1、 Company number:05587987 CONDOR GOLD PLC Report and Accounts Year ended 31 December 2013 -1-CONDOR GOLD PLC CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013 TABLE OF CONTENTS Page Highlights 2 Chairmans Statement 3 5 Strategic Report 6 8 Project Overview 9 12 Review of Operat
2、ions 13 21 Report of the Directors 22 26 Report of the Independent Auditor 27 28 Consolidated Statement of Comprehensive Income 29 Consolidated Statement of Financial Position 30 Consolidated Statement of Changes in Equity 31 Company Statement of Financial Position 32 Company Statement of Changes in
3、 Equity 33 Consolidated Statement of Cash Flows 34 Company Statement of Cash Flows 35 Notes to the Financial Statements 36 56 -2-CONDOR GOLD PLC HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2013 Condor Gold PLC(“Condor”,the“Company”or the“Group”),an AIM listed company focused on delineating a large com
4、mercial reserve on its La India Project in Nicaragua,announces its results for the year ended 31 December 2013.Highlights La India Project total mineral resource to NI 43-101 standards updated in November 2013 of 18.4Mt at 3.9g/t for 2.33M oz gold and 2.68M oz silver at 6.2g/t.Indicated resources+43
5、%and Open Pit resources+20%.7m private placement of new ordinary shares at 1.60 per share completed in February 2013.Preliminary Economic Assessment(“PEA”)to NI 43-101 standards completed in March 2013.Details conceptual mine producing 152,000 oz gold per annum for first 8 years of 13 year mine life
6、.PEA has robust economics:NPV US$325m,IRR 33%,pay back on capital equipment of 3 years,low operating cash cost US$575 per oz gold net of 3%royalty and 30%corporation tax.139 drill holes for 20,137m drilling completed in period.Best drill results 4.80m at 37.24g/t gold,6.80m at 13.00g/t gold,21.00m a
7、t 3.33g/t gold.Continuity of mineralisation and grade confirmed with infill drilling in La India Open Pit.1,836m geotechnical drilling completed,aimed at steepening the pit wall used in PEA.Purchase of adjacent HEMCO-SRP-NS concession for US$250,000 in shares at 2.00 per share increased La India Pro
8、ject land area by 44%to 280sq km.Environmental and Social Impact Assessment(“ESIA”)made excellent progress.Metallurgical test work to Pre-Feasibility Study(“PFS”)level completed,results show 93%to 96%recoverable gold.Geophysics flown over entire 280sq km La India Project provides additional explorat
9、ion targets.Drill result of 9.00m at 10.70g/t gold to the south of the current resource on la India Open Pit demonstrates the gold mineralisation is open along strike and to depth.Post Period Highlights Test work in support of the PFS has continued to advance in the first months of 2014:A pump test
10、has been completed with favourable results in support of a dewatering program Lycopodium has been selected as the design engineer for the plant,components of the infrastructure capital expenditure estimate and an operating cost estimate for processing.Pit geotechnical work has been completed pending
11、 final pit selection.Environmental baseline studies needed for the PFS are largely complete.Preliminary waste rock geochemistry results suggest that acid drainage will not be a problem.Suitable tailings,waste dump and plant sites have been identified.Rock chip sampling completed on 7 exploration tar
12、gets within La India Project -3-CONDOR GOLD PLC CHAIRMANS STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2013 Dear Shareholder,I am pleased to announce Condor Gold PLCs(“Condor”or“the Company”or“the Group”,)annual report for the 12 month financial year to 31st December 2013.During the year the Company mad
13、e the transition from exploration to resource development,focusing on the economic feasibility of exploiting the flagship La India Project in Nicaragua.An updated NI 43-101 Mineral Resource Estimate was completed on 8th November 2013.Several studies required for inclusion in a Pre-Feasibility Study(
14、“PFS”)were either commenced or completed during the period,with both the geotechnical and metallurgical studies completed to PFS level of competency.SRK Consulting(UK)Ltd(“SRK”)was awarded all studies to PFS level on La India Project.Condor has completed 23,600m of drilling since the 2012 mineral re
15、source estimate,bringing the total drilled on La India Project to date to 62,000m.An updated independent technical Mineral Resource Estimate for La India Project using the National Instrument 43-101 standard of disclosure in accordance with the Canadian Institute of Mining,Metallurgy and Petroleum(C
16、IM)Standards,was produced by SRK on 8th November 2013.The final report provides a significant amount of detail about La India Project including but not limited to:the project geology,exploration drilling and sampling,data quality and quantity,data validation,the geological model and the classificati
17、on and reporting criteria.Shareholders and potential investors should take comfort from the quality of work that has gone into producing an updated NI 43-101 technical report for La India Project.The current La India Project total mineral resource estimate is 18.4Mt at 3.9g/t for 2.33M oz gold and 2
18、.68M oz silver at 6.2g/t.Total gold equivalent is 2.37M oz.The mineral resource in the higher indicated category of confidence increased by 43%to 9.6Mt at 3.5g/t for 1.08M oz gold.The Inferred mineral resource is 8.8Mt at 4.4g/t for 1.25M oz gold.The total open pit resource increased 20%to 1.14M oz
19、gold at 3.1g/t split between three deposits all within a 2km radius.The bulk of the open pit resource is within the La India Open Pit which accounts for 920,000 oz at 3.0g/t gold.The identification of two feeder pits,the America Open Pit with 160,000 oz at 4.2g/t and the Central Breccia Open Pit wit
20、h 57,000 oz gold at 1.9g/t should help mine scheduling.A geotechnical report to PFS level of confidence was completed in October 2013 following a 1836m geotechnical drilling programme.It was designed to test the competency and strength of the host rock and determine the optimal pit angles for the La
21、 India Open Pit resource.Metallurgical studies to the PFS level of confidence were completed and show good recovery rates,further de-risking the La India Project.La India Vein Set gold recoveries range from 90%to 92%and the America Vein Set from 94%to 95%.These recovery estimates include a 2%reducti
22、on from the reported extractions to allow for plant inefficiencies.Most importantly,there are no unpleasant surprises.SRK Consulting(U.S.)Inc has recommended that gold mineralised ore can be processed by industry-standard whole-ore cyanidation with a standard carbon-in-pulp(CIP)process flowsheet.Con
23、dor completed a 3,351 line kilometer helicopter-borne geophysics survey covering the entire 280 sq km La India Project,which has confirmed that there remains considerable exploration upside for La India Project.The radiometric survey provides a powerful regional mapping tool.The magnetics survey can
24、 be used as an indirect tool for target delineation by the interpretation of zones of magnetite destruction and are of sufficient detail to make a realistic structural interpretation.Eight targets were identified as under-explored areas within prospective geological settings.La India Project has lar
25、ge areas that show surface expressions of gold mineralisation,which have yet to be drilled.SRK completed an NI 43-101 compliant Preliminary Economic Assessment(“PEA”),announced on the 5th March 2013 based on the 5th November 2012 NI 43-101 Mineral Resource estimation.The PEA for La India Project det
26、ails average annual gold production of 152,000 oz gold for the first 8 years of an initial mine life of 13 years.Total production of 1,463,000 oz gold over the Life of Mine is at an average operating cost of US$575 per oz gold;production is split evenly between open pit and underground mining.The NP
27、V of US$325m and IRR of 33%used a US$1,400 gold price when gold was over US$1,600 per oz and are after a 3%government royalty and 30%corporation tax.The payback period for the capital equipment is 3 years.-4-CONDOR GOLD PLC CHAIRMANS STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2013 Shortly after the re
28、lease of the PEA the gold price fell approximately 25%to US$1,200 per oz or US$400 per oz between mid March and early July 2013.Fortunately,the Company raised 7m at 1.60 via a placement of new ordinary shares in February 2013.The Board and senior management reacted to the fall in the gold price by r
29、e-sizing La India Project ahead of a PFS using only open pit resources.The decision was taken to focus on producing a smaller open pit only operation and defer the underground mining potential identified in the PEA until a later date to be funded out of future cash-flow or when market conditions imp
30、roved.Approximately 14,000m of in-fill drilling was completed in La India Open Pit,5,500m drilling on the America historic mine workings targeting an open pit resource and 2,700m drilling on the Central Breccia prospect,again targeting an open pit resource.A 3,000m trench programme was completed on
31、La Mestiza Vein Set,which host a resource of 334,000 oz gold at 7.0g/t to determine the likelihood of a feeder pit.The grades and widths of gold mineralisation from previous drilling are significantly better than the surface gold mineralisation.The Company concluded that Mestiza is an underground ra
32、ther than open pit target and the decision was taken not to undertake a further drill programme on Mestiza to include in the PFS.All drilling stopped in September 2013.The PFS will be focused on a base case La India Open Pit only scenario.La India Open Pit resource of 921,000 oz gold at 3.1g/t compr
33、ises 840,000 oz gold in the Indicated category and 81,000 oz gold in the Inferred category.Under 43-101 standards,only Indicated ounces can be used in a PFS.There will be an annex to the PFS showing the potential upside of including a further 300,000 oz gold open pittable resources(81,000 oz gold in
