Condor Gold plc

La India exploration update: 142.4 g/t gold rock chip sample identified, 1,123 m of 4,000 m Scout Drilling and 168 km² of Soil Survey Completed

LONDON, ENGLAND--(Marketwired - Dec. 15, 2016) - Condor (AIM:CNR), is pleased to provide an update on scout drilling and regional exploration at the La India Project, Nicaragua, which hosts a high grade mineral resource of 18.08 M tonnes at 4.0 g/t for 2.31 M oz gold.

Highlights

• 142.4 g/t gold rock chip sample identified approximately 30 m along strike from a 53.9 g/t gold rock chip on the Los Limones prospect at the northern end of a 12.5 km mineralised corridor, 9 km north of the main La India open pit reserve.
• 168 km² of 313 km² soil survey completed. The aim is to identify feeder zones and new gold targets.
• Initial interpretation of soil results shows two major feeder zones, the La India and Andrea Corridors, and supports the concept of a major gold District.
• 1,123 m of 4,000 m scout drilling has been completed, assay results due in 2017.

Mark Child CEO comments:

"Condor's strategy of proving that La India Project is part of a major gold District is yielding positive results. A 142.4 g/t gold rock sample, 30 m along strike from a 53.9 g/t gold rock chip, at the northern end of the 12.5 km-long Andrea mineralised corridor, and 6 km away from the nearest gold resource, is highly encouraging. A regional soil survey is about 50% completed. The purpose is to generate new gold targets and better understand the district-scale mineralisation. For example, to determine upflow zones of the fossil geothermal (epithermal) system and identify new gold targets.

The initial interpretation of the soil survey, combined with helicopter borne geophysics, structural and regional mapping, is that there are two major feeder zones. The La India Corridor is better understood and hosts 90% of the Project's high grade mineral resource of 18.08 M tonnes at 4.0 g/t (2.31 M oz gold). The Andrea Corridor is less well understood and is the focus of the current 4,000 m scout drilling programme".

Background

A regional soil geochemistry survey is underway over the 313 km² La India Project. During 2015 and 2016 a total of 12,208 samples were collected covering 168 km², assays have been received for most. Samples are collected along lines at 200 m or 400 m apart and at intervals varying from 50 m to 400 m (see Figure 1 below). The survey covers both 'virgin' territory, with no mapped epithermal veins, and areas of known mineralization, such as La India, America and Mestiza. The La India Project has approximately 105 km strike length of veins, of which about 55 km have been trenched or mapped in any detail;═╛ only 13.2 km have been drill tested. Many veins have never been sampled.