 degree pit angle at a cash cost of US$682 per oz. Sensitivity analysis on the pit slope angles has shown that by steepening the pit angles to 50 degrees, the cash costs to produce an 800,000 oz gold pit reduces by 18% to US$558 per oz due to lower strip ratios. However, there is circa 500,000 oz gold resource beneath the pit, a maximised open pit would seek to drive the pit down as deep as possible while retaining strong economics. Sensitivity analysis shows that using a US$1,200 gold price and 50 degree pit angle may result in 1.23M oz gold within the open pit extracted at a cash cost of US$702 per oz. A geotechnical report is expected in August 2013, which will help determine the pit angles of La India Open Pit.
Condor has embarked on several studies required for a bankable feasibility study ("BFS") on La India Project. The baseline studies required for an Environmental Impact Assessment have started. Hydrogeology studies have commenced. Metallurgical tests are underway. Geotechnical drilling to determine the pit angles for La India Open Pit has been completed. We are currently seeking a mining engineer to join full time to lead the mining studies through to BFS.
In December 2012 Condor acquired 100% of the neighbouring 27 sq km La Mojarra Concession for US$1m. The reason for the purchase is that La Mojarra concession lies only 500m to the south of a high grade drill intercept of 21.08m (16.1m true width) at 10.24g/t gold from 193m drill depth in drillhole LIDC152. The gold mineralisation is open to the south and continues to La Mojarra Concession. Condor's geologists have assessed that there is the prospect of a significant buried gold deposit on La Mojarra. In February 2013, Condor acquired 100% of the 86 sq km HEMCO-SRP-NS concession on the western edge of La India Project for US$275,000 paid by issuing new ordinary shares in Condor at a price of GBP 2.00 per share. The reason for the purchase is that the dominant trend of quartz veins that comprise La India Project is from the South-East to the North-West, the HEMCO concession covers a potential 13km strike extension of the America and Mestiza Vein Sets that host a combined Mineral Resource of 739,000 oz gold at 6.6g/t and are open to the North-West. Condor currently owns 100% of seven concessions that comprise La India Project covering an area of 280 sq km.
The existing mineral resource is located on less than 10% of La India Project, there remains substantial exploration upside; there is an abundance of gold mineralisation at surface on several locations outside the existing resource area.
Condor also holds 100% ownership of three other concessions in Nicaragua; the Estrella and Potrerillos concessions, which contain historic gold mine workings, and the Rio Luna Concession, which contains a JORC Inferred Resource of 694k tonnes at 4.4g/t for 86,000 oz gold equivalent. In addition, the Company has a 20% interest in a fourth Concession, Cerro Quiroz, which contains established gold mineralisation and is adjacent to B2Gold's operating gold mine at La Libertad.
In El Salvador, Condor's JORC Resource of 747,000 oz gold and 22.38 million oz silver or 1,120,000 oz gold equivalent at 2.6g/t remained unchanged during the period due to the moratorium on all exploration and mining in El Salvador. In 2011, 10% of the Company's resource in El Salvador was gifted to a UK Charitable Foundation whose beneficiaries are the most needy and poor in that country.
The moratorium on metallic mining in the Republic of El Salvador ("El Salvador") has now been in place for just over 5 years. The Government of El Salvador awarded a tender to the Tau Group of Spain to complete a Strategic Environmental Study on the benefits of Mining to El Salvador ("EAE") in September 2010. The Tau Group completed the EAE and submitted it to the Government in September 2011; a copy is available on the Internet.
Pacific Rim Mining Corp (TSX: PMU) ("PacRim") has a mineralised resource on its El Dorado Project in El Salvador of 1,712,900 oz gold equivalent. On 1st April 2013 PacRim announced a statement of a claim filed in the Arbitration case against the Government of El Salvador whereby PacRim seeks damages of US$315m. The Arbitration, now in its final, merits-based phase, is being heard under the Salvadoran Investment Law by a Tribunal of three members at the World Bank's International Centre for Settlement of Investment Disputes ("ICSID") in Washington, DC.
We continue to carefully monitor developments in El Salvador in relation to the present moratorium. Although there is a clear risk that the El Salvador exploration licences and related intangible assets may become impaired should the outcome of the Government's consideration be a decision to pass a law prohibiting metallic mining, the Board has concluded, particularly in light of the US$315m damages being claimed by PacRim, that they are not currently impaired. However, in the circumstances, the Board continues its policy of not capitalising further expenditure in relation to the El Salvador projects. The El Salvador assets carrying value included within this report total GBP 4.3m.
Turning to the financial results for the year 2012, the operating loss was GBP 3,258,653 (2011: GBP 1,975,408). Additionally, the Company raised GBP 6,788,268 (2011: GBP 2,402,500) through the exercise of options, and two private placements. The Company made foreign exchange losses of GBP 169,824 (2011: gains of GBP 12,404). The increase of cash and cash equivalents was GBP 1,283,822 (2011: decrease of GBP 65,775). The net cash balance at 31st December 2012 was GBP 2,481,503. The Company's net assets have increased in the year from GBP 7,928,833 to GBP 12,781,407.
The strategy for 2013 is to progress La India Project through to Pre-Feasibility Study and Bankable Feasibility Study. Condor raised GBP 7M at GBP 1.60 per share in February 2013 and is fully funded for the next 12 months. There are currently 5 drill rigs operating on site. The PEA detailed a potential mine producing an average of 152,000 oz gold at 3.8g/t for the first 8 years of a 13 year mine life, with production split equally between open pit and underground over the life of mine. The current drilling programme is focused on changing the production mix to as much open pit as possible. It may be that the first 4 to 5 year of the mine life is entirely open pit production, with the underground development funded out of future cashflow. This would have the desired effect of removing the upfront capital costs of underground development and increasing the IRR.
