Condor Resources
Condor Resources 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 30th December 2011, La India Project had a JORC Code Resource of 1,620,000 oz gold at 5.6g/t. The corporate objective in 2012 is to increase the resource to 2m oz gold and convert Inferred resources to Indicated and complete feasibility studies. Condor has a total resource of 1,707,000 oz gold in Nicaragua.Condor has a JORC Code Resource of 1,004,000 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.
Related news
- Condor Resources "really pleased" with metallurgical tests at La India
2012-05-21 - Condor Resources "really pleased" with metallurgical tests at La India - UPDATE
2012-05-21 - Condor Resources - low cost gold producer in the making?
2012-05-11 - Condor Resources - low cost gold producer in the making?
2012-04-24 - Condor Resources' La India project has potential far beyond historic bounds, suggests broker
2012-04-17 - Condor Resources rallies after releasing SRK report on La India gold resource
2012-04-14 - Condor Resources flying high on the potential of La India project
2010-11-17
Company Statement
Condor Resources Plc is a UK based AIM listed exploration Company with a strong focus on the exploration and development of gold and silver resources within Central America.
The Company owns outright a portfolio of high quality concessions prospective for high-grade epithermal gold and silver in Nicaragua and El Salvador in Central America.
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 in these prospective areas of Central America.
The Company was successfully admitted to the official list of the London Stock Exchange AIM Market on 31st May 2006.
Current Operations
Projects Overview
Condor Resources PLC has a number of projects in Central America that lie within major epithermal and mesothermal gold belts with the potential to host world class gold deposits.
The company has secured 100% ownership in a number of projects within Nicaragua and El Salvador. A current list of the Company's projects is available here.
Condor's objective is to maximise shareholder value through the discovery of significant high-grade gold deposits in Central America. The company believes it will achieve this by focusing exploration efforts on projects that have a robust exploration model with excellent potential to generate early cash flow.
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.
The mineralisation is medium-sulphidation epithermal vein gold-silver type, hosted by a Tertiary-aged volcanic sequence of andesite flows intercalated with subordinate basalt.
Click here for map
The seven prospects identified by First Point Minerals are listed below:
- San Andres Prospect
- Balsamo East Prospect
- Balsamo Prospect
- Santa Rita Prospect
- Filadelphia Prospect
- Santa Juana Prospect
- El Rodeo Prospect
For ruther information please click here
El Salvador
Located on the isthmus between North and South America, El Salvador is dominated by late Cretaceous to Quaternary volcanic rocks including rhyolite flows and domes, voluminous andesite and basalt flows, volcaniciastics and pyroclastics which host the majority of the high-grade economic mineral deposits found in El Salvador.
Condor currently holds several exploration concessions within El Salvador with significant historical mining activity and/or the potential to host a world class high grade epithermal mineral deposit.
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.
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.
For more information regarding these projects please click here.
Nicaragua
Nicaragua is the largest country in Central America and also has the highest recorded gold production in the region, estimated at almost 10M ounces of gold. There are currently three large modern producing gold mines; Bonanza (3.1M ounces gold and 0.6M ounces silver produced), El Limón (2.7M ounces gold and 4.5M ounces silver produced) and La Libertad (170,000 ounces gold production, 16.3Mt at 1.5g/t gold reserves). The countries gold production from these modern mines is supplemented by small scale artisanal mining of both bedrock and alluvial placer gold in mining districts throughout the country. Past mining activity includes some large resources such as the Siuna and Rosita Mining districts (3.8Mt at 5.6g/t gold).
For more information about this project please click here
La Libertad-Santo Domingo Gold Mining District: Cerro Quiroz
The company has secured 100% ownership in a number of projects within Nicaragua and El Salvador. A current list of the Company's projects is available here.
Condor's objective is to maximise shareholder value through the discovery of significant high-grade gold deposits in Central America. The company believes it will achieve this by focusing exploration efforts on projects that have a robust exploration model with excellent potential to generate early cash flow.
For further information on Condor Resources projects please click here
Management
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 betinternet.com 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.
Senior Management
Luc English PhD FGS CGeol
Country Manager Nicaragua & El Salvador
Dr English is a geologist with 14 years experience in exploration, mostly gained in Western and Central Australia on gold exploration projects ranging from greenfield exploration to resource definition and mine feasibility studies. He worked most recently for Tanami Gold NL during the commissioning of the Coyote Gold Mine. In addition to the Australian exploration experience he has worked as gold exploration geologist in Gabon and Eritrea in Africa, and also as a technical consultant for the oil and gas industry in the UK and Middle East.
