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Market: AIM
52-week High/Low: 92.90p / 44.25p
Sector: General Mining - Gold
Market Cap: 34.67M
Phone: +44 (0)20 7493 2784
Address: 7th Floor, 39 St. James Street, London SW1A 1JD.
Condor Gold PLC

Condor Gold PLC

Condor Gold plc is a UK based AIM listed gold exploration company with a CIM-compliant Mineral Resource of 2.32 Million oz gold at 4.0g/t including a high grade open pit resource of 1.08 Million oz gold at 3.5g/t on its 100% owned La India Project in Nicaragua.

Condor Gold PLC

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Big picture - Why invest in Condor Gold PLC

Condor Gold PLC Snapshot

Condor Gold Plc is a UK based AIM listed exploration Company focused on proving a large commercial reserve on its 100% owned La India Project in Nicaragua.

At 14th November 2014 La India Project’s NI 43-101 compliant mineral resource stood at 18.1Mt at 4.0g/t for 2.32M oz gold and 2.66M oz silver at 6g/t, comprising an indicated mineral resource of 9.6Mt at 3.5g/t for 1.08M oz gold and an inferred mineral resource of 8.5Mt at 4.5g/t for 1.23M oz gold. This includes total open pit indicated and inferred mineral resources of 1.06M oz gold at 3.0g/t. A pre-feasibility study on open pit mining on the principal La India Vein has defined a probable open pit mineral reserve of 6.9Mt at 3.0g/t gold for 675k oz gold and 5g/t silver for 1.185M oz silver.

In addition to the La India Resource, 87k oz gold on the Rio Luna Resource takes Condor's total resource to 2.39M oz gold in Nicaragua to CIM standards.

Condor has a JORC Code Resource of 1.00M oz gold equivalent in El Salvador, but unfortunately there is a moratorium on all mining in that country.

Condor's management team have extensive experience in mineral exploration, project development and project financing, ensuring that the Company has the best possible opportunity to achieve exploration success and take La India Project through to a bankable feasibility study.

The Company was successfully admitted to the London Stock Exchange, AIM Market, on 31st May 2006.

From 2011 to August 2013 Condor drilled 302 drillholes for over 43,000m and over 11,000m of trenching. This data was combined with the historic exploration and mining data and included in the latest mineral resource estimate completed by independent geologists at SRK Consulting (UK) Ltd and announced in November 2013 and updated as part of the pre-feasibility study in September 2014. The current mineral resource estimate on the project area is a CIM-compliant combined inferred and indicated mineral resource of 18.1Mt at 4.0g/t for 2.32M oz gold, including 9.6Mt at 3.5g/t for 1.08M oz gold in the indicated category, all contained within a 9km radius within the La India Project area. In addition there is a mineral resource of 2.66M oz silver at a grade of 6.2 g/t silver, estimated on the La India-California veins and America Mine Resource only where there is sufficient silver assay data. The mineral resource has been estimated in three parts using different parameters based on the potential economics and the confidence of the data available:

An open pit mineral resource of 10.9Mt at 3.0g/t for 1.06M oz gold, including 862,000 oz in the indicated category with the balance inferred, constrained by a Whittle open pit model. The optimised Whittle in-pit resource has been estimated using a 0.5g/t cut-off and is contained within three close-spaced pits: La India Open Pit containing 904,000 oz gold at 3.1g/t (including 832,000 indicated), the America Open Pit containing 97,000 oz gold at 3.8g/t (including 30,000 oz indicated) and the Central Breccia  Open Pit containing 56,000 oz gold at 1.9g/t.
An underground mineral resource of 3.4Mt at 5.4g/t for 588,000 oz gold which falls outside of the Whittle pit shells on La India and America has been estimated using a higher cut-off of 2.0g/t over 1m width to reflect the higher costs of underground mining.
The remainder of the resource areas which have not been subject to Whittle Pit modelling have been estimated using a 1.5g/t cut-off, reflecting an anticipated combination of open pit and underground mining. 
The CIM-compliant Mineral Resource Statement was reported to NI 43-101 guidelines by independent geological consultants SRK (UK) Ltd and signed off by SRK's Ben Parsons, a Competent Person as defined by the CIM Code.

Pre-Feasibility Study ('PFS')

Towards the end of 2013 SRK Consulting (UK) Limited was commissioned to undertake a prefeasibility study (“PFS”) and updated preliminary economic assessments (“PEA”) to determine whether La India Project could support an open pit only mine for several years, with underground development funded at a later date out of cash flow. The study considered three different scenarios: a prefeasibility study on open pit mining at La India only; a PEA on open pit mining on La India, America and Central Breccia; and a PEA on open pit mining at La India, America and Central Breccia and underground mining at La India and America. In November 2014 the combined PFS and PEA study was completed.

