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Screenshot of a breaking news alert e-mail from Q2 2017
The Board of Condor Gold (AIM: CNR) just announced that the Listing Committee of the Toronto Stock Exchange (TSX) has conditionally approved the Company’s application to list Condor Gold on the TSX.
Condor’s flagship La India Project in Nicaragua hosts 9.6 M tonnes at 3.5 g/t gold for 1,083,000 oz gold in the Indicated mineral resource category and 8.5 M tonnes at 4.5 g/t gold for 1,231,000 oz gold in the Inferred mineral resource category. The Indicated mineral resource includes 6.9 M tonnes at 3.0 g/t gold for 675,000 oz gold in the Probable mineral reserve category.
The TSX/TSXV is a robust market with liquidity and access to capital, particularly for the mining sector with the participation of over 200 Canadian institutional mining investors and over 500 international institutional mining investors. The TSX/TSXV is the number one public market for mining companies globally with 1,218 public listings with combined market capitalisation of C$305 billion and coverage by more than 200 mining analysts. In 2016, the TSX/TSXV accounted for 57 per cent of all equity capital raised in the mining sector, making it the top source of investment for mining companies globally.
Final approval for the listing is conditional upon the Company satisfying the conditions and requirements imposed by the TSX. The Company will work to satisfy these conditions as quickly as possible. The listing is also subject to the final receipt and acceptance by the Ontario Securities Commission of the Company’s long form non-offering prospectus, which the Company expects to file in the coming weeks. The Company will issue further press releases as appropriate.
Mark Child, Chairman and CEO commented:
The TSX listing will constitute a milestone for Condor Gold, providing a local trading platform for existing and new Canadian shareholders and investors. The vast majority of mining and exploration companies operating in South America are TSX/TSXV listed and, in my opinion, Canadian investors will find Condor a compelling investment that is undervalued compared to its TSX/TSXV listed peer group;, 100% ownership of a high-grade gold deposit close to permitting, which can be expanded, in a jurisdiction with a pro-mining Government.
Condor has been engaged with the local community for several years via employment and many social programmes, from healthcare, to education to the distribution of drinking water. Over the past 18 months we have been in constructive talks with national government and, with their blessing, we are now entering direct conversation with the local community regarding key aspects of permitting. Condor is entering the final phase of its permitting process to construct a 2,800tpd processing plant with a capacity to produce 100,000 oz gold p.a. from a single open pit and continues its strategy of expanding the gold resources through drilling and proving a major gold district.
The Company will remain listed on the AIM market of the London Stock Exchange.