The open pit production will come primarily from La India Open Pit as the main open pit, possibly supplemented by 2 or 3 feeder pits. The PEA estimates an average production of 88,000 oz gold p.a. from La India Open Pit, yet this uses conservative pit angles. The recently completed 1,700m geotechnical programme and current 10,000m infill drilling programme should increase the size of La India Open Pit resource by 25% to 50% to between 1M oz and 1.2M oz gold. The gold production from La India Open Pit is estimated to increase by a similar percentage to between 110,000 and 125,000 oz gold p.a. over an 8 year period. In addition, the current 5400m drilling programme on the historic America Mine and 2000m drilling programme on the Central Breccia is targeting small open pit resources of around 100,000 oz to 200,000 oz gold, which could be potential feeder pits of 20,000 to 30,000 oz gold p.a. An objective for 2013, is to increase the open pit Indicated Resource from the current 554,000 oz gold to between 1.0m and 1.3m oz gold, which can then be used in a PFS and support open pit production of between 110,000 oz to 130,000 oz p.a. at over 3g/t gold for the first 5 years of a 13 year mine life.
CONDOR GOLD PLC
PROJECT OVERVIEW
FOR THE YEAR ENDED 31 DECEMBER 2012
CURRENT CONCESSION HOLDINGS
Nicaragua Projects
El Salvador Projects
CURRENT GLOBAL CIM/JORC CODE MINERAL RESOURCE
The following Mineral Resource estimations have been reported by independent geologists in accordance with the terms and definitions of the CIM/JORC Code. The Mineral Resource Estimations for Nicaragua were completed by SRK Consulting (UK) Ltd. and for El Salvador by Geosure Exploration and Mining Solutions (La Calera and part of Pescadito) and Ravensgate Resources (part of Pescadito).
CURRENT LA INDIA PROJECT CIM CODE MINERAL RESOURCE
The following Mineral Resource estimations details SRK's CIM compliant Mineral Resource Statement as at 14 September 2012 for the La India Project, as signed off by Ben Parsons, a Competent Person as defined by the CIM Code.
CONDOR GOLD PLC
OPERATIONS REPORT
FOR THE YEAR ENDED 31 DECEMBER 2012
NICARAGUA - OPERATIONS REPORT
A conceptual mining study announced at the beginning of the year concluded that mining on La India Project is, at a conceptual level, both technically feasible and economically viable. The study, which only considered mining on a 20 sq km area covering the La India, America and La Mestiza Vein Sets at the core of the Project area concluded that production rates and economics could be significantly improved if it could be demonstrated that parts of the resource are amenable to open pit mining. The exploration strategy for 2012 was to define open-pittable resources within the core area of La India Project prior to undertaking a more detailed Preliminary Economic Assessment ("PEA") of the mining potential. Wide zones of moderate to high-grade gold mineralisation discovered in the walls of the historic La India mine workings in 2011 presented the best exploration target for an open pit resource and so trenching and drilling in the first half of the year was designed to discover and define the best zones of gold mineralisation. The drilling, most of which was undertaken at 50m spacing in order to define the resource at Indicated level of confidence proved very successful; a Whittle open pit mining model run on the La India Vein Set demonstrated that open pit mining along over 1500m strike length to depths of up to 200m below surface was potentially feasible. An updated mineral resource estimation completed in September doubled the resource on the La India Vein Set from 680,000 oz to 1.49M oz and included 8.21Mt at 3.6g/t for 954,000oz gold calculated using parameters suitable for open pit mining.
Exploration targets for open pit resources were also identified on the Central Breccia and in the wallrock of the historic America mine workings, both areas fall within a 2.5km radius of the La India open pit resource. Drilling at the Central Breccia returned some wide high-grade intercepts to support the trench results of 2011. With wide zones of gold mineralisation and a favourable topography; the Central Breccia mineralisation occurs on a steep sided hill rising 60m above the surrounding plain, the Central Breccia is considered highly prospective for an open pit resource once further drill definition has been completed. Trench sampling across the surface expression of the historic America Mine workings identified a 600m strike length where the historic mining had only exploited the high-grade core of the gold mineralisation, as was the case at the La India Mine, leaving remnant gold mineralisation in the wallrock. A drilling programme was initiated at the end of the year to test the America Mine wallrock for open pit potential.
In addition to the exploration activity Condor further consolidated its position in La India Mining District with completion of the transfer of the Espinito Mendoza Concession and acquisition of La Mojarra Concession expanding the overall project area along strike to the south of La India.
Summary of exploration activity completed in 2012.
La India Project
La India, Espinito Mendoza, Cacao, Santa Barbara, Real de la Cruz, El Rodeo and La Mojarra Concessions (Condor 100% ownership).
At close of period Condor held a 193.66 square kilometre concession package comprising 7 contiguous concessions over nearly the whole of the historic La India Mining District (increased to 8 concessions for 280.05 sq km post-period). An estimated 576,000 ounces of gold at 13.4g/t was produced from the concession area by Noranda Mining over an 18 year period prior to the closure of the La India Mine in 1956. All of the production is believed to have come from Condor's La India Concession, with the bulk coming from two underground mines, La India and America-Constancia, which exploited a combined 3000m strike length of gold mineralised epithermal quartz veins to a maximum depth of 250m below surface.
During 2012 the Company completed 85 drill holes for 11,109.90m of drilling, 7372.1m of trench sampling and collected 193 rock chip samples.