34、 the Inferred category in La India Open Pit,160,000 oz gold on America Open Pit and 58,000 oz gold on the Central Breccia Open Pit)in a Bankable Feasibility Study(“BFS”).The Companys strategy is to produce the base case PFS on the 840,000 oz gold in the Indicated category in La India Open Pit and pr
35、oceed directly to a BFS with either the base case only or with the base case plus the inclusion of additional 300,000 oz gold open pittable resources.The later option will require between 8,000m to 10,000m drilling to bring these additional ounces into the Indicated category for inclusion in a BFS.I
36、rene Chow was hired as Chief Environmental Officer in April 2013,she has accelerated several studies required in an Environmental Social Impact Assessment(“ESIA”).Surface water flow monitoring weirs have been constructed at five sites and ground water levels are being monitored at 24 locations on a
37、weekly basis.Several phases of water quality monitoring have already been completed.Condor has completed several studies and collected enough data to produce an ESIA to PFS level of confidence,including but not limited to:hydrology and hydrogeology studies,fauna and flora studies,land use,agricultur
38、e and soil characterization survey,meteorological studies,air quality studies,geomorphology studies,environmental legacy,environmental and social vulnerability and risks,a population census,artisanal miner survey and stakeholder engagement plan.Dave Crawford joined on 1st December 2013 as Chief Oper
39、ating Officer.He has 37 years experience in the mining industry.He most recently completed 5 years at Newmont Mining Company in Denver Colorado as its Study Director,Major Capital Projects;which involved the valuation of properties for possible acquisition,direction of evaluation teams,and developme
40、nt of strategies for identification of prospective takeover targets.Dave Crawford spends over half his time at La India Project and is tasked with taking the Project to PFS and BFS.Condor also holds 100%ownership of three other concessions in Nicaragua;the Estrella and Potrerillos concessions,which
41、contain historic gold mine workings,and the Rio Luna Concession,which contains a JORC Inferred Resource of 694,000 tonnes at 4.4g/t for 86,000 oz gold equivalent.In addition,the Company has a 20%interest in a fourth Concession,Cerro Quiroz,which contains established gold mineralisation and is adjace
42、nt to B2Golds operating gold mine at La Libertad.In El Salvador,Condors JORC Resource of 747,000 oz gold and 22.38 million oz silver or 1,120,000 oz gold equivalent at 2.6g/t remained unchanged during the period due to the moratorium on all exploration and mining in El Salvador.In 2011,10%of the Com
43、panys resource in El Salvador was gifted to a UK Charitable Foundation whose beneficiaries are the most needy and poor in that country.The moratorium on metallic mining in the Republic of El Salvador(“El Salvador”)has now been in place for just over 6 years.In November 2013,OceanaGold Corporation co
44、mpleted the purchase of Pacific Rim Mining for circa US$12m or US$7 per total resource ounce gold equivalent.Mick Wilkes,Managing Director and CEO of OceanaGold is quoted in the announcement:“Our Company has a long and successful track record of operating gold mines in partnership with local communi
45、ties in a safe and sustainable manner and we look forward to working with our key stakeholders in El Salvador to unlock the significant opportunity that exists at El Dorado for the people of El Salvador”.OceanaGold produces 325,000 oz gold per annum in New Zealand and the Philippines.A new President
46、 of El Salvador is due to be inaugurated in June 2014.It is unclear whether he is pro-mining.-5-CONDOR GOLD PLC CHAIRMANS STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2013 We continue to carefully monitor developments in El Salvador in relation to the present moratorium.Although there is a clear risk th
47、at the El Salvador exploration licences and related intangible assets may become impaired should the outcome of the Governments consideration be a decision to pass a law prohibiting metallic mining,the Board has concluded,particularly in light of the US$315m damages being claimed by Pacific Rim,and
48、the takeover of Pacific Rim by OceanaGold that they are not currently impaired.However,in the circumstances,the Board continues its policy of not capitalising further expenditure in relation to the El Salvador projects.The El Salvador assets carrying value included within this report total 4.3m.Turn
49、ing to the financial results for the year 2013,the operating loss was 2,917,034(2012:3,258,653).Additionally,the Company raised 7,284,660(2012:6,788,268)through the exercise of options,and private placements.The Company made foreign exchange losses of 219,298(2012:169,824).The decrease of cash and c
50、ash equivalents was 731,673(2012:increase of 1,283,822).The net cash balance at 31st December 2013 was 2,268,470.The strategy for 2014 is to produce a base case Pre-Feasibility Study on 840,000 oz gold in the Indicated category in La India Open Pit and demonstrate the upside potential of La India Pr
51、oject by rock chip sampling and trenching on several exploration targets outside the existing resource area.On completion of a PFS the Company will proceed directly to a Bankable Feasibility Study with either the base case or with the base case plus the inclusion of an additional 300,000 oz gold ope
52、n pittable resources that are currently excluded from the PFS.The later option will require between 8,000m to 10,000m drilling to bring these additional ounces into the Indicated category for inclusion in a BFS.Only Indicated ounces can be used in a PFS and BFS.There will be an annex to the PFS show
53、ing the potential upside of including a further 300,000 oz gold open pittable resources(81,000 oz gold in the Inferred category in La India Open Pit,160,000 oz gold on America Open Pit and 58,000 oz gold on the Central Breccia)in a BFS.Condor is concluding a 3,000m trench programme on 5 exploration
54、targets within La India Project identified by the airborne geophysics survey.-6-CONDOR GOLD PLC STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2013 REVIEW OF DEVELOPMENTS AND FUTURE PROSPECTS The Groups financial performance for the year was in line with Directors expectations.The Group loss after
55、taxation for the year to 31 December 2013 amounted to 2,908,667(2012:3,256,013).No dividends were paid during the year.The Group,at the end of the financial period has interests in seven concessions in the La India Mining District and a further four in four project areas in Nicaragua,and four licenc
56、es in two project areas in El Salvador.The Company will continue to assess each individually with the intention of focusing on core concessions with the highest probability of producing an economic resource,and principally at La India.The Company is currently investing in the La India concession whi
57、ch is discussed in greater detail in the Operations Report and Projects Overview.Operations in El Salvador are curtailed by the Government moratorium on all exploration and mining in that country.The El Salvador operation has been reduced to an administrative role until environmental and drill permi
58、ts are awarded,this situation is described in detail in Principal Risks and Uncertainties below.KEY PERFORMANCE INDICATORS The key indicator of performance for the Group is its success in identifying,acquiring,developing and divesting investments in projects so as to create shareholder value.Control
59、 of bank and cash balances is a priority for the Group and these are budgeted and monitored closely to ensure that it maintains adequate liquid resources to meet financial commitments as they arise.At this stage in its development,quantitative key performance indicators are not an effective way to m
60、easure the Groups performance.However,a qualitative summary of performance in the period in the Chairmans Statement and the Operations Report and Project Overview is an effective way of measuring the key performance of the Company.PRINCIPAL RISKS AND UNCERTAINTIES In common with other companies oper
61、ating in natural resources exploration,the Groups activities are speculative and involve a high degree of risk.The Groups exploration work involves participation in geological work programmes.Interpretations of the results of these programmes are dependent on judgements and assessments that are spec
62、ulative and these interpretations are applied in designing further work programmes to which the Company can commit significant resources.Work programmes often involve drilling and other geological work that present significant engineering challenges that are subject to unexpected operational problem
63、s.Furthermore activities generally take place in remote locations that can be subject to unexpected climate events,possible acts of terrorism,criminal threats,piracy and potential environmental risks.The Group operates in different countries where political,economic,legal,regulatory and social uncer
64、tainties are potential risk factors.In this regard,political uncertainties in El Salvador,in particular in relation to the ongoing moratorium in processing applications for exploration and mining,have resulted in operational delays in that country.-7-CONDOR GOLD PLC STRATEGIC REPORT FOR THE YEAR END
65、ED 31 DECEMBER 2013 PRINCIPAL RISKS AND UNCERTAINTIES-Continued During the past few years to date considerable progress was made in El Salvador:In March 2010,the Government of El Salvador(GoES)placed a tender for an independent Strategic Environment Study on the Metallic Mining Sector in El Salvador
66、(EAE)to inform the GoES how to conduct mining in a safe,secure and environmentally friendly manner.In September 2010 the Ministry of Economy(MINEC)and the Ministry of Foreign Affairs announced that Tau Consultora Ambiental of Spain(the Tau Group)()had been awarded the contract for SES.In December 20
