Grant of Options

RNS Number : 2471N

Condor Gold PLC

24 July 2014

 



24 July 2014

Condor Gold Plc

(''Condor'' or ''the Company'')

                                                                    Grant of Options

Condor Gold Plc, an AIM quoted gold and silver exploration company focused on proving a large commercial gold reserve on its La India Project in Nicaragua, announces that on 23^rd July 2013 (the "Grant Date") it granted 1.17M share options under the Company's existing share options scheme to Directors and other staff.

The share options were granted by the remuneration committee and approved by the Board as part of the Company's annual share option scheme. The share options were granted to:

Mark Child           600,000

Jim Mellon           150,000

Roger Davey        150,000

Luc English            60,000

Dave Crawford       30,000

Other employees  180,000

The share options have an exercise price of £1 and are exercisable for a period of 5 years from the Grant Date, with the restriction that no options can be exercised within 12 months of the Grant Date, 50% of the said options can be exercisable12 months after the Grant Date and 100% of the said options can be exercisable 24 months after the Grant Date, provided that the grantee remains with the Company.

Following the grant of the share options outlined above, there are 4,500,900 share options outstanding, representing 11.74% of the 38,323,960 ordinary shares in issue.

- Ends -

For further information please visit www.condorgold.com  or contact:

Condor Gold plc	Mark Child, Executive Chairman and CEO [phone]	Luc English, Country Manager Nicaragua & El Salvador [phone]
Beaumont Cornish Limited	Roland Cornish [phone]
Numis Securities Limited Farm Street Media	John Prior & James Black [phone] Simon Robinson [phone]

About Condor Gold Plc:

Condor Gold plc is an AIM listed exploration company focused on developing gold and silver resource projects in Central America. The Company was admitted to AIM on 31st May 2006 with the stated strategy to prove up CIM/JORC Resources in Nicaragua and El Salvador. Condor has eight 100% owned concessions in La India Mining District ("La India Project"); three 100% owned concessions in three other project areas and 20% in the Cerro Quiroz concession in Nicaragua. In El Salvador, Condor has 90% ownership of four licences in two project areas.

Condor's La India Projectin Nicaragua currently contains a total attributable mineral resource of 18.4Mt at 3.9g/t for 2.33M oz gold and 2.68M oz silver at 6.2g/t to the CIM Code. Total gold equivalent of 2.37M oz. Including: Indicated mineral resource of 9.6Mt at 3.5g/t for 1.08M oz gold, Inferred mineral resource of 8.8Mt at 4.4g/t for 1.25M oz gold. Total open pit mineral resources of 1.14M oz gold at 3.1g/t. In El Salvador, Condor has an attributable 1,004,000 oz gold equivalent at 2.6g/t JORC compliant resource. The resource calculations are compiled by independent geologists SRK Consulting (UK) Limited for Nicaragua and Ravensgate and Geosure for El Salvador

 

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