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Condor Gold Acquires HEMCO Concession and Extends La India Project

LONDON, ENGLAND -- (Marketwire) -- 02/05/13 -- Condor (AIM:CNR), a gold exploration company focused on delineating a large commercial reserve on its 100%-owned, CIM compliant Mineral Resource of 2,375,000 oz gold at 4.6g/t at La India Project in Nicaragua, is pleased to announce the acquisition of 100% of the 86.4 sq km 'HEMCO-SRP-NS' Concession (the "HEMCO Concession") from HEMCO Nicaragua SA ("HEMCO") for a consideration of US$275,000 payable by way of issuing new ordinary shares in Condor Gold plc at GBP 2.00 per share. The acquisition of the HEMCO Concession increases the Company's La India Project area to 280 sq km from 194 sq km.

Highlights


--  86.4 sq km Concession covering a potential 13km strike extension to the
    America and Mestiza Vein Sets. 
--  Consideration of US$275,000 payable by issuing new ordinary shares in
    Condor Gold plc at a price of GBP 2.00 per share. 
--  Four areas of quartz veining identified, indicating epithermal fluid
    movement. 
--  Historically poorly explored area due to poor access. 

Mark Child, Chairman and CEO commented:

"The purchase of the 86sq km HEMCO-SRP-NS concession (the "HEMCO Concession") on the eastern edge of La India Project is part of Condor's strategy of consolidating the sub surface mineral rights around the 2.4m oz gold resource on La India Project. The dominant trend of the quartz veins that comprise La India Project is from the North-West to the South-East. Preliminary field work by Condor's geologists indicates that the veins within the America Vein Set which hosts a resource of 405,000 oz gold at 6.0g/t and the Mestiza Vein Set which hosts a resource of 334,000 oz gold at 7.0g/t are open to the North West and trend into the HEMCO Concession. Four target areas have been identified for further exploration within the HEMCO Concession. See Figures 1 and 2 below.

"HEMCO Nicaragua S.A. (HEMCO) owns and operates the Bonanza gold mine in Nicaragua, which produced circa 50,000 oz gold in 2012. I am pleased with HEMCO's vote of confidence by agreeing to accept the US$275,000 purchase consideration in shares of Condor Gold plc, at a premium to the market price."

The 8,639.28 hectare Concession is located adjacent and to the north and west of Condor's wholly owned El Rodeo and La India Concessions (see Figure 1 below), along strike to the northwest of the main America and Mestiza Vein Set trends, covering a potential additional 13km strike length. Gold mineralisation has been recorded in rockchip samples within 600m of the southern boundary of the Concession, however there is very little known historic exploration activity on the concession area itself.

Four areas of quartz veining were identified during reconnaissance exploration carried out by Condor geologists as part of due diligence prior to signing the agreement and these areas will form the initial exploration targets (see Figure 2 below). The existence of extensive quartz veining along strike of the La India epithermal gold District suggests that there is potential for the discovery of economic gold mineralisation. Condor plans to extend geological mapping over the Concession and plans to undertake first pass regional exploration appropriate to the geological terrain, which may include satellite image interpretation, geophysics, stream and surface geochemical sampling.

The principal terms of the purchase of the Concession are:


1.  US$275,000 payable by way of issuing new ordinary shares in Condor Gold
    plc once authorisation of the assignment of the Concession in favour of
    Condor is issued by the Director General of the Department of Mines,
    such authorisation has been received. 
2.  Condor has 14 business days to issue the said shares at GBP 2.00 per
    share. Accordingly, 87,330 new ordinary shares will be issued and
    admitted to AIM on 11th February 2013. 
3.  Payment of US$7.00 per ounce of gold of proven and probable reserves as
    defined under the CIM Standards, during the time that Condor holds the
    Concession, payable in shares of Condor Gold plc. 

To view figure 1, "Location of the HEMCO-SRP-NS concession within the La India Project area," please visit the following link: http://media3.marketwire.com/docs/CNRfigure1.pdf.

To view figure 2, "The HEMCO-SRP-NS concession within the La India Project area showing four identified areas of interest with epithermal quartz veining," please visit the following link: http://media3.marketwire.com/docs/CNRfigure2.pdf.

Competent Person's Declaration

The information in this announcement that relates to the mineral potential, geology, Exploration Results and database is based on information compiled by and reviewed by Dr Luc English, the Country Exploration Manager, who is a Chartered Geologist and Fellow of the Geological Society of London, and a geologist with seventeen years of experience in the exploration and definition of precious and base metal Mineral Resources. Luc English is a full-time employee of Condor Gold plc and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration, and to the type of activity which he is undertaking to qualify as a Competent Person as defined in the June 2009 Edition of the AIM Note for Mining and Oil & Gas Companies. Luc English consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears and confirms that this information is accurate and not false or misleading.

For further information please visit www.condorgold.com.

