Reduction of Expenditures and Updated NI43-101 REDUCTION OF EXPENDITURES
Considering the current market conditions, the focus on Africa and in order to preserve the long-term growth opportunities, the Company has begun to reduce its expenditures in Nevada and Argentina. The exploration camp at the Company’s Providencia project has been demobilized and no additional drilling is planned for this year. The Company’s staff in Argentina and Nevada has been reduced. Concordia currently has approximately $17 million in its treasury and is well positioned to maintain its projects for long-term growth and to consider new opportunities.
Concordia would like to acknowledge the departure of Douglas R. Bowden, who has resigned as Senior Vice President of the Company. Management and board of Concordia would like to thank Mr. Bowden for his service and the contributions he has made to the Company and wish him well in the future.
FILING OF UPDATED NI 43-101 TECHNICAL REPORT
At the request of the TSX Venture Exchange, and following the acquisition of Swala Resources Inc. in January 2012, Concordia has filed on the SEDAR website (www.sedar.com) an updated NI43-101 technical report entitled “Independent Technical Report for the Kerboulé Gold Project, Burkina Faso” dated May 30, 2012. Results from the 2012 drilling exploration program were not included in the report and the Company anticipates filing an updated report in 1Q 2013.