67、10,GoES finalised the appointment of a Supervisory Committee to assist GoES on the interpretation of the Tau Groups EAE.In September 2011,the Tau Group completed the EAE and submitted it to GoES,a copy is available on the internet.In May 2012,Condors Chairman met with the Director of the Department
68、for Regulating Hydrocarbons and Mines at his office in the Ministry of the Economy in San Salvador.The Company has received assurances from a number of relevant Government officials that it will maintain its concession areas following the outcome of the moratorium process.In March 2013 Pacific Rim a
69、nnounced an independent valuation of its 1.7m oz reserves in El Salvador being worth over$300m.Pacific Rim is currently engaged in legal proceedings with GoES over the ongoing moratorium,and currently claiming$315m in damages.In November 2013,OceanaGold Corporation completed the purchase of Pacific
70、Rim Mining for circa US$12m or US$7 per total resource ounce gold equivalent.It is the Companys view that although the situation remains uncertain and it is unlikely that the necessary environmental and drilling approvals to enable re-commencement exploration programmes on key projects will be forth
71、coming in the near future,the indications are that the GoES will allow exploration and mining following the EAE,Mining Policy Review and amendments to the current Mining Law.The Company considers the damages being claimed by Pacific Rim,and the purchase of Pacific Rim by OceanaGold to be encouraging
72、 for the El Salvadorian assets.In the meantime operations in El Salvador remain on a care and maintenance basis.GOING CONCERN The operations of the Group are currently financed from funds which the Company has raised from shareholders.The Group has not yet earned revenues and is still in the explora
73、tion phase of its business.In common with many exploration companies,the Company raises finance for its exploration and appraisal activities in discrete tranches to finance its activities for limited periods only.Further funding will be required from time to time to finance the Companys activities.T
74、he Directors prepare and monitor cash flow projections based on different funding scenarios and make assumptions about the availability of additional finance in the future.The consolidated financial statements have been prepared on a going concern basis.The Directors consider the going concern basis
75、 to be appropriate based on cash flow forecasts and projections and current levels of commitments,cash and cash equivalents.FINANCIAL RISK MANAGEMENT The Groups operations expose it to financial risks that include credit risk,liquidity risk,and market risks.The Group does not have any debt and is no
76、t therefore required to use derivative financial instruments to manage interest rate costs nor is hedge accounting applied.1.Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations,and arises
77、 principally from the Groups receivables from customers and investment securities.The Group and the Companys financial assets comprise receivables and cash and cash equivalents.The credit risk on cash and cash equivalents is limited because the counterparties are banks with high credit-ratings assig
78、ned by international credit rating agencies.The credit risk on trade and other receivables is limited to the Groups receivable of 978,715.The exposure of the Group and the Company to credit risk arises from default of its counterparty,with maximum exposure equal to the carrying amount of cash and ca
79、sh equivalents in the Groups Statement of Financial Position.The Group does not have any significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics.The Group defines counterparties as having similar characteristics if they are connected
80、entities.The Group does not hold any collateral as security -8-CONDOR GOLD PLC STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2013 FINANCIAL RISK MANAGEMENT continued 2.Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.The G
81、roups approach to managing liquidity is to ensure,as far as possible,that it will always have sufficient liquidity to meet its liabilities when due,under both normal and stressed conditions,without incurring unacceptable losses or risking damage to the Groups reputation.To ensure liquidity,the Group
82、 maintains sufficient cash and cash equivalents on demand to meet its obligations as and when they fall due.The Group actively manages its working finance to ensure that sufficient funds exist for operations and planned expansion.3.Market risks Market risk is the risk that changes in market prices,s
83、uch as foreign exchange rates,interest rates and equity prices will affect the Groups income or the value of its holdings of financial instrument.The objective of market risk management is to manage and control market risk exposures within acceptable parameters,while optimising return on risk.(i)Pri
84、cing and risks The Directors consider there to be minimal price risk to the business.The Group,however,does have an unlisted equity investment whose price is exposed to market factors and realisation of which is dependent on the existence of willing buyers and therefore beyond the Groups control.(ii
85、)Interest rate cash flow risk The Group does not have interest bearing liabilities.Interest bearing assets are only cash balances that earn interest at a floating rate.(iii)Foreign exchange risk The Group principally operates in US Dollars.The Directors believe that the contracts for transfers of fu
86、nds to Central America are so small that there would be no benefit gained from hedging these contracts in the market.As such,currency is bought at the spot rates prevailing on the days transfers are to take place.This situation is monitored on a regular basis,and at present the Group does not have a
87、ny formal policy for hedging against exchange exposure.The Group may,when necessary,enter into foreign currency forward contracts to hedge against exposure from currency fluctuations,however,the Group has not entered into any currency forward contracts to date.4.Capital risk management The Group man
88、ages its capital to ensure that entities within the Group will be able to continue individually as going concerns,while maximising the return to Shareholders through the optimisation of debt and equity balances.The Group manages its capital structure and makes adjustments to it,in the light of chang
89、es in economic conditions.To maintain or adjust its capital structure,the Group may adjust or issue new shares or raise debt.No changes were made in the objectives,policies or processes during the years ended 31 December 2013 and 31 December 2012.The capital structure of the Group consists of equity
90、 attributable to equity holders of the parent,comprising issued capital,reserves and retained losses as disclosed in the Consolidated Statement of Changes in Equity.ON BEHALF OF THE BOARD:M L Child Chairman Date:04 June 2014 -9-CONDOR GOLD PLC PROJECT OVERVIEW FOR THE YEAR ENDED 31 DECEMBER 2013 CUR
91、RENT CONCESSION HOLDINGS Nicaragua Projects Project Concession Ownership Expiry Date Area(km)La India Project La India 100%Owned January 2027 68.50 Espinito Mendoza 100%Owned November 2026 2.00 Cacao 100%Owned January 2032 11.90 Santa Barbara 100%Owned April 2034 16.20 Real de la Cruz 100%Owned Janu
92、ary 2035 7.66 Rodeo 100%Owned January 2035 60.40 La Mojarra 100%Owned June 2029 27.00 HEMCO-SRP-NS(to be renamed La Cuchilla)100%Owned August 2035 86.39 Subtotal 280.05 Boaco Rio Luna 100%Owned June 2035 43.00 RAAN Estrella 100%Owned April 2035 18.00 Nueva Segovia Potrerillos 100%Owned December 2031
93、 12.00 La Libertad-Santo Domingo District Cerro Quiroz 20%Owned April 2035 22.50 TOTAL 375.55 All concessions in Nicaragua are combined exploration and exploitation concessions.El Salvador Projects Project Concession Ownership Expiry Date*Area(km)La Calera La Calera 100%Owned under moratorium 42.00
94、El Pescadito El Pescadito 100%Owned under moratorium 50.00 Carolina 100%Owned under moratorium 40.50 El Gigante 100%Owned under moratorium 42.50 TOTAL 175.00 *All exploration and mining licences in El Salvador are currently under El Salvadors moratorium on mining and exploration activity.Condor owns
95、 90%interest in El Salvador(remaining 10%gifted to the Condor Resources El Salvador Charitable Foundation).-10-CONDOR GOLD PLC PROJECT OVERVIEW FOR THE YEAR ENDED 31 DECEMBER 2013 CURRENT GLOBAL CIM/JORC CODE MINERAL RESOURCE The following Mineral Resource estimations have been reported by independe
96、nt geologists in accordance with the terms and definitions of the CIM/JORC Code.The Mineral Resource Estimations for Nicaragua were completed by SRK Consulting(UK)Ltd.and for El Salvador by Geosure Exploration and Mining Solutions(La Calera and part of Pescadito)and Ravensgate Resources(part of Pesc
97、adito).Tonnes Gold Silver Gold Equivalent CIM/JORC (kt)Grade(g/t)Contained(koz)Grade(g/t)Contained(koz)Grade(g/t)Contained(koz)Attributable Contained(koz)Category Nicaragua Projects(100%Condor owned)La India 9,600 3.5 1,076 6 1,780 3.6 1,103 1,103 Indicated Project 8,800 4.4 1,252 7 900 4.5 1,265 1,
98、265 Inferred Total 18,400 3.9 2,328 6 2,680 4.0 2,368 2,368 Ind+Inf Rio Luna 694 3.5 80 56 500 4.4 86 86 Inferred Total 19,100 3.9 2,407 7 3,182 4.0 2,454 2,454 Ind+Inf El Salvador Projects(90%Condor owned)Pescadito 7,100 1.9 434 97 22,100 3.4 764 688 Inferred La Calera 6,000 1.6 313-1.6 317 285 Inf
99、erred Total 13,100 1.8 747 53 22,380 2.6 1,081 964 Inferred Grand Total 32,200 3.0 3,154 34 25,553 3.5 3,535 3,427 Inferred Note that tonnage is rounded to nearest 10,000t,gold grade is rounded to nearest 0.1g/t,silver and gold equivalent grade to nearest 1g/t,contained gold and gold equivalent to n
100、earest 1,000oz and contained silver to nearest 10,000oz.Gold equivalent is calculated using silver:gold ratio of 67:1.Attributable gold is calculated as 90%interest in El Salvador licences(remaining 10%gifted to the Condor Resources El Salvador Charitable Foundation).-11-CONDOR GOLD PLC PROJECT OVER
