Grant of options

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SURREY, BC /ACCESSWIRE/September 13, 2022/ Condor Gold plc, (AIM:CNR; TSX:COG) announces that on September 13, 2022 (the “Date of grant“) he granted 4,200,000 stock options, representing 2.65% of the issued share capital (the “Option 2022“) under the Company’s existing stock option program (“Stock option plan“).

The 2022 option grant was recommended by the Compensation Committee and approved by the Board of Directors under the stock option program, under which options are granted annually as an incentive to directors , employees and consultants. The 2022 Options were granted to:

Mark the child

Jim Melon

Kate Harcourt

Andrew Cheatle

Ian Stalker

David Crawford

Other employees and consultants

President and CEO

Non-executive director

Non-executive director

Non-executive director

Non-executive director

Technical director

1,250,000

300,000

300,000

300,000

300,000

340,000

1,410,000

In August 2018, the Company implemented a business management incentive program (the “EMI diagram“) as a sub-plan under and in accordance with the rules of the Share Option Scheme. The EMI Scheme is open only to employees of Condor Gold plc who are tax resident in the United Kingdom. Of the 2022 Options, 100,000 have been granted via the EMI Schematic.

The 2022 options have an exercise price of 28.5 pence per share, equal to the closing price of AIM on September 12, 2022 and are exercisable for a period of 5 years from the date of grant, with the restriction that no option may be exercised within 12 months. from the Grant Date, only up to 50% of said options may be exercised within the following 12 months and beyond that, 100% of said options may be exercised, provided that the beneficiary remains with the Company.

Following the grant of the 2022 Options described above, the total number of stock options outstanding will represent 10.12% of the 158,629,530 common shares outstanding.

– Ends –

For more information, please visit www.condorgold.com or contact:

Condor Gold plc

Mark Child, President and CEO

+44 (0) 20 7493 2784

Beaumont Cornish Limited

Roland Cornish and James Biddle

+44 (0) 20 7628 3396

SP Angel Corporate Finance LLP

Ewan Leggat
+44 (0) 20 3470 0470

H&P Advisory Limited

Andrew Chubb and Nilesh Patel

+44 207 907 8500

About Condor Gold plc:

Condor Gold plc was admitted to AIM in May 2006 and dual listed on the TSX in January 2018. The company is a Nicaragua-focused gold exploration and development company.

In accordance with the CIM Code, an NI 43-101 compliant technical report summarizing the results of FY2022 will replace the previously published Preliminary Economic Assessment (“PEA”) as presented in the technical report filed on SEDAR in October 2021 The FS Technical Report will be released within 45 days of this announcement.

The previous preliminary economic assessment published on October 25, 2021 by Condor considered that the expanded project included the exploitation of mineral resources associated with the La India, Mestiza, America and Central Breccia deposits. The 2021 PEA presented an after-tax and initial capital expenditure NPV of US$418 million, with an IRR of 54% and a payback period of 12 months, assuming a gold price of US$1,700 per year. ounce, with an average annual production of 150,000 ounces of gold. per year for the first 9 years of gold production. Open pit mine schedules were optimized from designed pits advancing higher grade gold resulting in average annual production of 157,000 oz of gold in the first 2 years from open pit materials and cash flow financed underground mining. The Mineral Resource estimate and associated Preliminary Economic Assessment contained in the 2021 Technical Report is considered a historical estimate within the meaning of NI 43-101 – Disclosure standards for mining projects (“NI 43-101”), and the Company does not consider the historical mineral resource estimate and associated studies to be current, and the reader is cautioned not to rely on such data as such. The Company believes that the historical mineral resource estimate and preliminary economic assessment are relevant to the continued development of the La India project.

In August 2018, the Company announced that the Nicaraguan Ministry of Environment had granted the Environmental Permit (“EP”) for the development, construction and operation of a treatment plant with a treatment capacity of up to ‘to 2,800 tonnes per day at full capacity. owned the La India gold project (“La India Project”). The PE is considered the primary permit for mining operations in Nicaragua. Condor bought a new SAG Mill, which mainly arrived in Nicaragua. Clearance and site preparation are at an advanced stage.

