Condor Gold Plc

completed

Condor Gold is an AIM listed junior exploration company based in London and focused on gold exploration in Nicaragua. The Company holds a total of 375.55 km2 of licensed concessions in Nicaragua, with the eight concessions that comprise the La India Project (280.05 km2) being their flagship project. Condor has completed 23,600 meters of drilling since the 2012 mineral resource estimate, bringing the total drilling on the La India Project to date to 62,000 meters. An updated independent technical Mineral Resource Estimate for the La India Project using the National Instrument 43-101 standard of disclosure in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards, was produced by SRK on November 8, 2013. The final report provides a significant amount of detail about the La India Project including but not limited to project geology, exploration drilling and sampling, data quality and quantity, data validation, the geological model and the classification and reporting criteria. The current La India Project’s total mineral resource estimate is 18.4Mt at 3.9g/t for 2.33M ounces (oz) gold and 2.68M oz silver at 6.2g/t. Based on the technical studies, almost half of the mineral ore could be mined by open pit. The bulk of this resource is within the La India zone which accounts for 920,000 oz at 3.0g/t gold. The identification of two feeder pits, the America open pit with 160,000 oz at 4.2g/t and the Central Breccia Open Pit with 57,000 oz gold at 1.9g/t would help the mine scheduling.In addition, Condor completed in 2013 a 3,351 line kilometer helicopter-borne geophysics survey covering the entire 280 km2 La India Project, which has confirmed that there remains considerable exploration upside for the Project. In addition to La India, the Company holds 100% of three earlier stage prospective concessions: Estrella, Potrerillos and Rio Luna and 20% of the Cerro Quiroz Concession. The Company is currently focusing its drilling efforts at La India with very little work going on in the rest of the concessions.Current exploration work at La India has been confined to rock chip sampling on 8 targets outside the existing resource area identified by the geophysics and completing circa 4,500m trenching of these targets 6 targetsCurrent workforce for the Project includes approximately 36 people of which 63% are hired from the La India community (skilled and unskilled) and 89% are Nicaraguan nationals. The Company has implemented its base camp in a rented house located in the community of La India. The camp includes office facilities, accommodation to house 20 people, a core shed, kitchen facilities and parking area.The closest community to the drilling sites is La India (with approximately 1000 inhabitants). The outer edges of the community are located at a minimum, a few hundred meters away from the closest drill sites. Other smaller communities further away include Nance Dulce (200 inhabitants) approximately 1.3 km from La India, Agua Fria (180 inhabitants) approximately 2.5 km from La India, El Bordo (430 inhabitants) approximately 2.4 km from La India, Cristalito (450 inhabitants) approximately 2.7 km from La India, Los Rastrojos (390 inhabitants) approximately 2.4 km from La India and El Tranque (250 inhabitants) approximately 5 km from La India. Besides its properties in Nicaragua, the Company holds a 90% interest in two concessions located in El Salvador: La Calera and Pescadito. Both prospects comprise an area of 133 km2 and together host an attributable resource estimate of 1.0 MM oz of gold. Condor is not carrying out any type of exploration work at La Calera or Pescadito while El Salvador’s moratorium on mining and exploration remains in effect.Condor has expressed its objective to follow good international industry practice (GIIP) in environmental, safety, health and community issues. In this sense, IFC will assist Condor in preparing a comprehensive Health, Safety, Environment & Community (HSEC) Policy which will contain elements of a continuous improvement process and management plans and procedures to address risks and impacts for the exploration stage with commitments to any future mine development.