101、VIEW FOR THE YEAR ENDED 31 DECEMBER 2013 CURRENT LA INDIA PROJECT CIM CODE MINERAL RESOURCE The following Mineral Resource estimations details SRKs CIM compliant Mineral Resource Statement as at 8th November 2013 for the La India Project,as signed off by Ben Parsons,a Competent Person as defined by
102、the CIM Code.SRK MINERAL RESOURCE STATEMENT SPLIT PER VEIN as of 7 November 2013(4),(5),(6)Category Area Name Vein Name Cut-Off gold silver Tonnes(kt)Au Grade(g/t)Au(Koz)Ag Grade(g/t)Ag(Koz)Indicated La India veinset La India/California(1)0.5 g/t(OP)8,402 3.1 838 5.5 1,475 La India/California(2)2.0
103、g/t(UG)610 5.0 98 11.0 216 America veinset America Mine 0.5 g/t(OP)226 8.4 61 5.3 38 America Mine 2.0 g/t(UG)358 6.8 79 4.4 51 Inferred La India veinset La India/California(1)0.5 g/t(OP)1,057 2.4 81 4.1 139 Teresa(3)0.5 g/t(OP)6 6.9 1 La India/California(2)2.0 g/t(UG)1,095 5.2 183 11.4 403 Teresa(2)
104、2.0 g/t(UG)80 11.1 28 Arizona(3)1.5 g/t 430 4.2 58 Agua Caliente(3)1.5 g/t 40 9.0 13 America veinset America Mine 0.5 g/t(OP)957 3.2 99 5.8 178 America Mine 2.0 g/t(UG)839 4.8 129 6.6 179 Guapinol(3)1.5 g/t 751 4.8 116 Mestiza veinset Tatiana(3)1.5 g/t 1,080 6.7 230 Buenos Aires(3)1.5 g/t 210 8.0 53
105、 Espenito(3)1.5 g/t 200 7.7 50 Central Breccia Central Breccia(1)0.5 g/t(OP)939 1.9 57 San Lucas San Lucas(3)1.5 g/t 330 5.6 59 Cristalito-Tatescame Cristalito-Tatescame(3)1.5 g/t 200 5.3 34 El Cacao El Cacao(3)1.5 g/t 590 3.0 58 (1)The open pit mining and the Mineral Resource Estimates are constrai
106、ned within Whittle optimised pits,which SRK based on the following parameters:A Gold price of USD1500 per ounce of gold with no adjustments.Prices are based on experience gained from other SRK Projects.Metallurgical recovery assumptions of 93%for gold,based on assumptions provided by the Company Mar
107、ginal costs of USD16.4/t for processing,USD3.8/t G&A and USD2.2/t for mining,slope angles defined by the Company Geotechnical study which range from angle 40-48.(2)Underground mineral resources beneath the open pit are reported at a cut-off grade of 2.0 g/t over a minimum width of 1.0m.Cut-off grade
108、s are based on a price of USD1500 per ounce of gold and gold recoveries of 93 percent for resources,costs of USD16.4/t for processing,USD10.0/t G&A and USD50.0/t for mining,without considering revenues from other metals.(3)Mineral resources as previously quoted by SRK(22 December 2011)are reported a
109、t a cut-off grade of 1.5 g/t,and have not been updated as part of the current study due to no further detailed exploration.(4)Mineral Resources are not Ore Reserves and do not have demonstrated economic viability.All figures are rounded to reflect the relative accuracy of the estimate and have been
110、used to derive sub-totals,totals and weighted averages.Such calculations inherently involve a degree of rounding and consequently introduce a margin of error.Where these occur,SRK does not consider them to be material.All composites have been capped where appropriate.The Concession is wholly owned b
111、y and exploration is operated by Condor Gold plc.(5)The reporting standard adopted for the reporting of the MRE uses the terminology,definitions and guidelines given in the Canadian Institute of Mining,Metallurgy and Petroleum(CIM)Standards on Mineral Resources and Mineral Reserves(December 2005)as
112、required by NI 43-101.(6)SRK Completed a site inspection to the deposit by Mr Benjamin Parsons,MSc(MAusIMM(CP),Membership Number 222568,an appropriate“independent qualified person”as this term is defined in National Instrument 43-101.-12-CONDOR GOLD PLC PROJECT OVERVIEW FOR THE YEAR ENDED 31 DECEMBE
113、R 2013 Summary of La India Project Mineral Resource Estimate per Vein Set.SRK MINERAL RESOURCE STATEMENT SPLIT PER VEINSET as of 7 November 2013 Category Area Name Vein Name Cut-Off gold silver Tonnes(kt)Au Grade(g/t)Au(Koz)Ag Grade(g/t)Ag(Koz)Indicated Subtotal Areas La India veinset 0.5g/t(OP)8,40
114、2 3.10 838 5.5 1,475 2.0 g/t(UG)610 5.01 98 11.0 216 America veinset 0.5g/t(OP)226 8.41 61 5.3 38 2.0 g/t(UG)358 6.83 79 4.4 51 Inferred Subtotal Areas La India veinset 0.5g/t(OP)1,063 2.41 82 4.1 139 2.0 g/t(UG)1,174 5.60 212 11.4 403 1.5 g/t 470 4.70 71 America veinset 0.5g/t(OP)957 3.22 99 5.8 17
115、8 2.0 g/t(UG)839 4.79 129 6.6 179 1.5 g/t 751 4.80 116 Mestiza veinset 1.5 g/t 1,490 7.00 333 Central Breccia 0.5g/t(OP)939 1.88 57 Other veins 1.5 g/t 1,120 4.20 151 Summary of La India Project Mineral Resource Estimate by cut-off grade.SRK MINERAL RESOURCE STATEMENT as of 7 November 2013 (4),(5),(
116、6)Category Area Name Vein Name Cut-Off gold silver Tonnes(kt)Au(g/t)Au(Koz)Ag Grade(g/t)Ag(Koz)Indicated Grand total All vein 0.5g/t(OP)(1)8,629 3.2 899 5.5 1513 2.0 g/t(UG)(2)968 5.7 177 8.6 267 Subtotal Indicated 9,597 3.5 1,076 5.8 1781 Inferred Grand total All veins 0.5g/t(OP)(1)2,959 2.5 238 4.
117、9(7)317(7)2.0 g/t(UG)(2)2,014 5.3 341 9.0(7)582(7)1.5 g/t(3)3,831 5.4 671 Subtotal Inferred 8,803 4.4 1,250 6.9(7)899(7)(1)The open pit mining and the Mineral Resource Estimates are constrained within Whittle optimised pits,which SRK based on the following parameters:A Gold price of USD1500 per ounc
118、e of gold with no adjustments.Prices are based on experience gained from other SRK Projects.Metallurgical recovery assumptions of 93%for gold,based on assumptions provided by the Company Marginal costs of USD16.4/t for processing,USD3.8/t G&A and USD2.2/t for mining,slope angles defined by the Compa
119、ny Geotechnical study which range from angle 40-48.(2)Underground mineral resources beneath the open pit are reported at a cut-off grade of 2.0 g/t over a minimum width of 1.0m.Cut-off grades are based on a price of USD1500 per ounce of gold and gold recoveries of 93 percent for resources,costs of U
120、SD16.4/t for processing,USD10.0/t G&A and USD50.0/t for mining,without considering revenues from other metals.(3)Mineral resources as previously quoted by SRK(22 December 2011)are reported at a cut-off grade of 1.5 g/t,and have not been updated as part of the current study due to no further detailed
121、 exploration.(4)Mineral Resources are not Ore Reserves and do not have demonstrated economic viability.All figures are rounded to reflect the relative accuracy of the estimate and have been used to derive sub-totals,totals and weighted averages.Such calculations inherently involve a degree of roundi
122、ng and consequently introduce a margin of error.Where these occur,SRK does not consider them to be material.All composites have been capped where appropriate.The Concession is wholly owned by and exploration is operated by Condor Gold plc.(5)The reporting standard adopted for the reporting of the MR
123、E uses the terminology,definitions and guidelines given in the Canadian Institute of Mining,Metallurgy and Petroleum(CIM)Standards on Mineral Resources and Mineral Reserves(December 2005)as required by NI 43-101.(6)SRK Completed a site inspection to the deposit by Mr Benjamin Parsons,MSc,MAusIMM(CP)
124、,Membership Number 222568,an appropriate“independent qualified person”as this term is defined in National Instrument 43-101.(7)Inferred Silver Mineral Resource Grades based on a sum total of 2,020 Kt for Indicated and 2,010 Kt for Inferred.(8)The resource figures stated are both gross and net to the
125、 Company.-13-CONDOR GOLD PLC REVIEW OF OPERATIONS FOR THE YEAR ENDED 31 DECEMBER 2013 NICARAGUA OPERATIONS REPORT During 2013 Condor made the transition from exploration to resource development,focusing on assessing the economic feasibility of exploiting the flagship La India Project.In March a Prel
126、iminary Economic Assessment(“PEA”)on the mining potential was completed on the La India Project which showed that open pit and underground mining on three fronts over a 13 year mine life could recover 1.4M oz gold through an annual production of 150k oz per year over the first 8 years.The study envi
127、saged approximately half of the gold production coming from open pit mining and half from underground mining over the Life of Mine,with the majority of production from La India Vein Set.Drilling and trenching completed in 2013 was designed to maximise open pit mining resources.Resource definition dr
128、illing successfully converted an inferred to an indicated resource on La India Open Pit in preparation for a Pre-feasibility Study(“PFS”)with a resource update announced in November.At the same time PFS studies on the La India Open Pit were initiated,with geotechnical and metallurgical studies compl
129、eted.Elsewhere,resource definition and exploratory drilling at America confirmed the presence of remnant wall-rock gold mineralisation along a 1000m strike length of the historic mine working.An updated mineral resource on the America Vein Set identified an open pit resource of 160k oz gold at 4.2g/
130、t and an overall resource increase of 70k oz gold to 484k oz gold at 4.8g/t.Further drilling was completed on the Central Breccia for which a maiden 57k oz gold at 1.9g/t open pit resource was estimated.Both the America Vein Set and the Central Breccia are located less than 2km from the La India ope
131、n pit resource and are therefore considered potential satellite pits.The La India Project area was expanded by an additional 86km to 280km with the acquisition of a new concession area in the northeast,further consolidating Condors position in the District.Regional exploration was advanced with an a
132、eromagnetic and radiometric survey and a high resolution satellite-derived digital terrain model completed across the entire La India Gold Mining District.This new data formed the basis for a regional targeting exercise for both open pit and hidden gold exploration.The focus going into 2014 is on pr
133、oducing a pre-feasibility study into open pit mining on the La India Vein Set.Concession Prospect Rock Chip Samples Trenches Completed Trench(m)Trench Samples Underground Channels Completed Underground(m)Underground Samples La India Vein Set 5 1 10 10 1 6 7 America Vein Set 14 La India Central Brecc