1.  0.8Mtpa PFS La India Open Pit only demonstrates a robust and economically viable base case for the project. The study envisages Open pit mining of 6.9Mt of ore at 3.0g/t gold with a 91.0% recovery for 614k oz gold production. The Life of Mine (“LOM”) stripping ratio is 13.6 t:t over a mine schedule of 8 years producing 94.5Mt of waste. The mining rate will be 0.8Mtpa over 8 year mine life feeding a 2,300 tpd plant for an average annual production of 79,300 oz over the 7 years of maximum production. The LOM all-in sustaining costs are US$690/oz, the capital expenditure is US$110M, the Internal Rate of Return (“IRR”) is 22% and the Net Present Value (“NPV”) is US$92M.

2. 1.2Mtpa PEA Scenario A, La India Open Pit + Feeder Pits. Open pit mining of 9.5Mt of ore at 2.8g/t gold with a recovery of 91.0% for La India, 94.5% for America and 87.0% for Central Breccia, to return 774k oz gold production. The LOM stripping ratio is 12.5 t:t over a mine schedule of 8 years producing 118.2Mt of waste. The mining rate will be 1.2Mtpa feeding a 2,800 tpd plant for an average annual production of 96,800 oz gold. The LOM all-in sustaining costs are US$685/oz, the capital expenditure is US$127M, the IRR is 25% and the NPV is US$124M.

3. 1.6Mtpa PEA Scenario B, La India Open Pit + Feeder Pits + Underground. Open pit and underground mining of 13.0Mt of ore at 3.2g/t gold with a recovery of 91.0% for La India, 94.5% for America and 87.0% for Central Breccia, for 1.2M oz gold production over a 12 year mine life. The open pit component will be completed in 8 years with a LOM stripping ratio is 12.4 t:t producing 118.2Mt of waste. The mining rate will be 1.6Mtpa for the first 8 year mine life feeding a 2,800 tpd plant for an average annual production of 137,500 oz. After Year 8 mining will switch to a lower rate extracting underground ore only for a further 4 years. Underground mining will use cut-and-fill method assuming 5% dilution and 95% mining recovery. The underground component accounts for 3.52Mt at 4.31g/t gold. The LOM all-in sustaining costs are US$697/oz, the capital expenditure is US$169M, the IRR is 24% and the NPV is US$187M.





The Potrerillos Concession, which covers an area of 12km2, contains a number of abandoned shafts and adits, testament to brief, interrupted periods of gold mining activity along a Palaeozoic schist belt known as the Guayape Suture Zone. The gold mines of the Potrerillos Concession were processed less than 1km south of the concession at the historic San Albino Mine. The San Albino Gold mine, which hosts a CIM Indicated mineral resource of 384kt at 8.47g/t for 95,000 oz gold equivalent and an Inferred Mineral resource of 3371kt at 7.43g/t for 805,000 oz gold equivalent (using a 1:60 Au:Ag ratio; TSX-listed Golden Reign resources, January 2013) recorded an average daily production of 10t at 31g/t gold (for 10oz gold per day) during a brief period of production between 1922 and 1923, before revolutionary activity halted mining. Production at San Albino briefly resumed between 1938 and 1940 as a local enterprise on a smaller scale for which records are not available. Estimates place the regions total production at up to 20,000oz gold. Panning the river and stream beds for free gold continues on an ad hoc basis to this day.

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Cerro Quiroz


The Cerro Quiroz Concession, which covers an area of 22.5km² was granted to Condor on the 5th April 2010. A concession swap announced in September 2010 reduced Condor's interest in Cerro Quiroz to 20%. B2Gold, who own the nearby La Libertad Gold Mine hold the majority interest and manage exploration. The Concession is located in the Libertad-Santo Domingo gold mining district, and represents the eastern extent of gold mineralisation discovered to date in this broadly east-west orientated epithermal gold system. There is a long history of gold mining in the district dating back over 150 years:

1.      At Santo Domingo, only 4km to the west of the Cerro Quiroz, a cooperative of small-scale miners have produced an estimated 14,000 ounces of gold since 1980.

2.      The larger La Libertad-Orosi Mine located 15km to the southwest of Cerro Quiroz has recorded production of 170,000 ounces of gold. Owners, TSX listed B2Gold Corporation commenced production in January 2010 at a new mill and plant which has planned production of up to 90,000 ounces of gold per annum to process over 500,000 ounces of currently defined gold reserves.

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Boaco Project

Rio Luna

Rio Luna is an advanced exploration project where the previous explorer First Point Minerals of Canada report spending over US$1.8 million between 2004 and 2008 on regional soil and rockchip sampling, and follow-up trenching and diamond core drilling.

