Condor Gold PLC - Condor Completes Ground Investigation Drilling
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Condor Gold plc
Tel: +44 (0) 207 493 2784
Condor Gold Plc
("Condor" or the "Company")
Condor Gold Completes Ground Investigation Drilling and Test Pits in Preparation for Mine Construction at La India Project,
Condor Gold (AIM: CNR; TSX: COG) is pleased to announce it has completed a ground investigation program of 23 geotechnical drill holes and 58 test pits on the Tailings Storage Facility (TSF),
· 16 Geotechnical drill holes and 29 test pits for the final design for the tailing storage facility (TSF) have been completed.
· Final TSF design will be fully compliant with internal and external legislation.
· 7 Geotechnical drill holes and 17 test pits on La Simona dam and water retention/attenuation reservoir have been completed - data to be used to design a retention/attenuation dam and diversion water facility.
· 14 piezometers have been installed to monitor sub-surface water levels.
· 12 test pits at the processing plant site have been completed - providing the ground condition information required for an advanced layout design.
"The completion of ground investigations via a geotechnical drilling program of 23 drill holes and 58 test pits on the Tailings Storage Facility (TSF), water retention/attenuation reservoir and processing plant site demonstrates Condor's commitment to de-risk and advance La India Project to construction. Condor has previously completed a Pre-Feasibility level design on the TSF and water retention reservoir. The decision has been taken to accelerate the Project; a Feasibility Level design on the TSF and water retention/attenuation reservoir is 64% completed and is due to be finalised in
Background and Operational Update
Tierra Group International, Ltd. (Tierra Group) has been engaged to develop the Final Designs for the TSF and water retention/attenuation reservoir for a new mine at La India Project. The Final TSF design will be fully compliant with internal and external legislation. Tierra Group has completed an initial ground investigation of the processing plant site that will be used to constrain and optimise the final layout design. Condor owns 100% of the land required for the TSF, La Simona dam and water retention reservoir, and the processing plant location.
The geotechnical drilling and some of the test pits characterize subsurface geology and foundation conditions below the proposed TSF and water retention/attenuation dams' footprints. The remaining test pits were designed to investigate the surficial geology along the TSF's proposed diversion channel alignments, the water retention properties of the soil and subsurface geology within the TSF and water retention reservoir, and the foundation conditions within the processing plant site. Tierra Group has performed in-situ permeability testing in the drill holes and has measured the geomechanical properties of the soil and rock from the drill holes and test pits both on-site and through laboratory testwork.
The 23 geotechnical drill holes totalled 599m. Piezometers were installed in 14 of the drill holes; 11 at the TSF and 3 at the water retention dam, to monitor sub-surface water levels.
Condor's objective, subject to funding, is to fast track the La India Project to operational status. With this in mind, the geotechnical engineering analysis results and recommendations will support a TSF and water retention/attenuation dam Final Design, and contribute towards an advanced processing plant layout design. Tierra Group is completing the necessary civil engineering activities and is responsible for producing the final engineering design drawings for the TSF and water retention/attenuation dam. A Feasibility Level design on the TSF and water retention/attenuation reservoir is 64% completed and is due to be finalised in
- Ends -
For further information please visit www.condorgold.com or contact:
Condor Gold plc
+44 (0) 20 7493 2784
Beaumont Cornish Limited
+44 (0) 20 7628 3396
SP Angel Corporate Finance LLP
+44 (0) 20 3470 0470
+44 (0) 20 7138 3204
About Condor Gold plc:
Condor Gold plc was admitted to AIM in
Environmental Permits have also been granted in April and
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.
The Mineral Resource Estimate has been completed by
The mining dilution studies reported for the Mestiza and America deposits have been performed under the supervision of Dr
The technical and scientific information in this press release has been reviewed, verified and approved by Gerald D. Crawford, P.E., who is a "qualified person" as defined by NI 43-101 and is the Chief Technical Officer of Condor Gold plc.
Certain disclosure contained in this news release of a scientific or technical nature has been summarised or extracted from the technical report entitled "Technical Report on the La India Gold Project,
Forward Looking Statements
All statements in this press release, other than statements of historical fact, are 'forward-looking information' with respect to the Company within the meaning of applicable securities laws, including statements with respect to: the ongoing mining dilution and pit optimisation studies, and the incorporation of same into any mining production schedule, future development and production plans at La India Project. Forward-looking information is often, but not always, identified by the use of words such as: "seek", "anticipate", "plan", "continue", "strategies", "estimate", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", "could", "might", "will" and similar expressions. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions regarding: future commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future currency exchange and interest rates; the impact of increasing competition; general conditions in economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; the receipt of required permits; royalty rates; future tax rates; future operating costs; availability of future sources of funding; ability to obtain financing and assumptions underlying estimates related to adjusted funds from operations. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.
Such forward-looking information involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to: mineral exploration, development and operating risks; estimation of mineralisation, resources and reserves; environmental, health and safety regulations of the resource industry; competitive conditions; operational risks; liquidity and financing risks; funding risk; exploration costs; uninsurable risks; conflicts of interest; risks of operating in
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
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