25 May 2012

Condor swoops for £3m

13/04/2011 Robert Tyerman

Gold explorer Condor Resources (CNR) has raised £3 million to intensify drilling at its La India gold project in Nicaragua. Australia's Macquarie Bank is putting up all the money at a discounted 9p in a placing handled by Ambrian Partners, broker to the AIM-quoted company, which hopes to boost La India's indicated and inferred gold resource from 988,000 oz to two million oz.

The placing will bring Macquarie 6.34 per cent of London-based Condor, whose chairman Mark Child points out the Australian bank has provided equity and debt financing for several gold companies, including fellow Nicaragua play B2Gold. Consultant SRK has established an indicated gold resource of 290,000 oz at 7.6 grammes of gold per tonne of ore and a more tentative inferred resource of 698,000 oz at six grammes a tonne at La India and Child argues 'it is important to accelerate our existing drill programme.'

Condor's shares have proved decidedly violatile since floating at 10p five years ago. They collapsed to 0.43p at one point during the past year before rebounding to 11.64p.

Now 10p, off 1.25p this morning on the placing terms, they offer speculative potential, bolstered somewhat by Macquarie's support.

Tags: AIM market, Gold, Macquarie Bank, Mark Child, Nicaragua

Sector: Mining

Companies: Condor Resources

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