Condor Gold plc

4,000m scout drilling commences on La India Project to demonstrate a District Gold play

LONDON, ENGLAND--(Marketwired - Nov. 10, 2016) - Condor Gold (AIM:CNR), the AIM-listed gold exploration company, is pleased to announce scout drilling has commenced on its flagship La India Project in Nicaragua, which hosts a high grade mineral resource of 18.08 Mtonnes at 4.0 g/t for 2.31 Moz gold. The Company has started a 4,000 m scout drilling programme to demonstrate the upside of the entire District, which contains approximately 104.5 km strike length of veins of which only 54.8 km have been trenched or mapped in any detail and only 13.2 km have been drill tested. Many veins have never been drill tested. As at 9th November, a drill rig has completed 87 m at the El Cacao target. The programme has been designed by Dr Warren Pratt, who joined Condor as a geological consultant in June 2016. Dr Pratt helped with due diligence on the La India Project on behalf of Ross Beaty, a successful mining entrepreneur who subsequently became a 7.1% shareholder in April 2016.

The first 2,000 m of drilling has three objectives. Firstly, to expand mineralisation and identify ore- shoots at El Cacao. Secondly, to expand mineralisation at the Cristalito-Tatescame target. Thirdly, to test for mineralisation on the Andrea Vein, which has never been drilled. The location of the remaining 2,000 m of drilling will depend on initial drilling results and may also be used to test other targets.

Soil sampling began again in June 2016 and has now covered over half of the district. It aims to identify new epithermal targets suitable for drilling.

Highlights:

• Condor initiates 4,000 m of drilling to demonstrate District-scale gold potential.
• Drilling to identify a boiling level at El Cacao, current resource of 590 kt at 3.0 g/t gold for 58 koz gold. Previous shallow drilling including intercepts of 14.05 m at 6.1 g/t gold and 2.6 m at 88.7g/t gold.
• Drilling to test strike extension at Cristalito-Tatescame, current resource of 200 kt at 5.3 g/t gold for 34 koz gold. Precious shallow drilling included an intercept of 5.3 m at 9.4 g/t gold.
• Drilling to test the Andrea Vein, never drill-tested, but has been trenched for 2,300 m by Condor, has sheeted veins and vein breccias of 20 m width in places and rock chips up to 30 g/t gold

Mark Child, CEO comments: