Condor Gold Plc (“Condor”, “Condor Gold” or the “Firm”) 34.1 Metres True Width at 2.56 g/t Gold From Close to Floor Inside La India Open Pit

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LONDON, Might 23, 2022 (GLOBE NEWSWIRE) — Condor Gold (AIM: CNR; TSX: COG) is happy to announce vital assay outcomes from the sampling of geotechnical drill holes on the La India Open Pit. These intercepts are positioned inside and between the deliberate high-grade starter pits and supply extra confidence to the mineral useful resource on this key space.

Highlights:

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Mark Baby, Chairman and CEO commented:

“A large zone of 34.1 metres true width of excellent open pit grade gold mineralisation of two.56 g/t gold from solely 2.80 metres drill depth is right materials as preliminary mill feed for the permitted processing plant and helps the engaging mission economics and 12 month pay again detailed within the PEA technical report filed in October 2021. This was a geotechnical drill gap inside La India open pit that was initially surveyed and analysed for buildings and rock energy, which as soon as accomplished, was assayed for gold and silver. It provides confidence to the geological mannequin for the forthcoming Feasibility Research and serves as a well timed reminder of the vast zones of fabric with good open pit gold grade obtainable close to floor inside the absolutely permitted La India Venture.”

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Background

Condor introduced the completion of 21 geotechnical drill holes on the deliberate La India Open Pit in an RNS dated thirtieth November 2021. The drilling was designed to supply drill core samples by all sides of the pit wall with a view to acquire geotechnical data to analyse and to find out the geotechnical parameters for the ultimate pit design to a Feasibility Research (FS) stage of element, which is to plus or minus 15% accuracy. In all instances the drill holes have been collared inside the open pit shell and angled to move by the pit wall at a pre-determined location with a view to pattern the rock mass that may ultimately kind the pit wall. Three of the geotechnical holes have been drilled by the principal La India mineralised zone to check the pit partitions on the footwall aspect of the pit. The drill core collected by the mineralised zone successfully offers extra infill drill samples, and this materials was assayed after the geotechnical check work had been accomplished.

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Assay outcomes

The dual geotechnical drill holes LIGT528 and LIGT536 have offered a helpful extra infill within the deliberate Northern Starter Pit. The drill holes returned comparable intercepts of 41.05 m (28.7 m true width) at 2.62 g/t gold and 44.85 m (30.2 m true width) at 2.55 g/t gold within the hanging-wall of the historic mine workings. Of those solely LIGT536 efficiently drilled into the historic mine footwall to return an amalgamated hangingwall and footwall intercept of 50.70 m (34.1 m true width) at 2.56 g/t gold from 2.80 m drill depth. This intercept consists of three high-grade veins within the hanging-wall of 6.0 m true width at 4.30 g/t gold, 2.0 m true width at 5.31 g/t gold and three.6 m true width at 8.75 g/t gold, in addition to a 3 m vast mine cavity (see desk beneath). These twin holes have returned the 8^th and 10^th greatest intercepts to-date on the La India Vein (see Desk 1 beneath).

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Geotechnical drill gap LIGT531 was drilled 150 m alongside strike to the southwest within the zone between the 2 deliberate starter pits. The assay outcomes confirmed vital mineralisation at depth between the 2 starter pits within the section the place the La India Vein splits in two: returning vital intercepts of seven.60 m (5.3 m true width) at 3.11 g/t gold from 36.00 m drill depth (the higher La India vein), and seven.35 m (5.1 m true width) at 2.70 g/t gold from 51.45 m drill depth (the decrease La India vein). These assay outcomes add confidence to the geological mannequin.

Desk 1. High ten gold intercepts from drilling at La India (* newest geotechnical drill samples).

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True width is an interpretation based mostly on the present interpretation of the veins and could also be revised sooner or later.

Desk 2. Newest and remaining drill intercepts on La India vein – 2021 geotechnical drill holes.

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True width is an interpretation based mostly on the present interpretation of the veins and could also be revised sooner or later.

*Word: Bureau Veritas Mineral Laboratories, Canada. www.bureauveritas.com/um was used for the drill assay outcomes.

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For additional data please go to www.condorgold.com or contact:

About Condor Gold plc:

Condor Gold plc was admitted to AIM in Might 2006 and twin listed on the TSX in January 2018. The Firm is a gold exploration and growth firm with a concentrate on Nicaragua.

On 25 October 2021 Condor introduced the submitting of a Preliminary Financial Evaluation Technical Report (“PEA”) for its La India Venture, Nicaragua on SEDAR https://www.sedar.com. The spotlight of the technical examine is a post-tax, put up upfront capital expenditure NPV of US$418 million, with an IRR of 54% and 12 month pay-back interval, assuming a US$1,700 per oz gold worth, with common annual manufacturing of 150,000 oz gold every year for the preliminary 9 years of gold manufacturing. The open pit mine schedules have been optimised from designed pits, bringing increased grade gold ahead leading to common annual manufacturing of 157,000 oz gold within the first 2 years from open pit materials and underground mining funded out of cashflow.

