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Condor Resources PLC

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http://www.condorresourcesplc.com

Financials: http://www.advfn.com/p.php?pid=ukfinancial...;symbol=L%5ECNR

 

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Companies: CNR

11/03/2008

 

Gold prospector Condor Resources is eyeing Brazilian production as it takes Central American resources above one million oz.

 

Chief executive Nigel Ferguson says he expects the AIM-quoted company to be able to produce a new resource statement in the next four to eight weeks, taking overall resources from 747,000 oz of gold and 18.4 million oz of silver to more than one million oz of gold and 21 million oz of silver. Condor expresses high hopes for its high-grade San Albino property in Nicaragua, where a series of adjacent small deposits might, in aggregate, hold 700,000 oz of gold, and for La Calera and Pescadito in Salvador, which Ferguson argues could contain more than one million oz of gold or gold equivalent, with Pescadito rich in silver.

 

Ferguson says the company is likely to accompany encouraging resource updates with a funding of up to £2 million to advance these and other projects in a region where governments are these days seen as mining friendly. Nearby operators are encountering cash costs, before capital and financing, of no more than $280 an ounce, against a recent gold price of more than $970.

 

London-based Condor is probing the possibility of involving itself with a private group of UK mining investors in two gold projects in Brazil, capable, says Ferguson, of producing 50,000 oz of gold a year. He reckons it would cost £7 million to £10 million to achieve this, but it would put Condor in the category of a significant near-producer, which fund managers now prefer to exploration hopefuls.

 

Floated two years ago at 10p, Condor shares have slumped to 2.88p today, valuing the company at £3.75 million. If the resource updates impress and the Brazilian deal becomes a reality, despite the company’s cash–raising plans, the shares could stage a rally.

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Hi Conrad,

 

These interest me because they are getting hammered yet from the latest Ph2 Nicaragua update i noticed this, which got my attention:

 

"Assay results are pending from the last five drill holes, and as soon as these have been returned a maiden resource calculation will be undertaken. These results are expected by the end of March and the maiden resource estimate is expected soon after, at which time Condor will make an announcement on its findings".

 

Days away from a maiden resource statement and the shares are tanking, i'd be interested if you have any views on why this keeps going down, because i'm tempted to go for a speculative punt at these low levels.

 

Do they need cash?

 

Riggers

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Conrad,

 

Just seen elsewhere that Paul Curtis a major stakeholder added to his stake last week, despite the disappointing s.p reaction. He's posted on ADVFN his reason for doing so was an expectation of good assay results on EL Cacao to come and Nicaragua permit problems seem to be nearing an end.

 

It's encouraged me and i've bought in.

 

Would be interested if you view things as turning, presumably results were previously not as good as some thought, add permit delays and market sentiment i guess it adds up to a share price underperforming?

 

Are you in these Conrad, i'm hoping i might have got in at the right time?

 

Riggers

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Yes, I am invested.

 

750.000 Unc / Au versus 1.8 Mio Br. Pound market cap

 

 

 

 

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Yes, I am invested.

 

750.000 Unc / Au versus 1.8 Mio Br. Pound market cap

 

Any more thoughts since your first post, sorry for keep asking questions, just trying to understand before by my standards i start diving in.

 

Riggers

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Moving up nicely, sorry if others see this as a ramp, yes did buy more yesterday, just highlighting the chance for others to consider at low-ish bombed out levels. ;)

 

Huge spread downside 2.50/2.00 bid/ask :(

 

Not totally confident as haven't had all my doubts answered, but just think good news around the corner and given me some confidence.

 

Riggers

p.s Conrad thanks for posting this one up.

 

EDIT: Blink and you would have missed this mornings move, best wait for RNS before i get too excited :lol:

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was in contact with company.

 

-they have had one large shareholder that was forced to sell shares due to a redemption by one of his clients

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was in contact with company.

 

-they have had one large shareholder that was forced to sell shares due to a redemption by one of his clients

 

From yesterday's RNS:

 

The Company was notified on 31st March 2008 that CIM Special Situations Fund Limited had sold 2,000,000 ordinary shares in the Company on 20th March 2008 and that CIM Special Situations Fund Limited had sold a further 6,750,000 ordinary shares in the Company on 25th March 2008. Following the above disposals, CIM Special Situations Fund Limited no longer has a notifiable interest in the ordinary shares in the Company.

 

The Company was notified on 31st March 2008 that KEY Special Situations Fund Limited had sold 500,000 ordinary shares in the Company on 25th March 2008. Following this disposal, KEY Special Situations Fund Limited no longer has a notifiable interest in the ordinary shares in the Company.