134、ia 0 Mestiza Vein Set 0 7 573 467 Other 242 7 401.8 400 3 7.6 11 Espinito Mendoza Mestiza Vein Set 12 24 2,320.80 2212 El Rodeo 89 Cacao 1 Real de La Cruz 1 La Mojarra 22 Totals 386 39 3,305.60 3089 4 13.60 18 Summary of rock chip sampling,trenching and underground channel sampling completed in 2013
135、.Figure 1.Location of Condor Golds concessions in Nicaragua.Figure 2.Condor field staff at La India Project.-14-CONDOR GOLD PLC REVIEW OF OPERATIONS FOR THE YEAR ENDED 31 DECEMBER 2013 Concession Prospect Diamond Core Drill holes Diamond Core Drilling(m)Core Samples RC Drill holes RC Drilling(m)RC 1
136、m Samples Drill holes Total Drilling(m)La India Vein Set 71 12,343.50 4,780 3 143.5 137 74 12,487.00 La India America Vein Set 23 3,434.25 1,439 26 1,896.0 1,807 49 5,330.25 Central Breccia 16 2,319.61 1,170 16 2,319.61 Totals 110 18,097.36 7,389 29 2,039.5 1,944 139 20,136.86 Summary of drilling ac
137、tivity completed in 2013.La India Project La India,Espinito Mendoza,Cacao,Santa Barbara,Real de la Cruz,El Rodeo,HEMCO-SRP-NS and La Mojarra Concessions (Condor 100%ownership).Condor has long recognised the potential of the La India Mining District for the development of a modern gold mine,and has g
138、radually built-up a concession package of eight concessions covering an area of 280km through a combination of public tender and private acquisition since first being granted the Cacao Concession in 2006.The La India Mining District is an epithermal goldfield hosted by a Tertiary aged volcanic compl
139、ex and was a substantial gold producer between 1938 and 1956 when the La India gold mine produced an estimated 576,000 oz gold with mine records showing a peak production of 41,861 oz gold at 11.8g/t recovered grade and 39,282 oz silver at 11.0g/t in 1953.The Company currently holds 100%interest in
140、mining rights to 98%of the La India District gold mineralisation including all the historical mine workings.In 2013 Condor completed the first economic assessment of the Projects mining potential,advanced the confidence of the mineral resource in the core mining zone and initiated pre-feasibility le
141、vel mining studies.Figure 4.View looking west at the historic La India Mine.Figure 3.Location of Condor Golds concessions on La India Project.-15-CONDOR GOLD PLC REVIEW OF OPERATIONS FOR THE YEAR ENDED 31 DECEMBER 2013 Preliminary Economic Assessment A Preliminary Economic Assessment(PEA)on the mini
142、ng potential at La India was completed in March 2013.The study was undertaken by SRK(UK)Limited and was based on the data used in the September 2012 Resource Estimation,which includes a considerable open pit resource on the La India Vein Set.The PEA envisages mining simultaneously from the La India,
143、America and La Mestiza vein sets,feeding a centralised mill at 1.5Mtpa for 1,463,000 oz recovered gold at an average grade of 3.8g/t over a 13 year Life of Mine(LOM).The PEA envisages an average annual production of 152,000 oz gold over the first 8 years.The forecast mine production is split almost
144、equally between underground and open pit mining with all the open pit ore coming from the India-California veins within La India Vein Set.The Company recognised that maximising open pit mining is the key to the projects economic success.Subsequent resource development drilling,technical studies and
145、exploration have all prioritised open pit mining with all technical work completed to pre-feasibility study level on La India open pit.Drilling and Trenching In 2013 Condor completed 20,137m of drilling and 3,306m of trenching to finish a 23,600m drilling programme initiated in late 2012 to develop
146、and test open pit targets in four locations within the core 6km by 3km area of the La India Project.The full drilling programme completed since the 2012 resource update included:1.13,956m infill resource drilling on the proposed La India Open Pit to estimate the open pit resource to indicated level
147、of confidence sufficient for inclusion in a PFS on open pit mining,2.5,486m exploration drilling through the wallrock of the historic America Mine to test for additional open pit resource,3.2,680m follow-up exploration drilling on the Central Breccia Prospect to define additional open pit resource,a
148、nd 4.31 trenches for 2,894m across the La Mestiza Vein Set to establish whether this area has open pit or underground mining potential.On the La India Vein Set a 13,956m resource infill drilling programme initiated the previous year,and a 1,800m geotechnical drilling programme,was completed.Infill d
149、rilling on the open pit resource was to 50m drill spacing in order to convert inferred resource to the more confident indicated category required for inclusion in a PFS.The geotechnical drilling was designed to measure the geotechnical properties required to optimise open pit design to PFS level.The
150、 geological and mineralisation information gained from the infill drilling has allowed the Company geologists to develop a more robust and confident geological model,and the exclusive use of larger diameter PQ core,first trialled in 2012,considerably improved core recovery and drilling success throu
151、gh cavities left behind by the historic mine workings.The infill drilling confirmed and better delineated the high-grade gold mineralised zones with highlights including:A near surface intercept of 21m(20.3m true width)at 3.33g/t gold from 4m drill depth in drill hole LIRC240 in the Central Zone,The
152、 first near surface bonanza grade intercept of 4.8m(4.4m true width)at 37.24g/t gold from 14.40m drill depth returned from drill hole LIDC239 in the South-Central Zone.19.20m(14.7m true width)at 3.60g/t gold from 194.90m in drill hole LIDC308 on the Central North zone.In addition to converting Infer
153、red resources into the Indicated category,drilling tested the strike continuation of hidden gold mineralisation along strike to the south at depths of between 80m and 200m below surface.High-grade gold mineralisation on the India-California structure was successfully extended 50m further south with
154、an intercept of 9.00m(5.9m true width)at 10.70g/t gold from 206.50m drill depth in drill hole LIDC319.The mineralisation still remains open along strike to the South.Figure 6.9.0m at 10.70g/t gold intersect in drill hole LIDC319.Figure 5.Condor field supervisor(centre)and a drilling crew at La India
155、 Project.-16-CONDOR GOLD PLC REVIEW OF OPERATIONS FOR THE YEAR ENDED 31 DECEMBER 2013 Eleven drill holes for 1,836m were designed to provide the geotechnical data required to design an open pit on the La India Vein Set at PFS level of confidence.This geotechnical drilling programme,which was designe
156、d and supervised by geotechnical consultants from SRK Consulting(UK),incorporated downhole imaging technology to measure fracture orientations and the installation of five piezometers to measure groundwater levels and conduct permeability test work.The geotechnical data from the drilling will be int
157、egrated with hydrogeological data to establish the optimum pit wall angles to be used in the PFS.Over 5,000m of drilling,supplemented by 7 trenches for 402m,were completed on the America Vein Set testing for remnant gold mineralisation in the wallrock of the historic America-Constancia Mine.The wide
158、st zones of gold mineralisation have been found in quartz breccia developments where a number of parallel Constancia veins intercept the America-Escondido vein flexure.Drill intercepts of up to 19m at 1.98g/t gold(including 3m at 7.82g/t gold)and 10m at 1.70g/t gold separated by only 6m of waste(dri
159、ll hole LIRC215)were returned from a zone of wide moderate to high-grade gold mineralisation along a strike length of between 100m and 150m and a down-dip extent of at least 300m.This flexure-intercept zone was drill-tested at 50m spacing to up to 300m down dip from surface,whereas the limbs of the
160、flexure,where the wallrock of the old mine workings have been shown to contain some remnant gold mineralisation were drilled at 100m spacing to 180m down-dip.Figure 8.View looking south at the historic America Mine.In line with the Companys policy of targeting open-pittable resources a 2,321m drilli
161、ng programme was completed on the Central Breccia area.The drilling programme had two objectives:Firstly,to follow-up on the excellent drilling results returned from earlier drilling in order to provide sufficient drill data for a maiden gold resource estimation on the Central Breccia.Secondly,to dr
162、ill beneath the soil anomalies identified near to the Central Breccia to test for further hidden gold mineralised breccia systems.The Central Breccia gold mineralisation is hosted by a hydrothermal breccia system with high-grade gold mineralised zones associated with intense argillic alteration and
163、sulphide mineralisation within a low-grade background halo.The high-grade zones are variable at a decimetre-scale which requires close spaced drilling to obtain continuity between drill samples and confidently model the gold distribution.Drilling to date has confirmed the lateral dimensions shown at
164、 surface with high-grade mineralisation intercepted up to 100m below surface.A 2,894m programme of 100m-spaced trenches,infilled to 50m in areas of interest,were excavated across the entire La Mestiza Vein Set.Trenches were up to 200m long and up to 3m deep in order to thoroughly test the sub-parall
165、el Tatiana,Jicaro and Buenos Aires veins package.La Mestiza Vein Set contains 334,000 oz gold at 7.0g/t,with significantly better grades and widths of gold mineralisation returned from drilling at depth than from previous explorers manual trench testing at surface.The programme was designed to categ
166、orically test the width and grade of surface gold mineralisation in order to better understand the geology of the deposit.Assay results confirmed previous exploration data that the Jicaro and Buenos Aires veins are narrow with variable grade at surface with a best intercept of 0.9m at 5.87g/t Au rec
