LONDON, April 25, 2017 /PRNewswire/ --
Condor Gold Plc (AIM:CNR; OTCQX: CNDGF), a gold exploration and development company whose flagship La India Project in Nicaragua hosts a high grade mineral resource of 18.08 Mtonnes at 4.0 g/t for 2.31 Moz gold, is pleased to announce it has qualified for and expects trading to commence from 7.00am Eastern Time (ET) today on the OTCQX® Best Market in the U.S.
Mark Child, Chairman and CEO, commented:
"I am delighted that Condor Gold has qualified to trade on the OTCQX market in the United States following almost 11 years of being listed on AIM, the junior market of the London Stock Exchange. This will allow for greater exposure, accessibility and liquidity in our shares from the U.S. investment community. It makes sense to cross-trade in North America when Condor's flagship asset is in Nicaragua, Central America. Condor's twin strategy of permitting and constructing a base case 2,800tpd processing plant with capacity to produce 100,000 oz gold p.a., while continuing to increase the resource and demonstrate a major gold district, will resonate with a new pool of capital in the U.S. that invests in gold exploration and development companies."
The Company will trade on the OTCQX under the symbol "CNDGF." U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com.
The OTCQX market, operated by OTC Markets Group Inc., is reserved for established, investor-focused U.S. and global companies that meet high financial standards, provide timely news and disclosure to investors, and are sponsored by a professional third-party advisor. OTCQX is considered by the SEC as an "established public market" for the purpose of determining the public market price of securities for resale in equity line financings.
The Company has undertaken to limit the percentage of its issued share capital represented by American Depositary Receipts or Depositary Securities that will trade on the OTCQX to no more than 25% existing at any such time.
About Condor Gold plc
Condor Gold plc was admitted to AIM on 31st May 2006 and is cross-traded in the U.S. on the OTCQX Best Market under the symbol CNDGF. The Company is a gold exploration and development company with a focus on Nicaragua in 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 6.9 Mt at 3.0 g/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 18.08 Mt at 4.0 g/t for 2.31 M oz gold and 2.68 M oz silver at 6.2 g/t to the CIM Code.
The resource calculations are compiled by independent geologists SRK Consulting (UK) Limited for Nicaragua.
For further information please visit www.condorgold.com or contact:
Condor Gold plc
Mark Child, Executive Chairman and CEO
Beaumont Cornish Limited
Roland Cornish and James Biddle
Numis Securities Limited
John Prior and James Black
Glenridge Partners LLC
Burns Figa & Will PC
Farm Street Media
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.
SOURCE Condor Gold plc