Condor Gold plc Announces its Unaudited Results for the Three Months Ended 31 March, 2019
ACCESSWIRE
15 May 2019, 21:01 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
| 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 | ) | ||||||||
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