Condor Gold PLC - Condor Commences 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 Commences Ground Investigation Drilling in Preparation for Mine Construction at La India Project,
Condor Gold (AIM: CNR; TSX: COG) is pleased to announce it has commenced a ground investigation program consisting of 20 geotechnical drill holes and 58 test pits on the Tailings Storage Facility (TSF),
· Geotechnical drilling and test pits for the final design for the tailing storage facility (TSF) has commenced.
· Final TSF design will be fully compliant with internal and external legislation.
· Geotechnical drilling and test pits on La Simona dam and reservoir - the purpose is to develop the design criteria for a retention dam and diversion water facility.
· Work also underway, via a dozen test pits, on initial characterization of the geotechnical properties of the plant area to allow next phase of design work to be detailed
"The commencement of ground investigations via a geotechnical drilling program of 20 drill holes and 58 test pits on the Tailings Storage Facility (TSF), La Simona water retention reservoir and processing plant site demonstrates Condor's commitment to 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, by-passing a Feasibility level design, which is typically required for bank lending and go directly to a TSF Final level of design, which will, subject to funding, allow the fast tracking of the Project to future operational status".
Tierra Group International, Ltd. (Tierra Group) has been engaged to develop the Final Designs for the TSF and water retention reservoir for a new mine at La India Project. The Final TSF design will be fully compliant with internal and external legislation. Tierra Group will also undertake 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 retention reservoir and plant location.
The purpose of the geotechnical drilling and some of the test pits is to characterize subsurface geology and foundation conditions below the proposed TSF and water retention dams' footprints. Test pits will also characterize 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 will perform in-situ permeability testing in the drill holes and measure the geomechanical properties of the soil and rock from the drill holes and test pits both on-site and through laboratory testwork. The geotechnical ground investigation is expected to take 70 days.
The geotechnical engineering analysis results and recommendations will support a TSF and retention dam Final Design, and contribute towards an advanced processing plant layout design. Tierra Group is completing the necessary civil engineering activities and are responsible for producing the final engineering design drawings for the TSF and water retention dam. The Ministry of Environment and Natural Resources ("MARENA") has requested Final Designs as a condition of granting the key environmental permit to develop, construct and operate a new mine at La India. Dr
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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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