Condor Gold Announces its Results for the Year Ended 31 December 2014
(firmenpresse) - LONDON, ENGLAND -- (Marketwired) -- 05/27/15 -- Condor Gold plc (''Condor'' or "the Company") (AIM: CNR), is pleased to announce its results for the year ended 31st December 2014.
Highlights:
POST PERIOD HIGHLIGHTS
Mark Child, Chairman and Chief Executive of Condor Gold commented:
"Condor made good progress in 2014. During the year the Company focused on the economic feasibility of exploiting the flagship La India Project in Nicaragua and demonstrating La India Project hosts a much larger gold deposit. An NI 43- 101 technical report detailing a Pre-Feasibility Study ("PFS") and two Preliminary Economic Assessments ("PEAs") were competed during the year.
The PFS on La India Project has demonstrated a robust, economically viable base case on La India open pit with a post- tax IRR of 22% assuming a US$1,250 gold price. Maiden Probable Mineral Reserves are 6.9Mt at 3.0g/t for 675,000 oz gold. A 0.8Mtpa plant produces average annual production of 79,300 oz gold over 7 years with lower quartile all-in- sustaining cash costs ("AISC") of US$690 per oz gold. A high-grade 3g/t gold open pit mineral reserve has resulted in a relatively small 2,300tpd plant with resultant low upfront capital cost of US$110 million including contingency. A PEA scenario, optimising the main pit and adding to satellite pits increase the open pit scenario to 96,800 oz gold production p.a. for 8 years, which the adding on underground resources increases production to 137,500 oz gold p.a. in all cases, AISC remains below US$700 per oz gold".
A copy of the Company's Audited Annual Accounts for the year ended 31 December 2014 has been posted to all shareholders and is also available on the Company's website,
For further information please visit .
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 79,300 oz gold p.a. for 7 years. The PEA for the open pit only scenario details 96,800 oz gold production p.a. for 8 years whereas the PEA for a combination of open pit and underground details 137,500 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.
Contacts:
Condor Gold plc
Mark Child, Executive Chairman and CEO
+44 (0) 20 7408 1067
Beaumont Cornish Limited
Roland Cornish and James Biddle
+44 (0) 20 7628 3396
Numis Securities Limited
John Prior and James Black
+44 (0) 20 72601000
Farm Street Media
Simon Robinson
+44 (0) 7593 340107
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Unternehmensinformation / Kurzprofil:
Datum: 27.05.2015 - 06:30 Uhr
Sprache: Deutsch
News-ID 395912
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contact information:
Town:
LONDON, ENGLAND
Kategorie:
Mining & Metals
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