The Concession, covering an area of 43km² in the Central Highlands of Nicaragua was granted to Condor in June 2010 and will expire in 2035. Previous explorer First Point Minerals completed an extensive programme of soil, auger, rockchip and trench sampling on the Rio Luna Project area to define 18km of epithermal quartz veining in three distinct northwest-southeast trending gold vein sets. This surface sampling defined seven principal prospects, five of which were drill-tested over several phases of drilling between 2004 and 2006, with a total of fifty-eight diamond drillholes completed for a total of 6,250m drilled. In November 2011 Condor announced that independent geologists SRK Consulting (UK) Ltd had estimated a JORC compliant Inferred Mineral Resource of 65 kt at 3.5 g/t gold for 80,000 oz gold and 28 kt at 56 g/t silver for 500,000 oz silver on the Concession using this drilling and trenching data.

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La India Mining District


La India, Espinito-Mendoza, Cacao, El Rodeo, Real de la Cruz, Santa Barbara, La Mojarra, La Cuchilla (formerly HEMCO-SRP-NS), El Zacatoso and Tierra Blanca

Condor holds 100% ownership of a 313 km² concession package covering 98% of the historic La India Gold Mining District. The concession package comprises ten contiguous concessions. Six of the concessions were awarded directly from the government between 2006 and 2015. The remaining four concessions were acquired from other owners: the La India Concession was added to Condor’s portfolio in late 2010 through a concession swap agreement with Canadian miner B2Gold, the Espinito Mendoza, La Mojarra and La Cuchilla (formerly HEMCO-SRP-NS) concessions were acquired from private companys in 2011, 2012 and 2013 respectively.

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Project Estrella

The Estrella Concession, granted to Condor on the 5th April 2010, covers an area of 18km² over the historic Estrella Gold Mine, located approximately 20km southwest of Siuna, one of the three mining towns that define Nicaragua’s historic ‘Mining Triangle*’ in the northeast of the country. At Estrella an east-west trending mineralised structure containing at least three parallel epithermal veins within a width of 15-20m has been defined along a 400m strike length. The historic Estrella Gold Mine exploited at least 250m of this strike length at its western end where the structure crosses a low ridge and valley and runs part way up the crest of a ridge; Loma Estrella Ridge. 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 was worked on two or three levels for a few years before reportedly being destroyed in 1935 during civil unrest. Artefacts of this brief period of mechanised mining such as steel trolleys and rail tracks are in evidence to this day. It is believed that the mine operated a 20-50 tonne per day capacity mill during production and it is likely that the mining relied on gravity dewatering and did not extend below the level of the drainage adit at river level.





El Pescadito Project

El Pescadito, Carolina, El Gigante

Located in eastern El Salvador, 95km east of the capital San Salvador and 20km northeast of the town of San Miguel, the El Pescadito Project comprises three contiguous concessions covering an area of 133km²: the El Pescadito, Carolina and El Gigante concessions.

Numerous old workings and mines are located within the El Pescadito Project which have been exploited intermittently since the 18th Century. The Loma del Caballo and El Divisidero prospects have been subjected to the most recent exploration with both surface and underground evaluations suggesting strong potential for the discovery and delineation of sizeable gold and silver mineralised breccia zones associated with low-sulphidation, epithermal-type systems. Although no accurate production figures are available, it is estimated by the El Salvadorian Government that 100,000oz gold and 5.6Moz silver was extracted from El Divisidero in the early 1900's at grades of 3.8g/t gold and over 200g/t silver.

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La Calera Project

The La Calera Project, located 45km northeast of San Salvador, consists of a single concession covering 42kmž and is 100% owned by Condor's subsidiary Minerales Morazan S.A de C.V. 

Targets at La Calera are structurally controlled quartz-calcite veins and vein breccias, hosted by strongly propylitically altered andesitic volcanic, volcaniclastic and agglomerate units. These veins exhibit characteristics typical of epithermal gold-silver mineralisation, including quartz and bladed calcite, colloform banding, low sulphide content (pyrite generally <5%) and bonanza gold grades (up to 1m at 91g/t gold in trench samples). At La Calera a number of close-spaced parallel mineralised veins are recognised over a strike length of approximately 2km.

A total of five sub-parallel veins, striking in a generally north-northwest direction, have now been identified spread across a 500m cross-strike distance. From west to east these are referred to as the Acevedo, Escobar, Calichal, Rosa West, and Rosa vein systems. The dip of the veins varies, with all the veins dipping steeply to the northeast, except for the Rosa West veins which dip to the southwest. The Rosa, Rosa West and Calichal veins are the principal veins in terms of grade, width, and continuity of strike and dip, with over 1200m of strike length defined to date on the Rosa vein.

