31st May 2006 08:30
Condor Resources PLC31 May 2006 Date: 31st May 2006 On behalf of: Condor Resources Plc ("Condor" or "the Company") Condor Resources Plc Admission to AIM Condor, an exploration company focussed on El Salvador and Nicaragua, announcesthat trading in the Company's shares commenced today on the AIM market of theLondon Stock Exchange at 08:00 under the ticker symbol CNR. The commencement of trading follows the placing of a total of 40.95 millionshares at 10p per share ("the Placing"), raising gross proceeds of £4.1 millionfor the Company (£3.7 million net of expenses). There will be a total of 122.3million shares in issue on admission, resulting in an initialmarket-capitalisation of approximately £12.2 million. Condor, holds the rights to, or the rights to farm into, mineral explorationconcessions over a combined area of some 940km(2) of ground in prospective areasof El Salvador and Nicaragua. The Company has Inferred Mineral Resources (toJORC standards) of 354,500oz gold and 18.3Moz silver and a summary is set out inthe Independent Competent Person's Report contained in the Company's AdmissionDocument. The Placing will enable the Company to pursue its exploration strategy ofupgrading and expanding upon its current Inferred Mineral Resources through adrilling, sampling and assaying programme on its most advanced projects. Commenting on the Company's admission to AIM, Nigel Ferguson, CEO, said: "We are delighted to be admitted to AIM. We intend to use the proceeds from thisplacement to pursue our exploration strategy of upgrading and expanding upon ourcurrent Inferred Resources through an extensive drilling, sampling and assayingprogram, including the El Pescadito and La Calera Projects. We also intend todrill test several other prospective targets within other project areas." Nabarro Wells & Co. Limited acted as Nominated Advisor and Broker of Record tothe Company. For further information: Condor Resources Plc Nigel Ferguson, CEO +44 20 7016 5100 Nabarro Wells & Co. Limited Hugh Oram +44 20 7710 7400 Jonathan Naess +44 20 7710 7400 Notes to Editors: Additional information about Condor and its management: Over the past 3 years, the Company has assembled a management team withconsiderable experience both in the mining sector and in financial markets. Non Executive Chairman, Mark Child has 21 years of equity capital marketsexperience, as an institutional stockbroker and in corporate finance/privateequity, mainly in emerging markets. Chief Executive Officer, Nigel Ferguson, is a geologist with 20 years ofexperience in the exploration and definition of precious and base metal MineralResources. Mr. Ferguson is experienced at working in overseas locations and hasheld several senior technical management roles Mr. Ferguson has been managingCondor' recent exploration in Central America and will continue to play a keytechnical role for the Company. Executive Director, Stephen Dobson, has more than 20 years experience incorporate finance and international capital management including a range ofpositions as managing director of leading global investment bank and advisor tonumerous Australian and internationally based listed investment companies,specialising in capital raisings and strategic project development. Non Executive Director, Klaus Eckhof, has managed his own geological consultancycompany since 1994 and has considerable experience in assessing and acquiringmineral prospects around the world. Mr. Eckhof is an executive director of theASX and AIM listed company Moto Goldmines Ltd and holds several otherdirectorships on Canadian and Australian listed mining companies. Exploration Areas: El Salvador Within the two licences contained within the Pescadito Project in El Salvador,The Group has reported Inferred Mineral Resources, as defined by the JORCstandard, of some 354,500 ounces of gold and 18.3 million ounces of silverwithin two contiguous licences. At the La Calera Project, the third 100 per cent. owned licence, previous drilltesting has outlined mineralized structures in the Rosa and Rosa West Prospectswith excellent potential for shallow, potentially open pittable gold MineralResources as well as subsequent high grade underground Mineral Resources. The fourth licence area, the El Potosi Project, where Condor is earning a 100per cent. interest, contains the historical El Potosi Mine which produced anestimated 60,000 ounces of gold at between 18 and 30g/t prior to 1950. The Grouphas completed a first phase drilling programme of Reverse Circulation ("R.C.")and diamond drilling to test these structures. Ravensgate has reported that theextent of the historical mining at El Potosi, combined with the number ofmineralised vein systems within the concession (e.g., El Capulin) and recentencouraging results from the first phase drilling programme, suggest that thearea is highly prospective for gold mineralisation. Nicaragua An option and farm in Agreement within Nicaragua over five licences and onelicence which is under application contained within three project areas, affordsthe Group exposure to a number of projects, many of which have historical minesand workings. At the Segovia Project area, Condor has concentrated on the high gradestructures containing the historical San Albino Mine, and through recent surfacesampling has recovered grades of between 3 and 72 g/t Au. Condor's field work todate has confirmed several high grade quartz veins within the district, some ofwhich contain visible gold. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Condor Gold