167、orded in the Buenos Aires 2 Vein(Trench LITR178).However the Tatiana Vein is wider in places than was recognised in the shorter and shallower historic manual trenches,with a wide quartz stock work and breccia zone revealed along at least 150m strike length with best results including:Figure 7.Drilli
168、ng on the America Vein.-17-CONDOR GOLD PLC REVIEW OF OPERATIONS FOR THE YEAR ENDED 31 DECEMBER 2013 48m at 0.51g/t Au including 7.4m at 1.35g/t Au(Trench LITR173),11m at 1.90g/t Au(Trench LITR166b),6m at 2.25g/t Au(Trench LITR176b).The wider zones of gold mineralisation at surface are hosted by fine
169、 breccia zones interpreted as forming at higher levels under low confining pressure.The identification of more confined structures hosting higher grade gold mineralised at depth in both Condor and previous explorers drilling suggests that the optimal gold mineralisation level is below surface and wi
170、ll require definition through drilling rather than trenching.The Company concluded that La Mestiza is an underground rather than open pit mining target and the decision was taken not to undertake further drilling at La Mestiza for the current PFS study.Figure 9.View looking north-east at 50m spaced
171、trenches testing La Mestiza Vein Set.Resource Update Condor announced an updated mineral resource estimate on the La India and America vein sets and a maiden mineral resource on the Central Breccia Prospect on the 8th November.The updated mineral resource incorporated an additional 23,598m of drilli
172、ng that had been completed since the previous mineral resource estimate in September 2012.La India Project currently contains a CIM compliant indicated mineral resources of 9.6Mt at 3.5g/t Au for 1.08 million ounces of gold and inferred mineral resources of 8.8Mt at 4.4g/t for 1.25 million ounces of
173、 gold reported to NI 43-101 standard,for a combined indicated and inferred mineral resource of 18.4Mt at 3.9g/t for 2.33M oz gold contained within a 9km radius area.The mineral resource has been calculated in three parts using different parameters based on the potential economics and the confidence
174、of the data available.An open pit mineral resource of 1.14M oz gold at 3.1g/t which falls within a US$1,500 per ounce gold optimised Whittle open pit has been estimated using a 0.5g/t cut-off grade.The open pit resource comprises La India Open Pit with 921,000 oz at 3.0g/t,America Open Pit with 160,
175、000 oz at 4.2g/t and the maiden Central Breccia Open Pit with 57,000 oz gold at 1.9g/t.Zones that fall outside of the Whittle Pit shells have been estimated using an underground cut-off grade 2.0g/t over 1m.A total underground mineral resource of 518,000 oz gold at 5.4g/t lies beneath the La India a
176、nd America open pit shells:310,000 oz at La India and 208,000 oz at America The remaining mineral resource of 673,000 oz gold at 5.5g/t which has not been tested with a Whittle open pit model and was not re-estimated in 2013 has been assigned a cut-off grade of 1.5g/t.In addition,there is 2.68 milli
177、on ounces of silver at a grade of 6.2g/t estimated on the La India and California veins,and the historic America Mine only where there is sufficient silver assay data.Figure 10.The surface distribution of Mineral Resources on La India Project.-18-CONDOR GOLD PLC REVIEW OF OPERATIONS FOR THE YEAR END
178、ED 31 DECEMBER 2013 The drilling on La India Vein Set was designed to convert inferred open pit resource to the more confident indicated category whilst the drilling at America and on the Central Breccia was designed to define additional open pit resources at the inferred category.These goals were a
179、chieved with the overall open pit resource at La India Project increased from 954,000 oz,located only in one location,to 1.14 million oz at 3.1g/t gold in three close-spaced pits all contained within a 6km by 3km area:the 921,000 oz La India Open Pit,the 160,000 oz America Open Pit and the 57,000 oz
180、 Central Breccia Open Pit resources.The addition of the two smaller pits will add flexibility to a future open pit mining operations.As well as adding additional open pit mineral resource gold ounces,the drilling upgraded confidence in the mineral resource with over 1.08 million ounces gold indicate
181、d mineral resource defined in the La India and America Vein Sets,of which 899,000 oz is contained within the open-pit shells,with the balance of 177,000 oz split evenly between the deeper levels beneath the La India and America Mine Mineral resource Whittle open pit shells.Pre-Feasibility Study Prep
182、aration A number of mine development studies have been completed aimed at moving quickly towards a PFS.A 1,836m geotechnical drilling programme designed to more accurately establish the optimum pit slope angles that can be supported by an open pit mine on La India Vein Set was completed.A number of
183、the geotechnical and some exploration drill holes have been used to install piezometers for water level monitoring as part of the hydrogeological study required for open pit and underground mine design and water management planning,and also as a component of the environmental baseline study.Metallur
184、gical testwork was completed to PFS level of confidence on the proposed La India and America vein sets and to a Scoping Level of confidence on the Mestiza Vein Set and Central Breccia.The testwork showed that America and La Mestiza ore can be processed using standard CIP or CIL process without the n
185、eed for gravity concentration with recoveries of 93-95%gold achievable.In addition,a comparison of standard cyanidation and CIL tests indicated that preg robbing effects during processing would not be a problem.Similarly acid-base accounting tests showed that the tailings will not result in acid gen
186、eration.Scoping level testwork on the Central Breccia ore returned slightly lower recoveries at 89%from direct cyanidation,reflecting the distinct metallurgical properties of this atypical deposit.Studies to establish baseline conditions for the Environmental and Social Impact Assessment(“ESIA”)requ
187、ired for the PFS and for future mine permitting were initiated:Initial climatic and surface water flow studies were completed and surface water flow monitoring initiated.A meteorological station was purchased.The first phase of an air quality studies completed.The first phase of a flora and fauna st
188、udy completed.A population census and registration of artisanal mining activity within the concession area was completed.Regional Exploration Preparatory work for exploration of the existing and newly acquired concession areas outside of the core La India Project area has been initiated.Re-processin
189、g of existing ground geophysical data collected by a previous explorer in 2007 identified a number of targets for follow-up exploration and demonstrated the potential benefits of an airborne geophysical survey over the entire La India Project area.A helicopter aeromagnetic and radiometric survey was
190、 flown over the entire 280km area at 100m line spacing for a total of 3,530 line-kilometres to collect a high-resolution dataset.Condor geologists have used airborne magnetic and radiometric,and satellite derived topographic data,combined with geological mapping and the existing exploration database
191、 to develop a geological model of the La India Projects epithermal gold mineralisation system.Eight targets were identified as under-explored areas within prospective geological settings.Initial follow-up geological prospecting and rock chip sampling provided sufficient information about the style o
192、f mineralisation,and an indication of the gold grades to rank the targets and develop exploration plans.Figure 11.Point load testing geotechnical drill core samples.Figure 12.The aeromagnetic-radiometric geophysical survey helicopter at La India helipad.-19-CONDOR GOLD PLC REVIEW OF OPERATIONS FOR T
193、HE YEAR ENDED 31 DECEMBER 2013 Two target styles were identified:near surface gold mineralisation with open pit potential and deep-seated gold mineralisation that may have underground mining potential.New Concession Acquisition The Company purchased an 86km2 concession located adjacent and to the No
194、rth and East of the La India Project area,increasing Condors concession holding to 280km2.The newly acquired Concession,currently known as the HEMCO-SRP-NS Concession,and to be re-named La Cuchilla Concession,covers a potential additional 13km strike length of the America and La Mestiza Vein Set tre
195、nds.Gold mineralisation has been recorded in rockchip samples within 600m of the southern boundary of the Concession.Reconnaissance exploration has revealed at least four locations with quartz veining,an indication of past hydrothermal activity in a geological setting known to have potential for the
196、 discovery of economic gold mineralisation.The purchase agreement was signed in January with HEMCO Nicaragua SA(“HEMCO”)for a consideration of US$275,000 payable by way of issuing new ordinary shares in Condor Gold Plc at 2.00 per share.Post-Period Activity Since the year end Condor has continued to
197、 advance pre-feasibility studies.Independent mining consultants SRK Consulting(UK)Ltd have been contracted to produce a PFS on La India by testing two scenarios:a Base Case of 2,300tpd production from La India Open Pit only,which hosts a resource of 920,000 oz gold at 3.0g/t;or an alternative case o
198、f 2,800tpd if the two feeder pits of America and Central Breccia,which contain a combined open pit resource of 220,000 oz gold at circa 4.0g/t,are included.A two week pumping test from the historic mine workings at La India Open Pit to test the response of the La India Mine workings to de-watering h
199、as been completed and the results are being analysed at time of writing.The results of this test will be used to model the hydrogeology of the La India Vein Set with respect to mine de-watering designs and to refine the pit wall design.Hydrology studies are at an advanced stage with surface flow mea