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Board of Directors

Mark Child - Executive Chairman

Mr. Child has 25 years of equity capital markets experience, as an institutional stockbroker and in corporate finance/private equity, mainly in emerging markets. He has worked for W.I. Carr Indosuez, Hoare Govett, Prudential Bache Securities and was the managing director of Sun Hung Kai Securities (UK) Ltd. At board level Mr. Child has been an executive director of Hong Kong listed Regent Pacific Group, an emerging market fund manager and private equity group, which spun off Charlemagne Capital Limited and AIM listed plc. In addition he has been a Non Executive director of several private companies. He joined the Board of Condor Resources on the 24th May, 2006.


Jim Mellon - Non Executive Director

Jim Mellon, based in the Isle of Man, is a renowned fund manager. He began his career with GT Management in the US and in Hong Kong and later became the co-founder and managing director of Thornton Management (Asia) Limited based in Hong Kong. He is co-founder of Regent Pacific Group and Charlemagne CapitalLimited. He is currently chairman of Manx Financial Group Plc, Speymill Plc, Speymill Deutsche Immobilien Plc, Webis Holdings plc, and Rivington Street Holdings plc, co-chairman of Regent Pacific Group Ltd and Emerging Metals Limited, a director of Charlemagne Capital Limited, Polo Resources Limited, Burnbrae Group Limited and various other investment companies. Mr Mellon holds a Master's Degree in Philosophy, Politics and Economics from Oxford University.


Roger Davey - Non Executive Director

Roger Davey is a Chartered Mining Engineer with over thirty five years' experience in the mining industry covering the feasibility, financing, development and operation of both underground and surface mining operations at senior management and Director level. Previous positions include Director and General Manager of AngloGold subsidiaries in Argentina and the Senior Mining Engineer at N M Rothschild (London) in the Mining and Metals project finance team. Roger is a graduate of the Camborne School of Mines, with a Master of Science degree in Mineral Production Management from Imperial College, London University. He is presently also a Non-Executive director of Orosur Mining, EMED Mining and Alexander Mining. He is fluent in Spanish (conversational and commercial).


Peter Flindell - Non Executive Director

Peter Flindell is a minerals exploration geologist with 30 years' experience in the mining industry covering the exploration, discovery and feasibility of gold mining operations at senior management level. Previous positions include twelve years with Newmont Mining Corporation, latterly as the Exploration Manager for the Western Pacific, and eleven years with Avocet Mining as the company’s Chief Geologist and Executive Vice President Exploration where he led a team to the discovery of over 11 million ounces gold Mineral Resources. Peter is a graduate of the Australian National University. He is presently also the Chief Executive Officer of Signal Delta, a Singapore-based company that focuses on the development of minerals projects in Southeast Asia and a Non Executive Director of Indodrill Group.


Kate Harcourt - Non-Executive Director

Kate Harcourt is a Chartered Environmentalist with twenty five year's experience of the environmental and social aspects of both open pit and underground mining projects around the globe. Kate has been nominated by the IFC to the Board following their 8.5% shareholding in the Company. She has worked as part of the Owner's Team for a number of companies and also on behalf of financial institutions, for example carrying out compliance performance monitoring during construction and operations. Kate has worked as a Director of Health, Safety, Environment, Communities and Security for MagIndustries, a natural resource company with assets in Republic of Congo. She has worked for the IFC on a geothermal project in Nicaragua since 2010. Kate has a Master of Science degree from Imperial College in Environmental Technology.


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Condor Gold PLC

7th Floor
39 St. James's Street
London SW1A 1JD
Telephone: +44 (0)20 7493 2784
Fax: +44 (0)20 7493 8633
Email: [email protected]


Numis Securities Limited
10 Paternoster Square
London EC4M 7LT
Telephone: +44 (0)20 7620 1000


Condor Gold PLC
7th Floor
39 St. James's Street
London SW1A 1JD
Telephone: +44 (0)20 7493 2784
Fax: +44 (0)20 7493 8633
Email: [email protected]


Crowe Clark Whitehill LLP
St. Bride's House
10 Salisbury Square
London EC4Y 8EH
Tel: +44 (20) 7842 7100


Bradshaw Johnson Secretarial Services Ltd

Croft Chambers
11 Bancroft

Tel: 01462 454545


Beaumont Cornish Limited
2nd Floor
Bowman House
29 Wilson St.
London, EC2M 2SJ
Telephone: +44 (0) 207 628 3396


SRK Consulting (UK) Ltd.
5th Floor
Churchill House
17 Churchill Way
Cardiff CF10 2HH
Telephone: +44 29 2034 8150


Origin Two
106 High Street
West Sussex
RH10 1BF

Tel: +44 (0) 1293 603600


Share Registrars Limited
The Courtyard
17 West Street
Surrey GU9 7DR
Telephone: +44 (0)1252 821390

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