A strategic decision was made at the beginning of the year to concentrate exploration activity on resource development at the historic centre of gold mining activity; in and around the historic La India and America-Constancia Mines. The strategy was guided by the findings of a Mining Concept Study which concluded that mining is, at a conceptual level, both technically feasible and economically viable in this area. The study, which was undertaken by SRK Consulting (UK) Limited and announced on the 5th March, only considered mining from a 6km by 3km area covering the La India, America and La Mestiza vein sets at the heart of the Project area. The mining concept study was supported by preliminary metallurgical testwork on 50kg of sample material by MetSolve Laboratory in Canada which suggest that the ore could be effectively processed using a combination of gravity concentration and cyanidation. Consideration was not given to potential production using open pit mining; however exploration data from 2011 did suggest that wide zones of moderate to high-grade gold mineralisation with open pit potential do exist within the area of interest which could significantly improve the production economics and production rate. It was decided that exploration for ore zones with open pit mining potential would form a main target of the 2012 exploration programme.
Three areas were targeted for open pit resource exploration; remnant gold mineralisation in the walls of the historic La India and America-Constancia mine workings, and gold mineralised breccia zones at the Central Breccia Prospect and surrounding area.
La India Vein Set - 1.5Moz at 4.0g/t gold
The La India Vein Set consists of a broad zone of anastamosing and sheeted quartz veins and breccias and associated splays and parallel vein known as the India-California vein system, and a cross-cutting set of veins which include the Teresa, Agua Caliente and Arizona veins, collectively referred to as the TACA vein system. Approximately half of the estimated 576,000 oz gold mined from Condor's La India Project Concession area between 1938 and 1956 came from La India Vein Set. All of the veins were exploited, but the majority of the mining was on the India-California veins where La India Mine workings extend along a 1,500m strike length to a maximum depth of 200m below surface. Historical research and exploration has shown that the historic La India Mine only exploited a narrow part of these wide zones using narrow shrinkage stoping mining techniques, leaving significant widths of moderate to high-grade gold mineralisation in the hangingwall and footwall of the historic La India mine workings. The block model for the current mineral resource (below) estimates an average and true thickness of 2.07m at 6.7g/t gold for the unexploited blocks within the historic mine compared to 8.20m at 3.4g/t gold for the gold mineralisation contained within the wallrock.
Trench testing to define the grade and width of remnant wallrock gold mineralisation at surface was undertaken where topography and cover allowed. A nominal 50m trench spacing was used and the best coverage was achieved in the hangingwall of the old mine workings in the Southern and Central zones. Intercepts of up to 10m at 2.98g/t gold (Trench LITR069) in the hangingwall of the old mine workings in the Central Zone confirms open pit potential. Over 3000m of trenching was completed on the La India Vein Set during 2012.
Two phases of drilling have been undertaken on La India Vein Set during the year. The first phase of 59 drill holes for 7096m tested the open pit resource potential of the most prospective zones identified in 2011 at 50m drill spacing. The drilling successfully delineated several wide zones of moderate to high-grade gold mineralisation that extend from the surface.
The India Vein is part of a sheeted vein system of sub-parallel veins, the India and California veins, which are close-spaced or merge into stacked vein and breccia zones over significant strike lengths. The drilling demonstrated that the historic mining activity only exploited a narrow high-grade section of the gold mineralised veins. The historic mining, which exploited a 1,500m strike length to a maximum depth of approximately 200m below surface used a narrow vein shrinkage stoping technique, leaving considerable widths of moderate to high-grade gold mineralisation in the hangingwall and footwall of the historic La India mine workings.
This drilling campaign, completed at the end of July, provided sufficient data to run an initial Whittle open pit optimisation model on La India Vein Set and undertake a resource update on the La India Vein Set using suitable parameters to differentiate between the open pit and underground components.
Drilling resumed in November with a programme designed to convert remaining zones of Inferred Category mineral resource that fall within the bounds of the resource Whittle open-pit to the Indicated level of confidence by infill drilling at 50m spacing. In addition further drilling in the poorly tested northern zone, also at 50m spacing was designed to extend the open pit to the north. By year end 22 drill holes for 3,305.8m had been completed. Assay results in the Central Zone were generally consistent with expectations and appear to validate the geological model used in the current resource. Drilling in the less well explored north zone discovered a new moderate to high-grade shoot with a best near surface intercept of 3.40m (3.2m true width) at 8.06g/t Au from 17m depth (drill hole LIDC164) with down-dip continuity demonstrated by intercepts such as 5m (3.8m true width) at 4.89g/t gold from 233m drill depth (drill hole DH-LI-10A), approximately 200m below surface.
Post-Period Activity
Over 7000m of the La India Vein set drilling programme started in November 2012 has been completed. The drilling is on track to upgrade most of the mineral resource that falls within the bounds of the current Whittle open-pit from Inferred to Indicated level of confidence. 800,000 oz of the current 954,000 oz of gold currently in the open pit resource is targeted for definition at Indicated level of confidence in the next resource update. The drilling programme has been increased from the initial 7000m to follow-up on better than expected high-grade intercepts, particularly in the previously under-explored northern zone where the results are expected to extend the open pit to the north and further increase the overall open-pit resource at Indicated level of confidence. Elsewhere assay results are generally consistent with expectations and appear to validate the geological model used in the current resource by confirming the continuity and average grade of the gold mineralisation. The La India Vein Set continues to exhibit both wide moderate grade and narrower high grade mineralisation with highlights including:
Central Breccia
The Central Breccia is a gold mineralised hydrothermal breccia discovered through rock chip sampling by Condor geologists in mid-2011. By the end of the reporting period 1392m of trenching, most using a mechanical excavator to excavate beneath 2-3m of transported soil and colluvium, and five diamond core drill holes for 866m of drilling had been completed. Trench sampling has defined a 300m by 150m anomalous envelope of hydrothermally brecciated andesite containing 0.1-0.2g/t gold with at least three irregular shaped high grade zones of gold mineralisation up to 25m wide and between 70m and 150m long with a best trench intercept of 23m at 3.63g/t gold. The drilling has demonstrated that the high-grade gold mineralisation extends to at least 100m below surface with best intercepts of 13.7m (8.8m true width) at 6.70g/t gold (drill hole LIDC097) and 45.8m (29.8m true width) at 4.24g/t gold from 56.35m drill depth (drill hole LIDC101). The Central Breccia gold mineralisation is interpreted as a breccia pipe deposit and is located within a graben-like structure that runs through the centre of the La India gold District. The graben is at the core of the structural system that controls the distribution of gold mineralisation with the faults that form the graben also hosting the principal gold mineralised epithermal veins. The moderate to high-grade gold mineralised breccia zones within the Central Breccia occur within a broader low-grade calcite breccia and are surrounded by a distinctive alteration halo.
