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Condor Gold Encouraging Trench Results for La India Project

LONDON, ENGLAND -- (Marketwired) -- 06/12/14 -- Condor (AIM:CNR), is pleased to announce the results from an on-going trench sampling programme on the La India Project. Trenching has been underway since February; the original 1,400m programme has been extended to approximately 3,500m in response to further geological interpretation and positive assay results for the first 2,100m returned to date. The trenching is testing four regional targets that were identified as having near surface gold mineralisation in geological structural settings conducive to the development of wide zones of mineralisation considered exploration targets for open pit resources. In addition, geological definition trenching within La India Open Pit resource has improved confidence in selected zones of the mineral resource for consideration in the on-going Pre-Feasibility Study ("PFS").

Highlights of Exploration Trenching:


--  Confirmation of Newmont Mining trench excavated in 2001 of with 63.6m at
    1.01g/t gold on Real de la Cruz concession. 
--  Backed up by new trench 25m to east of 39.6m at 0.98g/t gold. 
--  4m wide quartz breccia grading up to 16.4g/t gold exposed and sampled in
    artisan pit wall some 45m from the original Newmont trench 
--  Real de la Cruz surface gold anomaly over 1,100m by 900m defined by
    augur, rock chip and trenching. 
--  San Lucas resource trench results of 6m at 7.65g/t and 16.15m at 2.2g/t.
--  6 trenches for 321m within La India Open Pit Resource and detailed core
    re-logging aimed at converting inferred ounces within the pit to the
    indicated category.

Mark Child, Chairman and CEO commented:

"Condor is at an advanced stage of a Pre-Feasibility Study ("PFS") on the 2.33M oz gold at 3.8g/t gold La India Project. The PFS is being conducted on a base case using the open pittable resource of 840,000 oz at 3.1g/t in the indicated category within La India Open Pit. There are additional open pit resources of 300,000 oz at 3g/t excluded from the PFS as the resources are largely in the inferred category, which we intend to bring into the indicated category ahead of a Bankable Feasibility Study.

The other side of our strategy is to demonstrate the considerable upside potential of La India Project via geophysics, geochemistry, soil sampling, rock chip sampling and trenching. We have doubled the size of the current trench programme to 3,500m on the back of positive assay results. Notably, on Real de la Cruz concession a Newmont trench of 2001 has been repeated with 63.6m at 1.01g/t, but what has most encouraged Condor's geologists are the results from sampling a artisan pit wall, some 45m from the original Newmont trench, that reveals a 4m true width quartz breccia grading up to 16.4g/t gold. The San Lucas resource is demonstrating the potential for another feeder pit with trench results of 6m at 7.65g/t gold and 16.15m at 2.20g/t gold."

Improving Confidence of the La India Open Pit Mineral Resource Estimate

La India Open Pit Resource is 921,000 oz at 3.1g/t including 840,000 oz at 3.1g/t in the indicated category and 81,000 oz gold in the inferred category. Six trenches for 321m in the La India Open Pit Resource were designed to expose selected gold mineralised structures intersected in drilling, but covered at surface by transported material, in order to better establish the vein orientation and correlate the vein textures and thereby improve the confidence in the geological model. The structures investigated are those that are in the inferred category in the current mineral resource. Sufficient improvement in the geological understanding, due to detailed core re-logging and positive trench results will upgrade some of these mineralised structures to the more confident indicated category which will allow them to be included in the PFS.