 

Both the CIM Special Situations Fund Limited and the KEY Special Situations Fund Limited are managed by CIM Investment Management Limited.

 

 

Could this be the large seller clear? Another 2 million sale went through today, but once it did the price lifted considerably. With momentum and interest gathering following the upbeat RNS it could be both a good short term play waiting for the assay results and maiden resource statement to follow; whilst also long term potential.

 

Watching for large sellers tomorrow, but if it's just a few p.i's taking quick profits, could indicate interesting times for this one and perhaps oversold as many that follow suggest.

 

Riggers ;)

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Whilst i sit patiently awaiting news, found this interview on google search, out of date slightly, but talks through their business manner and dealing with national governments. Quite interesting.

 

http://www.executivetv.biz/nigelferguson/

 

Just deciding whether to pile in whilst it still looks low and news pending, ho hum getting splinters trying to make my mind up :lol:

 

Riggers

 

 

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Condor's Maiden Resource at the El Cacao Prospect, Nicaragua was announced on Friday, with a people chasing the shares up it would seem prior to the announcement below.

 

Highlights

 

• Maiden resource calculated to JORC Inferred status of 41,000 ounces gold

 

• The mineralised structure is open along strike in both directions and at

depth below the current level of drilling

 

• Signs of three parallel mineralised structures are apparent and will be

tested further within the coming months.

 

• Gold grades of up to 88.75g/t gold over 2.6 metres and 6.05g/t gold over

14 metres width.

 

Condor Resources Plc (AIM:CNR) is pleased to announce a maiden resource for its

El Cacao Project of some 41,000 ounces of gold to JORC Inferred category. This

supplements Condor's more extensive El Salvador resource base and brings the

company's global resource base up to 788,000 ounces of gold and 22.3 million

ounces of silver.

 

Condor's Chief Executive, Mr. Nigel Ferguson, stated: "I am extremely pleased to

announce this maiden resource from our project in Nicaragua. The El Cacao

Project has produced an initial maiden resource that in our opinion can quickly

be built on through further work on the additional, plus 2,000 metres of strike

potential which is as yet untested. The Company has discovered low grade

mineralisation some 1,500 metres to the west beneath cover, which appears to be

the western strike extent of the El Cacao structure."

 

 

Reading around a few people were disappointed as it was something of an hiccup to quote a reliable source, but only in the context it requires more work. There is a further update from the company due in a matter of a few weeks or so, at which point more clues may be yielded and any possible fund raising should get clarified after this presumably, which maybe will make it better to judge the effect of any possible share dilution.

 

As pointed out at the start of the thread, their is also El Salvador to be resolved later down the line and the company remains bullish on this happening along with the improvement of share price in the future.

 

Riggers

 

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KEY FIGURES at Previous Day's Close

Market Cap. 2.60 mio Br. Pound

Shares In Issue 129.81 m

 

 

Condor Resources total resource base 891,000 ounces gold, 22.4 mln ounces silver

LONDON (Thomson Financial) - Condor Resources Plc. said resource base

calculations from the Kuikuinita project and the Arras Prospect, both in

Nicaragua have upped the company's total resource base to to 891,000 ounces gold

and 22.4 million ounces silver.

The company also reported significant assay results from second phase

drilling at the Arras Prospect, including 2 metres at 6.58 grams of gold per

tonne.

Work on the prospect -- which tested at an average grade of 5.1 grams of

gold per tonne -- has indicated that Arras ore is amenable to cyanide leach

recovery. The company said further tests are needed to allow preliminary

calculations of gold recovery and project economics.

Chief Executive Nigel Ferguson said: "Although these resources are modest,

they indicate that the systems are mineralised and the company believes that an

increased resource figure is purely a factor of the additional drilling required

to test these structures fully."

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Funding sorted with key investors (or high net worth individuals) as the company puts it...... didn't ring me. :lol: But nice to see chairman adding sizeable chunk and £2m in bank even though large dilution(see RNS).

 

Commenting on the placement, Mark Child, Chairman said: "I am delighted that Condor has raised £2m with the support of existing shareholders. This ends a period of financial uncertainty for the Company and provides the funds to continue exploration activity in Nicaragua and maintain its licences in ElSalvador whilst the Ministry of the Economy undertakes a Strategic Environmental Evaluation Study on the benefit of mining to the country. As a result the Ministry of Environment and Natural Resources (MARN) ceasing to issue environmental permits to allow trenching and drilling activities, Condor has not been permitted to drill on its key projects. The new funding will also allow Condor to diversify its geographical interests in natural resource projects."