200、surements for a full wet season collected and recorded.The locations of the Plant,Waste Dump and Tailings Storage Facility have been chosen.Geochemical testwork has shown that the proposed waste dump will not be prone to acid rock drainage.The contract for the PFS level process engineering design fo
201、r a processing plant and capital cost estimate has been awarded a Lycopodium Minerals Canada Ltd.Baseline data continues to be collected to international standards for the ESIA with a population census,artisanal miner census completed and a Stakeholder Engagement Plan under development.Land use mapp
202、ing,flora and fauna surveys and air quality measurements have been completed,an archeological study is underway and over one years water quality analysis data has been collected over the project area.Regional exploration activity has continued to develop the eight targets identified as under-explore
203、d.Over 400 rock chip samples have been collected from the eight target areas,with 90 samples assaying above 1g/t gold,and 22 returning assay results above 10g/t gold,underlining the abundant and widespread gold mineralisation in the project area.Trench testing is underway on selected targets,and a r
204、egional geochemical study is being conducted to identify the pathfinder elements associated with the gold mineralising epithermal system at La India,that will be used in the soil survey using a multi-element geochemistry database containing over two thousand rockchip samples.-20-CONDOR GOLD PLC REVI
205、EW OF OPERATIONS FOR THE YEAR ENDED 31 DECEMBER 2013 Other Project Areas Rio Luna Concession The Rio Luna Concession covers an area of 43 square kilometres in the Central Highlands of Nicaragua,accessible from the Capital City,Managua by approximately 90km of paved and graded roads.Rio Luna contains
206、 a JORC Inferred Mineral Resource of 694kt at 3.5g/t for 80,000 oz gold and 280kt at 56g/t for 500,000 oz silver on five separate resource blocks,distributed between three separate vein sets.In total this equates to 87,000 oz gold equivalent at 3.9g/t gold equivalent(using a gold:silver ratio of 1:6
207、0).The Mineral Resource estimate was calculated by Independent Geological Consultants SRK(UK)Ltd using exploration data from Canadian explorer First Point Minerals Corporation who completed an extensive programme of soil,auger,rock chip,trench and drill sampling between 2004 and 2006.That exploratio
208、n included 58 exploratory diamond core drill holes for 6,262m that tested a number of selected target zones along the three sub-parallel vein sets containing over 18km of gold-bearing epithermal quartz veins identified by surface exploration on the concession area.The current Mineral Resource is con
209、fined to five resource blocks where there is sufficient density of trench and drilling data to demonstrate continuity of gold mineralisation along strike and to depth.The resource blocks have a combined strike length of only 1,750m to a depth of less than 150m below surface,except on one cross secti
210、on where drilling tested to a depth of 250m below surface.This Mineral Resource Estimate demonstrates that where drilling has tested segments of the epithermal veining currently recognised at Rio Luna the gold mineralisation extends to depths of at least 250m below the surface,and gold mineral conce
211、ntrations are at sufficient grade to warrant further exploration.Gold mineralisation on all five prospects included in the Mineral Resource remains open along strike and to depth.Trenching has defined additional areas of surface mineralisation along strike of the resource blocks remaining to be dril
212、l tested and brought into the Mineral Resource.Estrella Concession The Estrella Concession covers an 18 square kilometre area in Nicaraguas historic Mining Triangle*in the northeast of the country.The concession is centred on the historic Estrella Gold Mine.No mine plans or production data are avail
213、able for the Estrella Mine(also referred to as the Estrella de Venus Mine in old reports),however it is believed that the mine exploited two or more sub-parallel epithermal veins on two or three levels along a strike length of at least a 250m.The mine was worked for only a few years before being des
214、troyed in 1935 during civil unrest:abandoned steel mine trolleys and rail tracks are testament to this period of mechanised mining.The old workings can be traced for approximately 100m where the mineralised structure runs close to the bank of a small river and then for an indeterminate distance bene
215、ath the crest of a ridge.The drift that runs next to the river has been reopened by artisanal miners.It is considered likely that the mining relied on gravity dewatering and did not extend below the level of the drainage adit at river level,no deeper than the 10-15m depth exploited by the artisanal
216、miners.It is believed that the mine operated a 20-50 tonne per day capacity mill during production.Trench and underground channel sampling by previous explorers and confirmed by Condor and has returned high grade gold intercepts over a 400m strike length including the historic Estrella Gold Mine and
217、 extending along strike up the ridge to the northeast.Two to three parallel epithermal veins separated by short intervals of 5 to 10m of country rock are recognised in old mine workings and trenches.A best trench intercept of 9.0m at 5.44g/t gold reflects the full width of the mineralisation,whilst
218、the channel sampling of the more selectively mined underground workings,often only exploiting one of the two-three structures returned an average intercept of 0.9m at 8.53g/t gold.The challenge on this concession is to extend the size of the mineralised zone beyond the 400m strike length defined to
219、date.It is highly unlikely that the mineralised fluids that deposited this ore body were restricted to an isolated structure and future exploration activity will aim to discover extensions to the known structure and/or other gold mineralised veins in the vicinity.*The Mining Triangle of the Bonanza-
220、Rosita-Siuna areas of northeast Nicaragua is estimated to have historical production totalling more than 5 million ounces of gold,4 million ounces of silver,158,000 tons of copper,and 106,000 tons of zinc.Figure 13.The location of Mineral Resources on the Rio Luna Concession.-21-CONDOR GOLD PLC REVI
221、EW OF OPERATIONS FOR THE YEAR ENDED 31 DECEMBER 2013 Potrerillos Concession Condor maintains a strategic concession holding covering a 3.5km strike length continuation of the gold mineralised system that hosts the historic San Albino mine workings which contains a CIM mineral resource of 348 kt at 8
222、.47g/t for 95,000 oz gold equivalent at the Indicated category and 3.371kt at 7.43g/t for 805,000 oz gold equivalent at the Inferred level of confidence(using a 1:60 Au:Ag ratio)as announced by concession holders TSX-listed Golden Reign Resources on 7th January 2013.The San Albino Resource is locate
223、d less than 500m from the edge of the Potrerillos Concession.Channel sampling of trenches and old mine adits carried out on the Potrerillos Concession between 2007 and 2009 returned intersections of up to 1m at 29.5g/t gold.Cerro Quiroz Concession(Condor 20%ownership)Condor holds a 20%interest in th
224、e 22.5km Cerro Quiroz Concession located approximately 15km from the La Libertad Gold Mine and only 4km from the recently opened Jabali satellite pit which is operated by TSX-listed Canadian mining company B2Gold.B2Gold hold the majority 80%Interest in the Concession and under the terms of the agree
225、ment manage and wholly fund exploration up until completion of the first 2,000m of drilling has been completed,after which Condor will be required to provide equity funding to maintain the Companys interest.B2Gold have completed a programme of rockchip and soil sampling,and excavated 10 trenches on
226、the principal 1.5km long gold mineralised vein.EL SALVADOR OPERATIONS REPORT Condor has continued to maintain a presence in El Salvador whilst the Government continues the suspension of metallic mining and exploration activity that has been in effect since 2007.The Company recognises that the resolu
227、tion lies with the Central Government,and Condor has played a leading role in lobbying the Government in favour of a resumption of mining activity both as an individual company and as a member of an umbrella group known as the Salvadoran Industrial Association which represents the interests of a num
228、ber of mining and exploration companies.The Companys has maintained a continuous active dialogue with the Government since 2007 in order to maintain the Companys claim over the suspended licences and also to position the Company to benefit from other prospective areas that are likely to become avail
229、able should the Government elect to support metallic mining in the future.Figure 14.Location of Condor Golds concessions in Nicaragua.-22-CONDOR GOLD PLC REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2013 DIRECTORS REPORT The Directors present their report with the financial statements of t
230、he Company and the Group for the year ended 31 December 2013.PRINCIPAL ACTIVITY The principal activity of the Group in the year under review was that of exploration of gold and silver concessions in El Salvador and Nicaragua.The principal activity of the Company was that of a holding company.DIRECTO
231、RS The Directors shown below have held office during the year:M L Child J Mellon R Davey SUBSTANTIAL SHAREHOLDERS On 31 December 2013 the Company was aware of the following interests in 3%or more of the Companys issued share capital:Shareholders Number of ordinary shares Holding%Regent Pacific Group
232、 Mr M Child 3,977,274 3,887,500 10.38 10.14 Oracle Management Limited 2,748,675 7.17 Sentry Precious Metals Growth Fund 1,281,056 3.34 DIRECTORS INTERESTS The Directors in office during the year under review and their interests in ordinary shares and unlisted options of the Company at 31 December 20