Calcite stockwork, brecciation and alteration has been recognised along at least a 1000m strike length of the graben structure pointing to the possibility of more hidden gold mineralised breccia pipes in the vicinity. A soil sampling programme on a 25m by 100m grid covering a 1400m long by 600m wide corridor which includes the Central Breccia Prospect was completed to test for geochemical anomalies that might overlie hidden/buried breccia zones. Six hundred samples were collected and analysed for a 31 element suite. Three soil anomalies, with maximum assay results of 0.143g/t gold in soil, were identified for follow-up exploration.
Post-Period Activity
In line with the company's policy of targeting open-pittable resources a 2000m drilling programme commenced in April on the Central Breccia area. The drilling programme has two objectives: Firstly, to follow-up on the excellent drilling results returned from three the first five drill holes and provide sufficient drill data for a maiden gold resource estimation on the Central Breccia. Secondly, to drill beneath the soil anomalies identified near to the Central Breccia to test for further buried gold mineralised breccia systems.
America Vein Set - 403koz at 6.0g/t gold
The America Vein Set is dominated by two veins, the America-Constancia and Guapinol veins which were deposited along structures that converge to depth to form a graben-like structure at the centre of the La India Gold District. The vein Set can be traced for up to 4km strike length within which other subsidiary veins are recognised. The current mineral resource includes only the America-Constancia-Escondido and Guapinol veins with the bulk of the resource contained within the America-Constancia-Escondido veins from where an estimated 40% of the historic gold production, approximately 250,000 oz gold at 13.5g/t, came from underground mine workings. The historic underground America Mine exploited these three intersecting veins along a 2km strike length. Most of the mining was concentrated on a 1,200m strike length of the America-Constancia veins and a 250m strike length of the intersecting Escondido vein to depths of up to 250m below surface.
Assay results for eight drill holes for 2071m drilled on the America Vein Set at the end of 2011 confirmed gold mineralisation in the Guapinol and America veins at depth and also intersected a third previously undefined vein, the Natalia Vein over a 200m strike length. Follow-up trenching extended the Natalia Vein strike length to 300m. The results of the drilling on the Guapinol and America veins was included in the September Mineral Resource update, however further drilling will be required on the Natalia Vein in order to provide up-dip and/or down-dip continuity and establish the true thickness of the vein before a Mineral Resource can be calculated on the Natalia Vein.
Following the discovery of open-pittable remnant wallrock gold mineralisation on the La India Vein Set the Company identified the previously untested wallrock of the historic America-Constancia Mine as an open pit exploration target. The historic underground gold mining on the America-Constancia Mine was on a similar scale to La India and utilised the same selective narrow shrinkage stoping method to extract similarly high grade ore. Trench sampling at 50m intervals using a mechanical excavator successfully demonstrated the presence of wall rock mineralisation along a 600m strike length of the America-Escondido Vein, with the widest zones encountered where the vein flexes around a 60 degrees change in strike to become the Escondido Vein. Trench intercepts, not adjusted for true width include 17m at 6.05g/t gold in trench LITR122, 30m at 2.64g/t gold in trench LITR123 and 10m at 5.41g/t gold in trench LITR152.
Follow-up drill testing was initiated at the end of the year with one drill hole for 156.6m completed. The drill hole (LIDC179), which targeted the flexure zone passed through 8.10m (7.6m true width) of mine cavity where historic mine workings branched in three directions to exploit the Escondido-America and Constancia veins. Despite the extensive underground development the drill hole also intercepted an amalgamated quartz breccia intercept of 4.65m (4.4m true width) at 6.11g/t gold from 92.85m drill depth. Such zones of wallrock gold mineralisation are not included in the current mineral resource (below) which in the area of the old mine workings is estimated using only historic underground grade control data which was restricted to the high grade core of the veins exposed in the historic development drives and raises.
Post-period Activity
Over 3,500m of the 4,000m drilling programme testing for remnant gold mineralisation in the wallrock of the historic America-Constancia Mine has been completed since the programme was started at the end of 2012. The widest zones of gold mineralisation have been found in quartz breccia developments where a number of parallel Constancia veins intercept the America-Escondido vein flexure. Drill intercepts of up to 19m at 1.98g/t gold (including 3m at 7.82g/t gold) and 10m at 1.70g/t gold separated by only 6m of waste (drill hole LIRC215) have been returned from a zone of wide moderate to high-grade gold mineralisation along a strike length of between 100m and 150m and a down-dip extent of at least 300m.
Resource Estimation
An updated Mineral Resource Estimation was announced in September 2012 incorporating all the new trench and drill data from the La India Vein Set to that date and also including the results of the previous year's drilling on the America Vein Set that had not been included in the previous December 2011 Resource estimation, but omitting the Central Breccia as that was considered to be at too early an exploration stage to justify inclusion. The Mineral Resource update was completed by independent geologists at SRK Consulting (UK) Ltd and reported in accordance to NI43-101 standard.
