13 Nov 2019, 22:01 GMT+10
LONDON, UK / ACCESSWIRE / November 13, 2019 / Condor Gold (AIM:CNR)(TSX:COG) ('Condor', 'Condor Gold' or the 'Company') announces that it has today published its unaudited financial results for the three and nine months ending 30 September, 2019 and the Management's Discussion and Analysis for the same period.
Highlights for the third quarter of 2019
Post Period Highlights
Mark Child, Chairman and Chief Executive of Condor Gold, commented:
'During Q3 2019, Condor Gold continued to make solid progress by de-risking the La India Project ahead of a construction decision. Offers have been made to all landowners to purchase the freehold land within the area of the mine site infrastructure. The majority of the technical and engineering studies required prior to construction by the Ministry of the Environment and Natural Resources ('MARENA') have been initiated. The engineering studies for the Tailings Storage Facility and Water Management System for the mine have been awarded to Tierra Group Inc, based in Denver, USA. The mine and waste dump schedules have been completed, while the sewage and water system designs for the office and accommodation blocks at the mine have been approved.
The Company will submit two Environmental and Social Impact Assessments to MARENA within the near future, which apply for Environmental Permits to extract gold from the high grade Mestiza and America satellite feeder pits. These have the potential to increase annual production from open pit material by 50% to 120,000 oz gold p.a. for a seven year life of mine, as compared to the PFS study and will result in over 1 million ounces gold being permitted for extraction.'
CONDOR GOLD PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE THREE AND NINE MONTHS TO 30 SEPTEMBER 2019
|Cash flows from operating activities|
Loss before tax
Share based payment
Impairment charge of intangible fixed assets
(Increase)/decrease in trade and other receivables
Increase/(decrease) in trade and other payables
Net cash absorbed in operating activities
Cash flows from investing activities
Purchase of intangible fixed assets
Purchase of tangible fixed assets
Net cash absorbed in investing activities
Cash flows from financing activities
Net proceeds from share issue
Net cash generated in financing activities
Increase / (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Exchange losses on cash and bank
Cash and cash equivalents at end of period
CONDOR GOLD PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2019
Property, plant and equipment
Trade and other receivables
Cash and cash equivalents
Trade and other payables
NET CURRENT ASSETS
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