 

Riggers

 

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LOL take it you didn't like that either.

 

Half me stake gone, but going to see what happens now they have funds sorted, which was my concern in march(lesson learned), but may average down.

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Been watching these for a while.

 

Do you think it's better to wait until the El Salvador environmental permitting is sorted and do you think this will definitely happen ?

It appears there is little chance of this happening before March 2009.

 

.

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Been watching these for a while.

 

Do you think it's better to wait until the El Salvador environmental permitting is sorted and do you think this will definitely happen ?

It appears there is little chance of this happening before March 2009.

 

.

 

Got an answer for you now Walden...the time to invest short term was probably yesterday :lol:

 

Anyway, managed a little top up and finally good news at San Albino-Arras and Santo Domingo, considered to have the highest potential for continuity

of gold mineralization at a significant grade and width, both amenable to open pit mining. RNS states "high-grade intercepts and visible gold have been recorded in a quartz-veined shear zone in the footwall contact of the massive quartz vein...... The continuity and thickness of the quartz vein is unusual in this region suggesting that this may be a major regional structure and possible primary conduit for the original gold-bearing fluids. The potential for continuity of

gold mineralization over a significant distance along such a large structure is significant, and the visible gold discovered in the massive quartz vein's footwall is evidence that high-grade gold mineralization is present".

 

Whilst also noting "the potential remains for the Segovia Project area to host a world class mining operation" from limited sampling done there.

 

There's more qualified people than me to interpret the RNS data, but i'm encouraged by what i see today.

 

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Got an answer for you now Walden...the time to invest short term was probably yesterday :lol:

 

Anyway, managed a little top up and finally good news at San Albino-Arras and Santo Domingo, considered to have the highest potential for continuity

of gold mineralization at a significant grade and width, both amenable to open pit mining. RNS states "high-grade intercepts and visible gold have been recorded in a quartz-veined shear zone in the footwall contact of the massive quartz vein...... The continuity and thickness of the quartz vein is unusual in this region suggesting that this may be a major regional structure and possible primary conduit for the original gold-bearing fluids. The potential for continuity of

gold mineralization over a significant distance along such a large structure is significant, and the visible gold discovered in the massive quartz vein's footwall is evidence that high-grade gold mineralization is present".

 

Whilst also noting "the potential remains for the Segovia Project area to host a world class mining operation" from limited sampling done there.

 

There's more qualified people than me to interpret the RNS data, but i'm encouraged by what i see today.

 

strong results today (IMHO)

 

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strong results today (IMHO)

 

Well i thought they looked good, but anyway almost out of date now, but the link to the minesite article from 24th Nov perhaps worth a mention.

 

Though it's last paragraph intrigues me?

 

"The ideal target would be a private company in Central or South America – condors tend to stick to the Andes – which is looking to capitalise on its production while shares are cheap. In that case we are probably looking at a reverse............ We will be watching and waiting, but it would not be realistic to expect much before Christmas".

 

What of Mr Moussa's experience in Africa? Why was he bought on board if they are going to stick to that region? Or is a sale of assets further down the line on the cards to move in another direction, is that why Nigel Ferguson stood down?

 

http://www.minesite.com/nc/minews/singlene...ld-bones/1.html

 

Maybe get an update sometime, though might not be this side of Christmas ;):lol:

 

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What of Mr Moussa's experience in Africa?

 

Yes, this is a question of my interest too.

My toughts: DRC, or a merger with one of the many Balcatta/Perth based exploration-companies from Reginald Gillard / Klaus Eckhof

 

see "balcatta ledgar road 30"

 

http://www.google.com/search?hl=en&q=b...mp;aq=f&oq=

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24 April 2009

 

The Directors of the Company have noted the recent share price movement of

Condor Resources Plc (the 'Target'). The Company confirms that it is

considering making an approach which may or may not lead to an offer being made

for the Target. A further announcement will be made when appropriate.

 

The Directors of the Company accept responsibility for this announcement.

 

imgadd.jpgimgadq.jpg

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imgadd.jpgimgadq.jpg

 

CONRAD I'm relieved and ecstatic given my holding now, but who are they :unsure:

 

Really don't know what to make of this, not the news i expected, any thoughts ????

 

Good get out of jail card though ;)

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ADVFN rumour: takeover @ 2-4 pence

I have bought around 5

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