The latest Mineral Resource Estimation on the project area is a CIM-compliant combined Inferred and Indicated Mineral Resource of 16.2 Mt at 4.6 g/t for 2,375,000 oz gold, including 5.3 Mt at 4.4 g/t for 751,000 oz gold in the Indicated Category. The entire resource is contained within a 9km radius within the La India Project area with 90% of the resource, some 2,226,000 oz gold contained by the three principal vein sets all located within a 6km by 3km area: the India Vein Set contains 1,487,000 oz, the America Vein Set 405,000 oz and the Mestiza Vein Set 334,000 oz gold. In addition there is 2,280,000 oz silver at a grade of 6.5 g/t silver, calculated on the La India and California Veins where sufficient silver assay data has been collected to justify an estimation.
The mineral resource has been calculated in three parts using different parameters based on the potential economics and the confidence of the data available. The historically mined India-California veins on La India Vein Set, which contains the bulk of the Mineral Resource with 1,487,000 oz gold at 4 g/t including 631,000 oz gold in the Indicated category, has been separated into potentially open-pittable volume using a 1.0g/t cut-off and a potentially underground volume using a 2.3g/t cut-off. 8.21Mt at 3.6g/t for 954,000 oz gold falls within the US$1,200 per ounce gold optimised Whittle open pit shell whilst 2.77Mt at 5.5g/t for 432,000 oz gold was assigned as potentially mineable by underground methods. The remainder of the La India Vein Set and all other resource areas have been calculated using a 1.5g/t cut-off.
Post-Period Development on La India Project
Preliminary Economic Assessment
A Preliminary Economic Assessment ('PEA') on the mining potential at La India was undertaken by SRK (UK) Limited based on the data used in the September 2012 Resource Estimation which includes a considerable open pit resource on the La India Vein Set. The PEA envisages mining simultaneously from the La India, America and La Mestiza vein sets, feeding a centralised mill for 1.5Mtpa. The PEA provides for 1,463,000 oz recovered gold at an average grade of 3.8g/t over the Life of Mine ('LOM'). Average annual production is forecast at 152,000 oz gold over the first 8 years. La India Project mine production over the LOM is split almost equally between underground and open pit mining with the open pit mining coming from the India and California veins within La India Vein Set. The Company has identified a number of areas where further exploration, resource development and technical studies could potentially improve the mining economics, including: (1) Increasing the overall and indicated resource within the La India open pit through completion of the current 50m spaced infill and extension drilling. (2) Optimising the open pit design parameters through a 1,700m geotechnical drilling programme, which may result in the steepening the pit angle from the 40 degrees footwall and 42 degrees hangingwall pit wall slopes, thereby allowing either a deeper pit and/or reduced strip ratios and improved economics. (3) Identifying and proving additional open pit resources on La India Project with the America vein Set and central Breccia areas currently being tested.
Pre-Feasibility Study Preparation
A number of mine development studies have been initiated post-period aimed at moving quickly towards a pre-feasibility study. These include a 1700m geotechnical drilling programme designed to more accurately establish the optimum pit slope angles that can be supported by an open pit mine at on La India Vein Set. A number of the geotechnical drill holes have been used to install piezometer for water level monitoring as part of the hydrogeological study required for open pit and underground mine design and water management planning, and also as a component of the environmental baseline study required for the future bankable feasibility study and for future mine permitting. Data collection for both the environmental and community baseline studies has commenced in a number of other areas that require a year or more of data including surface water flow, a population census and registration of artisanal mining activity within the concession area.
Regional Exploration
Preparatory work for exploration of the existing and newly acquired concession areas outside of the core La India mining area has been initiated. Re-processing of existing ground geophysical data collected by a previous explorer in 2007 identified a number of targets for follow-up exploration and demonstrated the potential benefits of an airborne geophysical survey over the entire La India Project area. A helicopter aeromagnetic and radiometric survey has been commissioned over the entire 800km2 area to be flown at 100m line spacing for a total of 3,530 line-kilometres to collect a high-resolution dataset. This survey data will be supported by a satellite-derived topographical survey that will give better than 1m resolution topographical data to aid with structural interpretation and provide an excellent drilling and trenching data control for both the ongoing resource definition work and future exploration activity.
New Concession Acquisition
The Company purchased an 86 sq km concession located adjacent and to the North and East of the La India Project area, increasing Condor's concession holding to 280 sq km. The newly acquired Concession, currently known as the HEMCO-SRP-NS concession, and to be re-named El Penon Concession, covers a potential additional 13km strike length of the America and La Mestiza Vein Set trends. Gold mineralisation has been recorded in rockchip samples within 600m of the southern boundary of the Concession. Reconnaissance exploration has revealed at least four locations with quartz veining, an indication of past hydrothermal activity in a geological setting known to have potential for the discovery of economic gold mineralisation. The purchase agreement was signed in January with HEMCO Nicaragua SA ("HEMCO") for a consideration of US$275,000 payable by way of issuing new ordinary shares in Condor Gold plc at GBP 2.00 per share.
Other Project Areas
Rio Luna Concession
The Rio Luna Concession covers an area of 43 square kilometres in the Central Highlands of Nicaragua. Independent Resource Geologists SRK Consulting (UK) Limited estimated a JORC Inferred Mineral Resource of 694kt at 3.5g/t for 80,000 oz gold and 280kt at 56g/t for 500,000 oz silver on five separate resource blocks on three separate vein sets within the concession area. In total this is a gold equivalent Mineral Resource of 87,000 oz gold equivalent at 3.9g/t gold equivalent (using a gold:silver ratio of 1:60). The Mineral Resource estimation was calculated using exploration data from Canadian explorer First Point Minerals Corporation who completed an extensive programme of soil, auger, rock chip, trench and drill sampling between 2004 and 2006. That exploration included 58 exploratory diamond core drill holes for 6,262m that tested a number of selected target zones along three sub-parallel vein sets containing over 18km of gold-bearing epithermal quartz veins identified by surface exploration on the concession area. The current Mineral Resource is confined to five resource blocks where there is sufficient density of trench and drilling data to demonstrate continuity of gold mineralisation along strike and to depth. The resource blocks have a combined strike length of only 1,750m to a depth of less than 150m below surface, except on one cross section where drilling tested to a depth of 250m below surface.
