Grant of Options

RNS Number : 3468K

Condor Gold PLC

06 July 2017

 

6^th July 2017

Condor Gold Plc

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

Grant of Options

Condor Gold Plc, an AIM quoted gold exploration and development company focused on permitting a base case 2,800tpd processing plant with the capacity to produce 100,000 oz gold per annum and demonstrating a District scale gold play at its La India Project in Nicaragua, announces that on 5^th July 2017 (the "Grant Date") it granted 1.94million 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           800,000

Jim Mellon            150,000

Roger Davey         150,000

Peter Flindell         150,000

Kate Harcourt       150,000

Dave Crawford      40,000

Other employees  500,000

The share options have an exercise price of 62 pence per share (being the Placing price at which Condor raised £5.242million in February 2017) 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, only up to 50% of the said options can be exercised in the following 12 months and thereafter 100% of the said options can be exercisable, provided that the grantee remains with the Company.

Following the grant of the share options outlined above, the total share options outstanding will represent 12.4% of the 61,365,382 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]
Beaumont Cornish Limited	James Biddle/ Roland Cornish [phone]
Numis Securities Limited Farm Street Media	John Prior & James Black [phone] 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.

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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