Settlement of Legal Claim

RNS Number : 6783L

Condor Gold PLC

29 April 2015

 

Condor Gold plc                                                        7th Floor               39 St. James's Street         London               SW1A 1JD                          Telephone [phone] Fax: [phone]

30^th April 2015

Condor Gold plc

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

Settlement of Employee Claim

Condor (AIM:CNR), announces that it has concluded a long running legal claim brought against the Company by Mr Peter O' Hare who was previously the Company's Field and Logistics manager. This claim has been detailed previously in both Condor's 2013 and 2012 audited annual report and accounts. Mr O' Hare commenced litigation against the Company for an injury he sustained in 2011. Condor made an interim payment of £90,000 relating to the case in October 2014 and has now paid a further £460,000 in full and final settlement. The payment of associated legal fees is currently being discussed.

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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 [phone]
Beaumont Cornish Limited Numis Securities Limited	Roland Cornish [phone] John Prior and James Black [phone]
Farm Street Media	Simon Robinson [phone]

About Condor Gold plc:

Condor Gold plc was admitted to AIM on 31^st May 2006. The Company is a gold exploration and development company with a focus on Central America.

Condor completed a Pre-Feasibility Study (PFS) and two Preliminary Economic Assessments (PEA) on La India Project in Nicaragua in December 2014. The PFS details an open pit gold mineral reserve of 6.9M tonnes at 3.0g/t gold for 675,000 oz gold producing 80,000 oz gold p.a. for 7 years. The PEA for the open pit only scenario details 100,000 oz gold production p.a. for 8 years whereas the PEA for a combination of open pit and underground details 140,000 oz gold production p.a. for 8 years. La India Project 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.

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.

Disclaimer

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

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