This Mineral Resource Estimate demonstrates that where drilling has tested segments of the epithermal veining currently recognised at Rio Luna the gold mineralisation extends to depths of up to 250m below the surface, and gold mineral concentrations are at sufficient grade to warrant further exploration. Gold mineralisation on all five prospects included in the Mineral Resource remains open along strike and to depth. Trenching has already defined surface mineralisation along strike of the resource blocks with some significant mineralised zones remaining to be drill tested and brought into the Mineral Resource.
Estrella Concession
The Estrella Concession covers an 18 square kilometre area in Nicaragua's historic 'Mining Triangle(i)' in the northeast of the country. The concession is centred on the historic Estrella Gold Mine. No mine plans or production data are available for the Estrella Mine (also referred to as the Estrella de Venus Mine in old reports), however it is believed that the mine exploited two or more sub-parallel epithermal veins on two or three levels along a strike length of at least a 250m.The mine was worked for only a few years before being destroyed in 1935 during civil unrest: abandoned steel mine trolleys and rail tracks are testament to this period of mechanised mining. The old workings can be traced for approximately 100m where the mineralised structure runs close to the bank of a small river and then for an indeterminate distance beneath the crest of a ridge. The drift that runs next to the river has been reopened by artisanal miners. It is considered likely that the mining relied on gravity dewatering and did not extend below the level of the drainage adit at river level, no deeper than the 10-15m depth exploited by the artisanal miners. It is believed that the mine operated a 20-50 tonne per day capacity mill during production.
Trench and underground channel sampling by previous explorers and confirmed by Condor and has returned high grade gold intercepts over a 400m strike length including the historic Estrella Gold Mine and extending along strike up the ridge to the northeast. Two to three parallel epithermal veins separated by short intervals of 5 to 10m of country rock are recognised in old mine workings and trenches. A best trench intercept of 9.0m at 5.44g/t gold reflects the full width of the mineralisation, whilst the channel sampling of the more selectively mined underground workings returned an average intercept of 0.9m at 8.53g/t gold.
The challenge on this concession is to extend the size of the mineralised zone beyond the 400m strike length defined to date. It is highly unlikely that the mineralised fluids that deposited this ore body were restricted to an isolated structure and future exploration activity will aim to discover extensions to the known structure and/or other gold mineralised veins in the vicinity.
(i) The "Mining Triangle" of the Bonanza-Rosita-Siuna areas of northeast Nicaragua is estimated to have historical production totalling more than 5 million ounces of gold, 4 million ounces of silver, 158,000 tons of copper, and 106,000 tons of zinc.
Potrerillos Concession
Condor maintains a strategic concession holding covering a 3.5km strike length continuation of the gold mineralised system that hosts the historic San Albino mine workings which contains a recently announced CIM mineral resource of 348 kt at 8.47g/t for 95,000 oz gold equivalent at the Indicated category and 3.371kt at 7.43g/t for 805,000 oz gold equivalent at the Inferred level of confidence (using a 1:60 Au:Ag ratio) as announced by concession holders TSX-listed Golden Reign Resources on 7th January 2013. The San Albino Resource is located less than 500m from the edge of the Potrerillos Concession. Channel sampling of trenches and old mine adits carried out on the Potrerillos Concession between 2007 and 2009 returned intersections of up to 1m at 29.5g/t gold.
Cerro Quiroz Concession (Condor 20% ownership)
Condor holds a 20% interest in the 22.5km2 Cerro Quiroz Concession located approximately 15km from the La Libertad Gold Mine which is operated by TSX-listed Canadian mining company B2Gold. B2Gold hold the majority 80% Interest in the Concession and under the terms of the agreement manage and wholly fund exploration up until completion of the first 2,000m of drilling has been completed, after which Condor will be required to provide equity funding to maintain the Company's interest.
EL SALVADOR - OPERATIONS REPORT
Condor has continued to maintain a presence in El Salvador whilst the Government continues the suspension of metallic mining and exploration activity that has been in effect since 2007. The Company recognises that the resolution lies with the Central Government, and Condor has played a leading role in lobbying the Government in favour of a resumption of mining activity since 2007. The Company is engaging in an active dialogue with Government in order to maintain the Company's claim over the unofficially suspended licences and also to position the Company to benefit from other prospective areas that are likely to become available should the Government elect to support metallic mining in the near future.
The Ministry of Economy has made public the Strategic Environmental Evaluation (SEE) via its website. Based on the SEE recommendations the Ministries of Economy (MINEC) and Environment (MARN) proposed that all metallic mining and exploration activity be officially suspended until the relevant Government Institutions are strengthened, historical mining liabilities dealt with and the legal framework improved. The remaining exploration companies are lobbying Congress as the umbrella group known as the Salvadoran Industrial Association and the proposal was rejected by Congress. Consequently the unofficial 'moratorium' continues while Congress reviews the feasibility and benefits of mining in the Country.
CONDOR GOLD PLC
REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2012
DIRECTORS' REPORT
The Directors present their report with the financial statements of the Company and the Group for the year ended 31 December 2012.
PRINCIPAL ACTIVITY
The principal activity of the Group in the year under review was that of exploration of gold and silver concessions in El Salvador and Nicaragua. The principal activity of the Company was that of a holding company.