Trench Testing Four Regional Exploration Targets

Real de la Cruz Concession, located approximately 8km northeast of the La India Open Pit Resource (Target 6 on Figure 1 below) has returned the most encouraging results. Results from 600m of trenching have confirmed and improved on wide low-grade gold mineralised stockwork zones originally identified by previous explorer Newmont Mining in 2001. Condor has repeated Newmont's discovery trench returning an intercept of 63.6m at 1.01g/t gold where the Newmont's trench sampling reported 64m at 1.57g/t gold. The gold intercept is a stockwork zone of multiple high-grade quartz veinlets, predominantly striking east-west, which is perpendicular to the north- south orientated trench, and hosted by a felsic lava dome. The variation in grade is well within expectations for a trench sampling programme using chip channel sampling of hard rock and is therefore considered a validation of the Newmont data. Gold mineralisation is not confined to this 64m wide zone; Condor's initial 230m long trench intercepted similar, but more widely spaced veinlets across the entire length of the trench. Condor geologists were particularly encouraged to intercept a cross-cutting, northeast-striking, 4m true width quartz breccia grading at up to 16.4g/t gold exposed in an artisanal pit wall. The artisanal pit is some 45m south of the main stockwork zone and was excavated to a depth of 6m below a section of the original Newmont trench that had returned only 6m at 1.47g/t gold nearer surface. The gold intercepts reported in this initial trench are located at the centre of a much larger surface gold anomaly defined by a 1,100m by 900m auger and rock chip anomaly. Condor plans to test continuity of the wide low-grade gold mineralisation with further trenching. A parallel trench excavated 25m to the east has already verified continuity of gold mineralisation with an intercept of 39.6m at 0.98g/t gold including two higher grade zones of 6m at 2.71g/t gold and 5m at 1.69g/t separated by 20m of lower grade material. The Newmont trench data already demonstrates some lateral continuity in the system with notable wide low-grade intercepts of 56m at 1.02g/t gold located 100m to the east and 28m at 1.0g/t gold located 200m to the southeast. Further trench extension and step-out trenching at 200m spacing is underway along the entire 1,100m strike length of the surface anomaly in order to better test the continuity and extent of the gold mineralisation. The assay results for the entire trench programme are expected over the next two months. If continuity of the wide low-grade gold mineralisation is demonstrated over a significant lateral distance then it will be considered a drilling target for low-grade open pit bulk mineable gold mineralisation. A further 1,650m trenching to complete a planned 2,250m programme is underway on Real de la Cruz.

San Lucas trench results are positive. San Lucas prospect, which contains a mineral resource of 329,000t at 5.6g/t gold for 59,000 oz gold located only 2km west of the flagship La India Open Pit resource. Results returned wider intercepts than had been reported in previous explorers manual excavated trenches (Target 2 on Figure 1 below). The best trench intercepts from the 6 trenches for 189m at San Lucas include 6.00m (5.9m true width) at 7.65g/t gold and significantly an intercept of 16.15m (15.9m true width) at 2.20g/t where the vein was shown to split into three veins. The discovery of branching of the vein at surface at San Lucas is encouraging and points to the possibility of discovering additional un-exploited gold in the walls of the historic San Lucas Mine.

Of the other three areas tested by trenching, the two targets outside of the main resource area returned narrower gold mineralised intercepts that are now considered underground mine targets:


1.  The Dos Hermanos structure, located 4km west of La India Open Pit
    Resource, returned high-grade intercepts in the area of the historic Dos
    Hermanos Mine workings, with a best trench intercept of 1.00m at 11.5g/t
    gold and a best artisanal mine channel sample of 1.50m at 9.17g/t gold
    (Target 1 on Figure 1 below). Over 1km along strike to the northwest a
    20m wide zone of multiple veins including 1.60m at 4.61g/t gold, 0.60m
    at 5.70g/t gold and 0.10m at 2.30g/t gold near the intersection of the
    northwest striking Dos Hermanos structure and the north striking El
    Duende Vein remains open along strike. 
    
2.  The Chaparro Prospect, located 4km north of La India Open Pit Resource
    on the Northwest extension of the India-America and Mestiza structure
    which is located at a flexure in the gold mineralised structure returned
    narrow intersections of up to 1.10m (1.0m true width) at 6.93g/t Au
    (Target 4 on Figure 1 below).

Table 1. Reported trenching completed on La India Vein Set and regional exploration targets.


No. Name                        Target Style  Interpretation                
----------------------------------------------------------------------------
-   La India Vein Set           Resource      6 trenches for 321m.          
                                Definition                                  
----------------------------------------------------------------------------
1   Dos Hermanos                Exploration   5 trenches for 640m testing a 
                                              1500m strike length.          
----------------------------------------------------------------------------
2   San Lucas                   Exploration   12 trenches for 330m.         
----------------------------------------------------------------------------
4   NW extension of India-      Exploration   5 trenches for 226m.          
    America                                                                 
    and Mestiza; El Chaparro                                                
    Prospect                                                                
----------------------------------------------------------------------------
6   Real de la Cruz             Exploration   6 trenches for 823m, further  
                                              c.650m of trenching underway. 
----------------------------------------------------------------------------

Figure 1 is available at the following address: http://media3.marketwire.com/docs/951423a.pdf.

