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.

Both of the above have been posted on the Company's website www.condorgold.com and are also available on SEDAR at www.sedar.com .

Highlights for the third quarter of 2019

• In July, the Company raised £4,038,504 by way of a private placement of new ordinary shares. The principal use of proceeds is to meet conditions of the Environmental Permit to construct and operate a mine for La India open pit. Proceeds are being used to buy land required for the mine site infrastructure, complete engineering studies ahead of a construction decision and complete 18 technical studies required for Environmental and Social Impact Assessments ('ESIAs') for 2 high grade satellite feeder pits.
• Significant advancement with 18 technical studies required for ESIAs for 2 high grade satellite feeder pits
• Nicaragua Milling Company Limited became a new 10.4% shareholder in the Company. Randy Martin, the majority owner, has built 3 gold mines in Nicaragua, which are currently in operation.
• Approximately 300 hectares of land has been purchased at the La India Project on and surrounding the mine site infrastructure.
• Government of Nicaragua granted Condor Gold the 132.1 km² Los Cerritos exploration and exploitation concession, which expands the La India Project concession area by 29% to a total of 587.7 km²

Post Period Highlights

• 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 ESIAs required for the application for the Environmental Permits to extract gold from 2 high grade satellite feeder pits are almost completed.

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

CONDOR GOLD PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2019

		30.09.19 unaudited £				31.12.18 audited £				30.09.18 unaudited £
ASSETS:
NON-CURRENT ASSETS
Property, plant and equipment			219,197				211,064				191,881
Intangible assets			21,917,014				20,644,243				20,431,673
			22,136,211				20,855,307				20,623,554
CURRENT ASSETS
Trade and other receivables			368,789				219,077				312,626
Cash and cash equivalents			3,637,425				220,975				878,272
			4,006,214				440,052				1,190,898
TOTAL ASSETS			26,142,425				21,295,359				21,814,452
LIABILITIES:
CURRENT LIABILITIES
Trade and other payables			155,736				251,316				322,218
TOTAL LIABILITIES			155,736				251,316				322,218
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