REVIEW OF DEVELOPMENTS AND FUTURE PROSPECTS
The Group's financial performance for the year was in line with Directors' expectations. The Group loss after taxation for the year to 31 December 2012 amounted to GBP 3,256,013 (2011: GBP 1,972,147). No dividends were paid during the year.
The Group, at the end of the financial period has interests in seven concessions in the La India Mining District and a further four in four project areas in Nicaragua, and four licences in two project areas in El Salvador. The Company will continue to assess each individually with the intention of focusing on core concessions with the highest probability of producing an economic resource, and principally at La India. The Company is currently investing in the La India concession which is discussed in greater detail in the 'Operations Report and Projects Overview.' Operations in El Salvador are curtailed by the Government moratorium on all exploration and mining in that country. The El Salvador operation has been reduced to an administrative role until environmental and drill permits are awarded, this situation is described in detail in 'Principal Risks and Uncertainties' below.
KEY PERFORMANCE INDICATORS
The key indicator of performance for the Group is its success in identifying, acquiring, developing and divesting investments in projects so as to create shareholder value.
Control of bank and cash balances is a priority for the Group and these are budgeted and monitored closely to ensure that it maintains adequate liquid resources to meet financial commitments as they arise.
At this stage in its development, quantitative key performance indicators are not an effective way to measure the Group's performance.
However, a qualitative summary of performance in the period in the Chairman's Statement and the Operations Report and Project Overview is an effective way of measuring the key performance of the Company.
DIRECTORS
The Directors shown below have held office during the year:
SUBSTANTIAL SHAREHOLDERS
On 26 February 2013 the Company was aware of the following interests in 3% or more of the Company's issued share capital:
DIRECTORS' INTERESTS
The Directors in office during the year under review and their interests in ordinary shares and unlisted options of the Company at 31 December 2012 were:
The interests of the Directors in options to subscribe for ordinary shares of the Company were:
No Director had any interests in warrants to subscribe for ordinary shares of the company during the year.
PRINCIPAL RISKS AND UNCERTAINTIES
In common with other companies operating in natural resources exploration, the Group's activities are speculative and involve a high degree of risk.
The Group's exploration work involves participation in geological work programmes. Interpretations of the results of these programmes are dependent on judgements and assessments that are speculative and these interpretations are applied in designing further work programmes to which the Company can commit significant resources.
Work programmes often involve drilling and other geological work that present significant engineering challenges that are subject to unexpected operational problems. Furthermore activities generally take place in remote locations that can be subject to unexpected climate events, and possible acts of terrorism, criminal threats and piracy and potential environmental risks.
The Group operates in different countries where political, economic, legal, regulatory and social uncertainties are potential risk factors. In this regard, political uncertainties in El Salvador, in particular in relation to the ongoing moratorium in processing applications for exploration and mining, have resulted in operational delays in that country.
During the past few years to date considerable progress was made in El Salvador:
It is the Company's view that although the situation remains uncertain and it is unlikely that the necessary environmental and drilling approvals to enable re-commencement exploration programmes on key projects will be forthcoming in the near future, the indications are that the GoES will allow exploration and mining following the EAE, Mining Policy Review and amendments to the current Mining Law. In the meantime operations in El Salvador remain on a care and maintenance basis.
GOING CONCERN
The operations of the Group are currently financed from funds which the Company has raised from shareholders. The Group has not yet earned revenues and is still in the exploration phase of its business. In common with many exploration companies, the Company raises finance for its exploration and appraisal activities in discrete tranches to finance its activities for limited periods only. Further funding will be required from time to time to finance the Company's activities and after the balance sheet date the Company secured GBP 7,000,000 by way of a private placing of new shares. The Directors prepare and monitor cash flow projections based on different funding scenarios and make assumptions about the availability of additional finance in the future.
The consolidated financial statements have been prepared on a going concern basis. The Directors consider the going concern basis to be appropriate based on cash flow forecasts and projections and current levels of commitments, cash and cash equivalents.
FINANCIAL RISK MANAGEMENT
The Group's operations expose it to financial risks that include credit risk, liquidity risk, and market risks. The Group does not have any debt and is not therefore required to use derivative financial instruments to manage interest rate costs nor is hedge accounting applied.
1. Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group's receivables from customers and investment securities.
The Group and the Company's financial assets comprise receivables and cash and cash equivalents. The credit risk on cash and cash equivalents is limited because the counterparties are banks with high credit-ratings assigned by international credit rating agencies. The credit risk on trade and other receivables is limited to the Group's receivable of GBP 93,965. The exposure of the Group and the Company to credit risk arises from default of its counterparty, with maximum exposure equal to the carrying amount of cash and cash equivalents in the Group's Statement of Financial Position. The Group does not have any significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics. The Group defines counterparties as having similar characteristics if they are connected entities.
The Group does not hold any collateral as security.
2. Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation.
To ensure liquidity, the Group maintains sufficient cash and cash equivalents on demand to meet its obligations as and when they fall due. The Group actively manages its working finance to ensure that sufficient funds exist for operations and planned expansion.
3. Market risks
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group's income or the value of its holdings of financial instrument. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising return on risk.
(i) Pricing and risks
The Directors consider there to be minimal price risk to the business. The Group, however, does have an unlisted equity investment whose price is exposed to market factors and realisation of which is dependent on the existence of willing buyers and therefore beyond the Group's control.
(ii) Interest rate cash flow risk
The Group does not have interest bearing liabilities. Interest bearing assets are only cash balances that earn interest at a floating rate.
(iii) Foreign exchange risk
The Group principally operates in US Dollars. The Directors believe that the contracts for transfers of funds to Central America are so small that there would be no benefit gained from hedging these contracts in the market. As such, currency is bought at the spot rates prevailing on the days transfers are to take place. This situation is monitored on a regular basis, and at present the Group does not have any formal policy for hedging against exchange exposure. The Group may, when necessary, enter into foreign currency forward contracts to hedge against exposure from currency fluctuations, however, the Group has not entered into any currency forward contracts to date.