Competent Person's Declaration

The information in this announcement that relates to the mineral potential, geology, Exploration Results and database is based on information compiled by and reviewed by Dr Luc English, the Country Exploration Manager, who is a Chartered Geologist and Fellow of the Geological Society of London, and a geologist with nineteen years of experience in the exploration and definition of precious and base metal mineral resources. Luc English is a full-time employee of Condor Gold plc and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration, and to the type of activity which he is undertaking to qualify as a Competent Person as defined in the June 2009 Edition of the AIM Note for Mining and Oil & Gas Companies. Luc English consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears and confirms that this information is accurate and not false or misleading.

For further information please visit www.condorgold.com.

About Condor Gold plc:

Condor Gold plc is an AIM listed exploration company focused on developing gold and silver resource projects in Central America. The Company was admitted to AIM on 31st May 2006 with the stated strategy to prove up CIM/JORC Resources in Nicaragua and El Salvador. Condor has eight 100% owned concessions in La India Mining District ("La India Project"); three 100% owned concessions in three other project areas and 20% in the Cerro Quiroz concession in Nicaragua. In El Salvador, Condor has 90% ownership of four licences in two project areas.

Condor's La India Project in Nicaragua currently contains a total attributable mineral resource of 18.4Mt at 3.9g/t for 2.33M oz gold and 2.68M oz silver at 6.2g/t to the CIM Code. Total gold equivalent of 2.37M oz. Including: Indicated mineral resource of 9.6Mt at 3.5g/t for 1.08M oz gold, Inferred mineral resource of 8.8Mt at 4.4g/t for 1.25M oz gold. Total open pit mineral resources of 1.14M oz gold at 3.1g/t. In El Salvador, Condor has an attributable 1,004,000 oz gold equivalent at 2.6g/t JORC compliant resource. The resource calculations are compiled by independent geologists SRK Consulting (UK) Limited for Nicaragua and Ravensgate and Geosure for El Salvador

Disclaimer

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.