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In August 2018, the Firm introduced that the Ministry of the Setting in Nicaragua had granted the Environmental Allow (“EP”) for the event, development and operation of a processing plant with capability to course of as much as 2,800 tonnes per day at its wholly-owned La India gold Venture (“La India Venture”). The EP is taken into account the grasp allow for mining operations in Nicaragua. Condor has bought a brand new SAG Mill, which has primarily arrived in Nicaragua. Website clearance and preparation is at a complicated stage.

Environmental Permits have been granted in April and Might 2020 for the Mestiza and America open pits respectively, each positioned near La India. The Mestiza open pit hosts 92 Kt at a grade of 12.1 g/t gold (36,000 oz contained gold) within the Indicated Mineral Useful resource class and 341 Kt at a grade of seven.7 g/t gold (85,000 oz contained gold) within the Inferred Mineral Useful resource class. The America open pit hosts 114 Kt at a grade of 8.1 g/t gold (30,000 oz) within the Indicated Mineral Useful resource class and 677 Kt at a grade of three.1 g/t gold (67,000 oz) within the Inferred Mineral Useful resource class. Following the allowing of the Mestiza and America open pits, along with the La India Open Pit Condor has 1.12 M oz gold open pit Mineral Sources permitted for extraction.

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Disclaimer

Neither the contents of the Firm’s web site nor the contents of any web site accessible from hyperlinks on the Firm’s web site (or some other web site) is integrated into, or varieties a part of, this announcement.

Certified Individuals

The technical and scientific data on this press launch has been reviewed, verified and authorised by Andrew Cheatle, P.Geo., who’s a “certified particular person” as outlined by NI 43-101 and Gerald D. Crawford, P.E., who’s a “certified particular person” as outlined by NI 43-101 and is the Chief Technical Officer of Condor Gold plc.

Technical Data

Sure disclosure contained on this information launch of a scientific or technical nature has been summarised or extracted from the technical report entitled “Technical Report on the La India Gold Venture, Nicaragua, October 2021”, dated October 22, 2021 with an efficient date of September 9, 2021 (the “Technical Report”), ready in accordance with NI 43-101. The Certified Individuals accountable for the Technical Report are Dr Tim Lucks of SRK Consulting (UK) Restricted, and Mr Fernando Rodrigues, Mr Stephen Taylor and Mr Ben Parsons of SRK Consulting (U.S.) Inc. Mr Parsons assumes accountability for the MRE, Mr Rodrigues the open pit mining points, Mr Taylor the underground mining points and Dr Lucks for the oversight of the remaining technical disciplines and compilation of the report.

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Ahead Trying Statements

All statements on this press launch, apart from statements of historic reality, are ‘forward-looking data’ with respect to the Firm inside the that means of relevant securities legal guidelines, together with statements with respect to: the continued mining dilution and pit optimisation research, and the incorporation of identical into any mining manufacturing schedule, future growth and manufacturing plans at La India Venture. Ahead-looking data is usually, however not at all times, recognized by way of phrases similar to: “search”, “anticipate”, “plan”, “proceed”, “methods”, “estimate”, “anticipate”, “mission”, “predict”, “potential”, “focusing on”, “intends”, “consider”, “potential”, “might”, “may”, “will” and comparable expressions. Ahead-looking data will not be a assure of future efficiency and relies upon quite a few estimates and assumptions of administration on the date the statements are made together with, amongst others, assumptions concerning: future commodity costs and royalty regimes; availability of expert labour; timing and quantity of capital expenditures; future forex change and rates of interest; the influence of accelerating competitors; basic circumstances in financial and monetary markets; availability of drilling and associated gear; results of regulation by governmental companies; the receipt of required permits; royalty charges; future tax charges; future working prices; availability of future sources of funding; means to acquire financing and assumptions underlying estimates associated to adjusted funds from operations. Many assumptions are based mostly on components and occasions that aren’t inside the management of the Firm and there’s no assurance they are going to show to be right.

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Such forward-looking data entails identified and unknown dangers, which can trigger the precise outcomes to be materially totally different from any future outcomes expressed or implied by such forward-looking data, together with, dangers associated to: mineral exploration, growth and working dangers; estimation of mineralisation and sources; environmental, well being and security laws of the useful resource trade; aggressive circumstances; operational dangers; liquidity and financing dangers; funding danger; exploration prices; uninsurable dangers; conflicts of curiosity; dangers of working in Nicaragua; authorities coverage modifications; possession dangers; allowing and licencing dangers; artisanal miners and group relations; issue in enforcement of judgments; market circumstances; stress within the international economic system; present international monetary situation; change fee and forex dangers; commodity costs; reliance on key personnel; dilution danger; cost of dividends; in addition to these components mentioned underneath the heading “Threat Components” within the Firm’s annual data kind for the fiscal 12 months ended December 31, 2020 dated March 31, 2021 and obtainable underneath the Firm’s SEDAR profile at www.sedar.com.

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Though the Firm has tried to establish necessary components that would trigger precise actions, occasions or outcomes to vary materially from these described in forward-looking data, there could also be different components that trigger actions, occasions or outcomes to not be as anticipated, estimated or meant. There may be no assurance that such data will show to be correct as precise outcomes and future occasions might differ materially from these anticipated in such statements. The Firm disclaims any intention or obligation to replace or revise any forward-looking data, whether or not because of new data, future occasions or in any other case until required by regulation.

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