Jose Mario Gonzalez Granados
Administration Manager - El Salvador & Nicaragua
Mr. Gonzalez has more than 16 years experience in Business Administration in El Salvador. He was involved in starting up of Condor Resources' subsidiaries Minerales Morazan, SA de CV (El Salvador , 2004) and Condor, SA ( Nicaragua , 2006). Mr. Gonzalez has been participating in meetings and negotiations with the Government regarding the metallic mining industry in El Salvador. He is also actively contributing to work to the Nicaraguan Chamber of Mines.
Armando Jose Tercero Gamez, Ing Geol
Chief Geologist - Nicaragua & El Salvador
Mr Tercero, a Nicaraguan national, graduated in Geology in the Soviet Union prior to gaining 25 years experience as an exploration geologist in Nicaragua. He has extensive experience in the discovery and definition of gold mineralised epithermal vein systems. In the late 1980's he was the principal Nicaraguan geologist in the cornerstone Soviet sponsored exploration project of the La India Mining District. Prior to joining Condor Resources in 2005 he was exploration manager for Triton, S.A., the Canadian-owned operators of Nicaragua's El Limon and La Libertad gold mines. Under Mr Tercero direction a number of significant gold-bearing veins were discovered and defined in El Limon and La India Mining Districts, including the Santa Pancha Vein which is currently being mined at Triton's multi-million ounce El Limon Gold Mine.
Major Shareholders
Shareholder Numbers of Shares % Held
1. Mr. Mark Child** 68,750,000 12.45%
2. Oracle Investment Management 46,222,915 8.28%
3. Macquarie Bank Limited 33,333,333 5.97%
3. Mr Jim Mellon *** 2,000,000 0.4%
* As of 19
th
May 2011
** Director
*** Held in the name of Galloway Limited
N.B. at 19
th
May 2011 Condor Resources Plc had 558,345,086 ordinary shares in issue.
For Major Shareholder information for Condor Resources please click here
Updated form company website 25.10.11
Contact Information
Registered Office
Speechly Bircham LLP
6 New Street Square
London EC4A 3LX
Telephone: +44 (0) 207 427 6400
UK London Office
Condor Resources PLC
7th Floor
39 St. James's Street
London SW1A 1JD
Tel: +44 (0) 207 408 1067
Fax: +44 (0) 207 493 8633
Email: information@condorresourcesplc.com
Directors and Managements Contacts:
Mark Child, Executive Chairman
Email: chairman@condorresourcesplc.com
Jim Mellon, Non Executive Director
Email: information@condorresourcesplc.com
Corporate Information
Broker to the Company
Ocean Equities Limited
3 Copthall Avenue
London EC2R 7BH
Telephone: +44 (0)207 786 4370
Auditors and Reporting Accountants
Crowe Clark Whitehill LLP
St. Bride's House
10 Salisbury Square
London
EC4Y 8EH
Tel: +44 (20) 7842 7100
Company Secretary
Chris Putt
6 New Street Square
London EC4A 3LX
Telephone: +44 (0)20 7395 3000
Nominated Advisor
Beaumont Cornish Limited
2nd Floor
Bowman House
29 Wilson St.
London, EC2M 2SJ
Telephone: +44 (0) 207 628 3396
Nicaragua Office
Reparto San Mateo
2a Entrada, 2 Cuadras al SurLeon,
Telephone: +505 2311 0970
Email: condor_sa_ni@yahoo.com
Independent Geologist
SRK Consulting (UK) Ltd.
5th Floor
Churchill House
17 Churchill Way
Cardiff CF10 2HH
Telephone: +44 29 2034 8150
El Salvador Office
San Salvador
El Salvador
Telephone: +503 2264-8058
Email: mineralesmorazan@yahoo.com
Solicitors to the Company UK
Speechly Bricham LLP
6 New Street Square
London EC4A 3LX
Telephone: +44 (0) 207 427 6400
Registrars
Share Registrars Limited
Craven House
West Street
Farnham
Surrey GU9 7EN
Telephone: +44 (0)1252 821390
For ruther information please click here
