Condor Gold Announces Its Audited Results For The Year Ended 31 December 2021 and Annual General Meeting of Shareholders
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Condor Gold Announces Its Audited Results For The Year Ended 31 December 2021 and Annual General Meeting of Shareholders

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SURREY, BC / ACCESSWIRE / March 29, 2022 / Condor Gold (AIM:CNR)(TSX:COG) is pleased to announce its audited results for the year ended 31 December 2021 and provides notification that the Annual General Meeting of shareholders of the Company will be held at 3:00 p.m. on 12 May 2022 at 7/8 Innovation Place, Godalming, Surrey, GU7 1JX, United Kingdom.

The Company has published the formal notice of meeting (the "Notice") on its website (www.condorgold.com) together with the related voting proxy form for use by shareholders. A copy of the Notice, together with the proxy voting form, the Annual Report for the year ended 31 December 2021 and the accompanying Management's Discussion and Analysis will be posted to all shareholders who have elected to receive them in hard copy.

HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2021

  • Key findings of a Preliminary Economic Assessment ("PEA") Technical Report on its 100% owned La India Project on 9 September. The open-pit plus underground scenario reports a post-tax NPV of $418 million, an IRR of 54% with average annual production of 150,000 ounces of gold for nine years with a 12-month payback.

  • Purchase of a brand new Semiautogenous Grinding Mill ("SAG Mill") package for total consideration of US$6.5 million, including US$3.0 million payable in shares of the Company. The SAG Mill package represents a key item of the plant required to bring the Company's La India Project into production.

  • Completion of a 3,500m infill drilling program at the fully permitted La India "high grade" starter pits; Results include 22.05 m (21.6 m true width) at 6.48 g/t gold from 24.75 m drill depth including 15.35 m (15.0 m true width) at 8.68 g/t gold from 24.75 m drilled depth (drill hole LIDC413)

  • Completion of 3,500m of resource expansion drilling on the Cacao prospect, interpreted as a fully preserved epithermal gold system. A 10m plus true width mineralised zone has been confirmed for a strike length of approximately 1,000m beneath and along strike of the Cacao mineral resource. Results include 14.9m true width at 3.94g/t gold (CCDC033)

  • Completed the ground investigation of 23 geotechnical drill holes and 58 test pits in preparation for mine construction at the La India Project.

  • Raised aggregate gross proceeds of £4,000,000 before expenses through a placing of 9,523,810 new ordinary shares at a price of 42p per placing share, including a directors and CFO subscription for 4,871,414 new ordinary shares.

  • Selected Hanlon Engineering & Associates ("Hanlon") of Tucson, Arizona, a wholly owned subsidiary company of GR Engineering Services Limited as the Lead Engineer to develop a Feasibility Study level of design for a new processing plant around Condor's recently acquired new SAG Mill. Hanlon will be responsible for the engineering designs, the capital cost and operating costs of the processing plant.

  • Provided an update on the Feasibility Study on the La India Project on 19 October.

  • Appointed H&P Advisory Limited (Hannam & Partners) as joint broker to the Company, alongside SP Angel Corporate Finance LLP.

  • Raised aggregate gross proceeds of £4.1 million before expenses through a placing of 11,714,286 Units (each Unit comprising of one Ordinary Share and one half of one Ordinary Share purchase warrant) at a price of 35p per Unit, including a directors & CFO subscription of 2,972,144 Units.

  • Announced the completion of 2,511m of geotechnical drilling for its Feasibility Study for the La India Project.