Condor Gold sees tire kickers line up for asset sale
2023-07-21 11:04 ET - News Release
Mr. Mark Child reports
CONDOR GOLD PROVIDES AN UPDATE ON THE SALE OF ASSETS
On Nov. 22, 2022, following a robust and economically attractive bankable feasibility study, also known as a feasibility study, on the La India open pit, Condor Gold PLC appointed H&P Advisory Ltd. to seek a buyer for the assets of the company.
The last update on the sale of the company's assets was via a news release on March 13, 2023.
The current status is that the company has received five non-binding offers and three site visits have been completed. There are currently eight companies under non-disclosure agreements (NDAs).
Additional enquires have been received in the past two weeks.
Mark Child, chief executive officer of Condor Gold, commented: "There remains substantial interest from gold producers to acquire the company's assets. Wholly owned, fully permitted, construction-ready gold mines with potential production of 150,000 ounces gold per annum, in major gold districts, with the land and a new SAG mill package purchased and a construction period of only 18 months are rare. There are currently eight companies under NDAs, five non-binding offers received and three site visits completed. Companies under NDAs have access to a virtual data room, which includes all drill data, technical studies to feasibility study level, details of permits to construct and operate a mine, and financial models. While the sales process is taking longer than anticipated, new enquires continue to be received, the board is confident that a binding agreement will be reached. Investors will be updated in due course."
About Condor Gold PLC
Condor Gold is a gold exploration and development company with a focus on Nicaragua.
The company's principal asset is the La India project, Nicaragua, which comprises of a large, highly prospective land package of 588 square kilometres comprising of 12 contiguous and adjacent concessions. The company has filed a feasibility study technical report dated Oct. 25, 2022, and entitled "Condor Gold Technical Report on the La India Gold Project, Nicaragua, 2022," which is available under the company's SEDAR profile and was prepared in accordance with the requirements of National Instrument 43-101. The 2022 FS indicated that the La India project hosts a high-grade mineral resource estimate of 9,672,000 tonnes at 3.5 grams per tonne gold for 1,088,000 ounces gold in the indicated mineral resource category and 8,642,000 tonnes at 4.3 g/t gold for 1,190,000 oz gold in the inferred mineral resource category. The open-pit MRE is 8,693,000 tonnes at 3.2 g/t gold for 893,000 oz gold in the indicated mineral resource category and 3,026,000 tonnes at 3.0 g/t gold for 291,000 oz gold in the inferred mineral resource category. The underground MRE totals 979,000 tonnes at 6.2 g/t gold for 94,000 oz gold in the indicated mineral resource category and 5,615,000 tonnes at 5.0 g/t gold for 98,000 oz gold in the inferred mineral resource category.