Environmental permits were granted in April and May 2020 for the Mestiza and America open pit mines respectively, both located near La India. The Mestiza open pit mine contains 92 Kt grading 12.1 g/t gold (36,000 oz contained gold) in the indicated mineral resource category and 341 Kt grading 7.7 g/t gold. t of gold (85,000 oz of contained gold) in the inferred mineral resource category. Resource category. The America open pit mine contains 114 kt grading 8.1 g/t gold (30,000 oz) in the indicated mineral resource category and 677 kt grading 3.1 g/t gold (67,000 oz) in the inferred mineral resource category. Following the authorization of the Mestiza and America open pit mines, as well as the La India open pit mine, Condor has open pit mineral resources of 1.12 M oz of gold authorized for extraction.

Disclaimer

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

Qualified persons

The technical and scientific information contained in this press release has been reviewed, verified and approved by Andrew Cheatle, P.Geo., Director of Condor Gold plc, and Gerald D. Crawford, PE, Technical Director of Condor Gold plc, each of whom is a “qualified person” as defined by NI 43-101.

Technical informations

Certain information contained in this press release of a scientific or technical nature has been reviewed by the qualified persons responsible for their respective components of SF 2022 as defined below:

  • On behalf of SRK: Dr. Tim Lucks of SRK Consulting (UK) Limited, Mr. Fernando Rodrigues and Mr. Ben Parsons of SRK Consulting (US) Inc., Mr. Parsons is responsible for the Mineral Resource estimate, Mr. Fernando Rodrigues for mineral reserve estimation and the open pit study and production schedule, and Dr. Lucks for overseeing SRK’s other technical disciplines.

  • On behalf of Hanlon: Mike Rockandel for process design and project infrastructure, and associated operating and capital costs;

  • On behalf of Tierra Group: Justin Knudsen PE for Tailings Management and Design of La Simona Water Mitigation Structure.

Forward-looking statements

All statements contained in this press release, other than statements of historical fact, are “forward-looking information” about the Company within the meaning of applicable securities laws, including statements regarding: development and production plans forecasts, capital and operating costs, life of mine and production rates, metal or mineral recovery estimates, and mineral resource and mineral reserve estimates for the La India Project. Forward-looking information is often, but not always, identified by the use of words such as: “seek”, “anticipate”, “plan”, “continue”, “strategies”, “estimate”, “expect”. , “project”, “predict”, “potential”, “targeting”, “intent”, “believe”, “potential”, “could”, “might”, “will” and similar expressions. Forward-looking information is not a guarantee of future performance and is based on a number of management estimates and assumptions as of the date the statements are made, including, among other things, assumptions regarding: prices commodity futures and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates and interest rates; the impact of increasing competition; general economic and financial market conditions; the availability of drilling and related equipment; the effects of regulation by governmental agencies; receipt of required permits; royalty rates; future tax rates; future operating costs; availability of future funding sources; the ability to obtain financing and the assumptions underlying the estimates related to adjusted funds from operations. Many assumptions are based on factors and events beyond the Company’s control and there can be no assurance that they will prove to be correct.

This forward-looking information involves known and unknown risks, which may cause actual results to differ materially from future results expressed or implied by such forward-looking information, including risks relating to: mineral exploration, development and operating risks; mineralization and resource estimation; resource industry environmental, health and safety regulations; competitive conditions; operational risks; liquidity and funding risks; funding risk; exploration costs; uninsurable risks; conflicts of interest; risks of operating in Nicaragua; government policy changes; property risks; risks relating to permits and licenses; artisanal miners and community relations; difficulty in enforcing judgments; market conditions; stress in the global economy; the current global financial situation; foreign exchange and foreign exchange risks; commodity prices; reliance on key personnel; dilution risk; payment of dividends; as well as the factors discussed under the heading “Risk Factors” in the Company’s Annual Information Form for the year ended December 31, 2021 dated March 29, 2022 and available under the Company’s SEDAR profile at www.sedar.com.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking information, there may be other factors that cause the actions , events or results are not those anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

THE SOURCE: Condor Gold plc

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