Condor Resources
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MC has in the past talked about selling for around $200 an oz.. If we look at last year's Extorre deal that now looks more and more credible. Extorre went for around $168 an oz for their 2.4 million oz resource which combined small open pits with high grade underground mining in Argentina. Politically Nicaragua looks a better bet than Argentina at present so the fact that Extorre received $168 is encouraging.
At the current rate of return from our drilling and particularly if we once again get many new ounces from within the old mine workings (of the America vein this time) it is very likely that in about another four to five months' time we will be well past 3 million oz. Just based on economies of scale that should ensure that we command around the $200 an oz level, although it is worth remembering that Ventana and Fronteer Gold were sold last year for $350 and $400 an oz respectively at a time when gold was nearer to $1400.
3 million oz at $200 per oz and 33.5 million shares in issue = £11.19 per share.
3.5 million oz at $200 per share and 35 million shares in issue = £12.50 per share
2. CNR has 2.4 million oz of high grade gold (over 4g/t) in one location (760k oz of Indicated). All of the vein sets are within 1.5km of a proposed central mill.
3. CNR will be doing 14,000m of fully funded drilling this year to increase the resource to 3 million oz+ and to increase the amount of Indicated ounces via infill drilling. About 5000m has already been completed and the results should now start coming through on a regular basis.
4. The high grade of gold, which will be extractable mainly by open pit, is forecast to be very cheap to produce and CNR's operational costs will be in the lower quartile.
5. CNR already has the biggest resource in mining friendly Nicaragua, despite the presence of B2Gold, which is well established in the country and is also highly profitable. CNR's La India district holds at least 5 million ounces, but probably a lot more and the broker Ocean Equities has suggested that although CNR already has a 2.4 million oz resource, the company has just been' chiselling at the tip of the (gold) iceberg at La India'.
6. A PEA should be produced this year (possibly in H1) and that should confirm a NPV for the project well in excess of £12 per share. A 150k oz pa operation looks feasible at this stage, following the completion of the drilling on the two main vein sets and with costs likely to be well below $500 per oz and a current gold price of $1666 per oz the project is set to be highly economic. Once the PEA is published CNR will be a genuine take-over target for one of the big producers who will not ignore the size of the project and the outstanding economics at a time when they are finding it harder and harder to replenish their reserves - particularly with high grade open pit ounces.
http://www.gowebcasting.com/events/...ondor-gold-plc/play/stream/6599
2020-01-10 07:01 ET - News Release
Mr. Mark Child reports
APPOINTMENT OF BROKER
Condor Gold PLC has appointed SP Angel Corporate Finance LLP as sole broker to the company with immediate effect.
Mark Child, chairman and chief executive officer, commented: "On behalf of the board I would like to thank Numis Securities for acting as the company's broker for the past five years. I am delighted to appoint SP Angel as the new broker to the company at an exciting time when Condor is heading towards gold production from the permitted La India open pit, expanding the production potential by permitting two high-grade feeder pits and continuing with the strategy to demonstrate a five-million-ounce gold district."
The technical and scientific information in this press release has been reviewed, verified and approved by Andrew Cheatle, PGeo, who is a qualified person as defined by National Instrument 43-101.
https://www.resource-capital.ch/de/reports/
Was will man mehr in so einem Stadium wie CNR sich gerade befindet, wenn die Direktoren sich jetzt eindecken heißt das mehr als genug.
Sternzeichen
https://www.accesswire.com/viewarticle.aspx?id=624287
und
https://www.ariva.de/news/...b-der-direktoren-durch-ausuebung-9021324