About Condor Gold plc:

Condor Resources plc is an AIM listed exploration company focused on developing gold and silver resource projects in Central America. The Company was admitted to AIM on 31st May 2006 with the stated strategy to prove up CIM/JORC Resources in Nicaragua and El Salvador. Condor has seven 100% owned concessions in La India Mining District ("La India Project"); three 100% owned concessions in three other project areas and 20% in the Cerro Quiroz concession in Nicaragua. In El Salvador, Condor has 90% ownership of four licences in two project areas.

Condor's concession holdings in Nicaragua currently contain an attributable CIM/JORC compliant resource base of 2,497,000 ounces of gold equivalent at 4.6 g/t in Nicaragua and an attributable 1,004,000 oz gold equivalent at 2.6 g/t JORC compliant resource base in El Salvador. The Resource calculations are compiled by independent geologists SRK Consulting (UK) Limited for Nicaragua, and Ravensgate and Geosure for El Salvador.

Disclaimer

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

Technical Glossary


----------------------------------------------------------------------------
CIM        Canadian Institute of Mining, Metallurgy and Petroleum whose     
           terminology, definitions and guidelines are an internationally   
           recognised reporting code as defined by the Combined Reserves    
           International Reporting Standards Committee (CRIRSCO) as required
           by National Instrument 43-101.                                   
----------------------------------------------------------------------------
Grade      The proportion of a mineral within a rock or other material. For 
           gold mineralisation this is usually reported as grams of gold per
           tonne of rock (g/t).                                             
----------------------------------------------------------------------------
g/t        Grams per tonne.                                                 
----------------------------------------------------------------------------
Inferred   That part of a Mineral Resource for which tonnage, grade and     
Mineral    mineral content can be estimated with a low level of confidence. 
Resource   It is inferred from geological evidence and assumed but not      
           verified geological and/or grade continuity. It is based on      
           information gathered through appropriate techniques from         
           locations such as outcrops, trenches, pits, workings and drill   
           holes that may be limited, or of uncertain quality and           
           reliability.                                                     
----------------------------------------------------------------------------
Indicated  That part of a Mineral Resource for which tonnage, densities,    
resource   shape, physical characteristics, grade and mineral content can be
           estimated with a reasonable level of confidence. It is based on  
           exploration, sampling and testing information gathered through   
           appropriate techniques from locations such as outcrops, trenches,
           pits, workings and drill holes. The locations are too widely or  
           inappropriately spaced to confirm geological and/or grade        
           continuity but are spaced closely enough for continuity to be    
           assumed.                                                         
----------------------------------------------------------------------------
Intercept  Refers to a sample or sequence of samples taken across the entire
           width or an ore body or mineralized zone. The intercept is       
           described by the entire thickness and the average grade of       
           mineralisation.                                                  
----------------------------------------------------------------------------
koz        Thousand troy ounces.                                            
----------------------------------------------------------------------------
kt         Thousand tonnes.                                                 
----------------------------------------------------------------------------
Mineral    A concentration or occurrence of material of economic interest in
Resource   or on the Earth's crust in such a form, quality, and quantity    
           that there are reasonable and realistic prospects for eventual   
           economic extraction. The location, quantity, grade, continuity   
           and other geological characteristics of a Mineral Resource are   
           known, estimated from specific geological knowledge, or          
           interpreted from a well constrained and portrayed geological     
           model.                                                           
----------------------------------------------------------------------------
Open pit   A method of extracting minerals from the earth by excavating     
mining     downwards from the surface such that the ore is extracted in the 
           open air (as opposed to underground mining).                     
----------------------------------------------------------------------------
oz         Troy ounce, equivalent to 31.103477 grams.                       
----------------------------------------------------------------------------
Mt         Million tonnes.                                                  
----------------------------------------------------------------------------
Strike     The longest horizontal dimension of an ore body or zone of       
length     mineralisation.                                                  
----------------------------------------------------------------------------
True width The shortest axis of a body, usually perpendicular to the longest
           plane. This often has to be calculated for channel or drill      
           samples where the sampling was not exactly perpendicular to the  
           long axis. The true width will always be less than the apparent  
           width of an obliquely intersect sample.                          
----------------------------------------------------------------------------
Vein       A sheet-like body of crystalised minerals within a rock,         
           generally forming in a discontinuity or crack between two rock   
           masses. Economic concentrations of gold are often contained      
           within vein minerals.                                            
----------------------------------------------------------------------------

Contacts:
Condor Gold plc
Mark Child
Executive Chairman and CEO
+44 (0) 20 7408 1067

Condor Gold plc
Luc English
Country Manager Nicaragua
+505 8854 0753
www.condorgold.com

Beaumont Cornish Limited
Roland Cornish, James Biddle
+44 (0) 20 7628 3396

Ocean Equities Limited
Will Slack
+44 (0) 20 7786 4385

Farm Street Media
Simon Robinson
+44 (0) 7593 340107

About Marketwired .
Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

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