4. Capital risk management
The Group manages its capital to ensure that entities within the Group will be able to continue individually as going concerns, while maximising the return to Shareholders through the optimisation of debt and equity balances. The Group manages its capital structure and makes adjustments to it, in the light of changes in economic conditions. To maintain or adjust its capital structure, the Group may adjust or issue new shares or raise debt. No changes were made in the objectives, policies or processes during the years ended 31 December 2011 and 31 December 2010. The capital structure of the Group consists of equity attributable to equity holders of the parent, comprising issued capital, reserves and retained losses as disclosed in the Consolidated Statement of Changes in Equity.
Corporate governance
Corporate policies
Condor takes its health, safety, environmental and community responsibilities seriously, and has developed policies and systems to ensure that it explores in a safe, low impact and consultative manner, maximising the sustainability of its present and future operations for the benefit of all stakeholders.
Health and safety
Condor takes the health and safety of its employees and contractors seriously, and strives to exceed statutory obligations and achieve best practice. To this end, a new safety management system has been implemented for its exploration operations.
Environment
Condor operates in strictly adherence to local and Governmental standards with regard to environmental impact on the local community. This procedure includes pre-exploration checks and post-exploration remediation programs. Currently, no unfulfilled commitments exist to remediate land upon which the Company has conducted exploration work.
Community
Condor is committed to working consultatively and co-operatively within the communities in which it operates, which includes local subsistence farmers and pastoralists and firmly believes that future mining operations should be to the benefit of all. To this end, Condor personnel participate in cultural awareness programs and have forged close ties with landholders and maintain a constructive dialogue with the Department of Environment and local community representatives. Condor is also a sponsor of many community development and aid programs currently in place including the provision of clean water through drilling water wells, tree planting, the supply of school books and training of locals in both technical and non technical skills to assist their personal development.
Compliance with the UK Corporate Governance Code
The Directors recognise the value of the UK Corporate Goverance Code ("the Code"), and whilst under AIM rules full compliance is not required, the Directors believe that the Company applies the recommendations insofar as is practicable and appropriate for a public Company of its size.
Board of directors
The board of directors at the year end included one executive chairman and two non-executive directors who qualify as independent non-executive directors as defined by the Code. The directors are of the opinion that the recommendations of the Code have been implemented to an appropriate level. The board, through the chairman and non executive directors, maintain regular contact with its advisers and public relations consultants in order to ensure that the board develops an understanding of the views of major shareholders about the company.
The board meets regularly throughout the year and met over 12 times during the year to 31 December 2011. The board is responsible for formulating, reviewing and approving the Group's strategy, financial activities and operating performance. Day-to-day management is devolved to the country manager who is charged with consulting with the board on all significant financial and operational matters. Consequently, decisions are made promptly and following consultation among directors concerned where necessary and appropriate.
All necessary information is supplied to the directors on a timely basis to enable them to discharge their duties effectively, and all directors have access to independent professional advice, at the Company's expense, as and when required.
The participation of both private and institutional investors at the Annual General Meeting is welcomed by the board.
Committees
Each of the following committees has its own terms of reference.
Audit committee
The Audit Committee comprises J Mellon (non-executive director) and R Davey (non-executive director). The committee meets at least twice a year, in regard to the audit work required and completed.
All directors received a copy of the respective audit committee reports prior to these meetings and had an opportunity to comment. The meetings were attended by the auditor.
The chief financial officer and a representative of the external auditor are normally invited to attend meetings. Other directors or staff may be invited to attend, as considered beneficial by the committee.
The Audit Committee's primary responsibilities are to review the effectiveness of the Company's systems of internal control, to review with the external auditor the nature and scope of their audit and the results of the audit, and to evaluate and select external auditors.
Remuneration committee
The Remuneration Committee plans to meet at least twice in each year. Its members are J Mellon (non-executive director) and R Davey (non-executive director), both of whom were in attendance at the meetings since their appointment date.
The Group's policy is to remunerate senior executives fairly in such a manner as to facilitate the recruitment, retention and motivation of staff. The Remuneration Committee agrees with the board a framework for the remuneration of the chairman, the executive directors and the senior management of the Group. The principal objective of the committee is to ensure that members of the executive management of the company are provided incentives to encourage enhanced performance and are, in a fair and responsible manner, rewarded for their individual contributions to the success of the company. Non-executive fees are considered and agreed by the board as a whole.
Service Contracts
The Company has service contracts with its non-executive directors.
The service contracts also provide that the directors and parties related to the directors are entitled to participate in the share option arrangements operated by the Company as well as consultancy payments.
Details of the contracts currently in place for directors and related parties are as follows:
Subject to the notice requirements described above, there is no provision in the service agreements for compensation to be payable on early termination of the contract.
Supplier payment policy
It is the Group's policy to pay suppliers in accordance with the terms of business agreed with them. The number of days' purchases outstanding for the group as at 31 December 2012 was 30 days (2010: 30 days).
Annual general meeting
Your attention is drawn to the Notice of Meeting enclosed with this report convening the Annual General Meeting of the Company at 2p.m. on 17 June 2013 at the offices of Speechly Bircham; 6 New Street Square, London, EC4A 3LX. The Notice of Meeting sets out and explains the special and ordinary business to be conducted at the meeting.
Directors Insurance
During the year the Company paid GBP 7,568 (2011: GBP 5,300) in respect of Directors professional indemnity insurance.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs') as adopted by the EU and applicable law.
Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Compan
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Datum: 23.05.2013 - 11:14 Uhr
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