Technical Glossary


Assay           The laboratory test conducted to determine the proportion of
                a mineral within a rock or other material. Usually reported 
                as parts per million which is equivalent to grams of the    
                mineral (i.e. gold) per tonne of rock                       
Auger           A devise used to collect unconsolidated soil or other       
                subsurface material by drilling either with a screw thread  
                or with a hollow core tube with a blade bit.                
Calcite         A common rock mineral composed of the elements calcium,     
                carbon and oxygen.                                          
                The reporting standard adopted for the reporting of the     
                Mineral resources is that defined by the terms and          
                definitions given in the terminology, definitions and       
                guidelines given in the Canadian Institute of Mining,       
CIM Code        Metallurgy and Petroleum (CIM) Standards on Mineral         
                resources and Mineral Reserves (December 2005) as required  
                by NI 43-101. The CIM Code is an internationally recognised 
                reporting code as defined by the Combined Reserves          
                International Reporting Standards Committee                 
Cross-cutting   Cross-cutting refers to the orientation of a structural     
                plane or lineament that intersects another plane or         
                lineament at an obtuse or perpendicular angle.              
Dip             A line directed down the steepest axis of a planar structure
                including a planar ore body or zone of mineralisation. The  
                dip has a measurable direction and inclination from         
                horizontal.                                                 
Epithermal      Mineral veins and ore deposited from fluids at shallow      
                depths at low pressure and temperatures ranging from 50-300 
               degrees C                                                   
Geophysics      The measurement and interpretation of the earth's physical  
                parameters using non-invasive methods such as measuring the 
                gravity, magnetic susceptibility, electrical conductivity,  
                seismic response and natural radioactive emissions.         
Gold Equivalent Gold equivalent grade is calculated by dividing the silver  
                assay result by 60, adding it to the gold value and assuming
                100% metallurgical recovery                                 
Grade           The proportion of a mineral within a rock or other material.
                For gold mineralisation this is usually reported as grams of
                gold per tonne of rock (g/t)                                
g/t             grams per tonne                                             
Hanging wall    The rock adjacent to and above an ore or mineralised body or
                geological fault. Note that on steeply-dipping tabular ore  
                or mineralised bodies the hanging wall will be inclined     
                nearer to the vertical than horizontal.                     
Inferred        That part of a Mineral resource for which tonnage, grade and
Mineral         mineral content can be estimated with a low level of        
Resource        confidence. It is inferred from geological evidence and     
                assumed but not verified geological and/or grade continuity.
                It is based on information gathered through appropriate     
                techniques from locations such as outcrops, trenches, pits, 
                workings and drill holes that may be limited, or of         
                uncertain quality and reliability                           
Indicated       That part of a Mineral resource for which tonnage,          
resource        densities, shape, physical characteristics, grade and       
                mineral content can be estimated with a reasonable level of 
                confidence. It is based on exploration, sampling and testing
                information gathered through appropriate techniques from    
                locations such as outcrops, trenches, pits, workings and    
                drill holes. The locations are too widely or inappropriately
                spaced to confirm geological and/or grade continuity but are
                spaced closely enough for continuity to be assumed          
Intercept       Refers to a sample or sequence of samples taken across the  
                entire width or an ore body or mineralized zone. The        
                intercept is described by the entire thickness and the      
                average grade of mineralisation                             
JORC            Australian Joint Ore Reserves Committee, common reference to
                the Australasian Code for reporting of identified mineral   
                resources and ore reserves                                  
koz             Thousand troy ounces                                        
kt              Thousand tonnes                                             
Mineral         A concentration or occurrence of material of economic       
Resource        interest in or on the Earth's crust in such a form, quality,
                and quantity that there are reasonable and realistic        
                prospects for eventual economic extraction. The location,   
                quantity, grade, continuity and other geological            
                characteristics of a Mineral Resource are known, estimated  
                from specific geological knowledge, or interpreted from a   
                well constrained and portrayed geological model             
Open pit mining A method of extracting minerals from the earth by excavating
                downwards from the surface such that the ore is extracted in
                the open air (as opposed to underground mining).            
oz              Troy ounce, equivalent to 31.103477 grams                   
                A common rock mineral composed of the elements silicon and  
Quartz          oxygen.                                                     
Quartz breccia  Broken fragments of rock cemented together by a network of  
                quartz rock. The quartz is deposited from saturated         
                geothermal liquids filling the space between the rock       
                fragments.                                                  
Quartz veins    Deposit of quartz rock that develop in fractures and        
                fissures in the surrounding rock. They are deposited by     
                saturated geothermal liquids rising to the surface through  
                the cracks in the rock and then cooling, taking on the shape
                of the cracks that they fill.                               
Radiometric     Also known as gamma ray spectrometry, is the measure of     
                natural radiation on the top 30- 45cm of the earth's        
                surface. The abundance of the three naturally occurring     
                radioactive elements, potassium (K), thorium (Th) and       
                uranium (U), is proportional to the abundance of minerals   
                containing those elements. This information can be used in  
                mapping the surface geology including the definition of     
                areas of potassium enrichment related to hydrothermal       
                alteration.                                                 
Rock chip       A sample of rock collected for analysis, from one or several
                close spaced sample points at a location. Unless otherwise  
                stated, this type of sample is not representative of the    
                variation in grade across the width of an ore or mineralised
                body and the assay results cannot be used in a Mineral      
                Resource Estimation                                         
Stockwork       Multiple connected veins with more than one orientation,    
                typically consisting of millimetre to centimetre thick      
                fracture-fill veins and veinlets.                           
Strike length   The longest horizontal dimension of an ore body or zone of  
                mineralisation.                                             
                The excavation of a horizontally elongate pit (trench),     
                typically up to 2m deep and up to 1.5m wide in order to     
                access fresh or weathered bedrock and take channel samples  
Trench          across a mineralised structure. The trench is normally      
                orientated such that samples taken along the longest wall   
                are perpendicular to the mineralised structure.             
True width      The shortest axis of a body, usually perpendicular to the   
                longest plane. This often has to be calculated for channel  
                or drill samples where the sampling was not exactly         
                perpendicular to the long axis. The true width will always  
                be less than the apparent width of an obliquely intersect   
                sample.                                                     
Mt              Million tonnes                                              
                A sheet-like body of crystalised minerals within a rock,    
                generally forming in a discontinuity or crack between two   
Vein            rock masses. Economic concentrations of gold are often      
                contained within vein minerals.                             
Wallrock        The rock adjacent to an ore or mineralised body or          
                geological fault.                                           

Contacts:
Condor Gold plc
Mark Child
Executive Chairman and CEO
+44 (0) 20 7408 1067

Condor Gold plc
Luc English
Country Manager
Nicaragua
+505 8854 0753

Beaumont Cornish Limited
Roland Cornish
+44 (0) 20 7628 3396

Numis Securities Limited
John Prior and James Black
+44 (0) 20 72601000

Farm Street Media
Simon Robinson
+44 (0) 7593 340107

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