233、13 were:31 December 2013 31 December 2012 Directors Holding Number of shares Number of options Number of shares Number of options M L Child Direct 3,887,500 1,100,000 3,537,500 950,000 Indirect-R Davey Direct 32,500 350,000 32,500 200,000 Indirect-J Mellon Direct 38,820-38,820-Indirect 350,000 500,0
234、00 350,000 300,000 The interests of the Directors in options to subscribe for ordinary shares of the Company were:Exercise price(p)Latest exercise date As at 1 January 2013 Granted during the year Forfeit/lapsed/exercised in the year As at 31 December 2013 DIRECTORS M L Child 20 23 December 2013 450
235、,000-450,000-180 15 April 2016 250,000-250,000 100 27 June 2017 250,000-250,000 100 30 June 2018-600,000 600,000 R Davey 180 10 January 2017 100,000-100,000 100 27 June 2017 100,000-100,000 100 30 June 2018-150,000-150,000 J Mellon 180 15 April 2016 250,000-250,000 100 27 June 2017 100,000-100,000 1
236、00 30 June 2018-150,000-150,000 No Director had any interests in warrants to subscribe for ordinary shares of the company during the year.-23-CONDOR GOLD PLC REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2013 CORPORATE GOVERNANCE Corporate policies Condor takes its health,safety,environment
237、al and community responsibilities seriously,and has developed policies and systems to ensure that it explores in a safe,low impact and consultative manner,maximising the sustainability of its present and future operations for the benefit of all stakeholders.Health and safety Condor takes the health
238、and safety of its employees and contractors seriously,and strives to exceed statutory obligations and achieve best practice.To this end,a new safety management system has been implemented for its exploration operations.Environment Condor operates in strict adherence to local and Governmental standar
239、ds with regard to environmental impact on the local community.This procedure includes pre-exploration checks and post-exploration remediation programs.Currently,no unfulfilled commitments exist to remediate land upon which the Company has conducted exploration work.Community Condor is committed to w
240、orking consultatively and co-operatively within the communities in which it operates,which includes local subsistence farmers and pastoralists and firmly believes that future mining operations should be to the benefit of all.To this end,Condor personnel participate in cultural awareness programs and
241、 have forged close ties with landholders and maintain a constructive dialogue with the Department of Environment and local community representatives.Condor is also a sponsor of many community development and aid programs currently in place including the provision of clean water through drilling wate
242、r wells,tree planting,the supply of school books and training of locals in both technical and non technical skills to assist their personal development.Compliance with the UK Corporate Governance Code The Directors recognise the value of the UK Corporate Governance Code(“the Code”),and whilst under
243、AIM rules full compliance is not required,the Directors believe that the Company applies the recommendations insofar as is practicable and appropriate for a public Company of its size.-24-CONDOR GOLD PLC REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2013 CORPORATE GOVERNANCE continued Board
244、 of directors The board of directors at the year end included one executive chairman and two non-executive directors who qualify as independent non-executive directors as defined by the Code.The directors are of the opinion that the recommendations of the Code have been implemented to an appropriate
245、 level.The board,through the chairman and non executive directors,maintain regular contact with its advisers and public relations consultants in order to ensure that the board develops an understanding of the views of major shareholders about the company.The board meets regularly throughout the year
246、 and met over 12 times during the year to 31 December 2013.The board is responsible for formulating,reviewing and approving the Groups strategy,financial activities and operating performance.Day-to-day management is devolved to the country manager who is charged with consulting with the board on all
247、 significant financial and operational matters.Consequently,decisions are made promptly and following consultation among directors concerned where necessary and appropriate.All necessary information is supplied to the directors on a timely basis to enable them to discharge their duties effectively,a
248、nd all directors have access to independent professional advice,at the Companys expense,as and when required.The participation of both private and institutional investors at the Annual General Meeting is welcomed by the board.Committees Each of the following committees has its own terms of reference
249、.Audit committee The Audit Committee comprises J Mellon(non-executive director)and R Davey(non-executive director).The committee meets at least twice a year,in regard to the audit work required and completed.All directors received a copy of the respective audit committee reports prior to these meeti
250、ngs and had an opportunity to comment.The meetings were attended by the auditor.The chief financial officer and a representative of the external auditor are normally invited to attend meetings.Other directors or staff may be invited to attend,as considered beneficial by the committee.The Audit Commi
251、ttees primary responsibilities are to review the effectiveness of the Companys systems of internal control,to review with the external auditor the nature and scope of their audit and the results of the audit,and to evaluate and select external auditors.Remuneration committee The Remuneration Committ
252、ee plans to meet at least twice in each year.Its members are J Mellon(non-executive director)and R Davey(non-executive director),both of whom were in attendance at the meetings since their appointment date.The Groups policy is to remunerate senior executives fairly in such a manner as to facilitate
253、the recruitment,retention and motivation of staff.The Remuneration Committee agrees with the board a framework for the remuneration of the chairman,the executive directors and the senior management of the Group.The principal objective of the committee is to ensure that members of the executive manag
254、ement of the company are provided incentives to encourage enhanced performance and are,in a fair and responsible manner,rewarded for their individual contributions to the success of the company.Non-executive fees are considered and agreed by the board as a whole.-25-CONDOR GOLD PLC REPORT OF THE DIR
255、ECTORS FOR THE YEAR ENDED 31 DECEMBER 2013 CORPORATE GOVERNANCE continued Service Contracts The Company has service contracts with its non-executive directors.The service contracts also provide that the directors and parties related to the directors are entitled to participate in the share option ar
256、rangements operated by the Company as well as consultancy payments.Details of the contracts currently in place for directors and related parties are as follows:Annual salary 000 Consultancy payments 000 Date of Contract Unexpired term Notice period M L Child 100 55 13 July 2011-6 months J Mellon-16
257、6 April 2011-2 months R Davey 31-19 December 2011-2 months Subject to the notice requirements described above,there is no provision in the service agreements for compensation to be payable on early termination of the contract.Supplier payment policy It is the Groups policy to pay suppliers in accord
258、ance with the terms of business agreed with them.The number of days purchases outstanding for the group as at 31 December 2013 was 30 days(2012:30 days).Annual general meeting Your attention is drawn to the Notice of Meeting enclosed with this report convening the Annual General Meeting of the Compa
259、ny at 2p.m.on 26 June 2014 at the offices of Speechly Bircham;6 New Street Square,London,EC4A 3LX.The Notice of Meeting sets out and explains the special and ordinary business to be conducted at the meeting.Directors Insurance During the year the Company paid 10,070(2012:7,568)in respect of Director
260、s professional indemnity insurance.STATEMENT OF DIRECTORS RESPONSIBILITIES The directors are responsible for preparing the Directors Report and the financial statements in accordance with applicable law and regulations.Company law requires the directors to prepare financial statements for each finan
261、cial year.Under that law the directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards(IFRSs)as adopted by the EU and applicable law.Under company law the directors must not approve the financial statements unless they are satisfied tha
262、t they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the group for that period.In preparing these financial statements,the directors are required to:select suitable accounting policies and then apply them consistently;make judgments and a
263、ccounting estimates that are reasonable and prudent;state whether applicable accounting standards have been followed,subject to any material departures disclosed and explained in the financial statements;prepare the financial statements on the going concern basis unless it is inappropriate to presum
264、e that the Company will continue in business.-26-CONDOR GOLD PLC REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2013 STATEMENT OF DIRECTORS RESPONSIBILITIES(CONTINUED)The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the companys tr
265、ansactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006.They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for
266、 the prevention and detection of fraud and other irregularities.They are further responsible for ensuring that the Report of the Directors and other information included in the Annual Report and Financial Statements is prepared in accordance with applicable law in the United Kingdom.The maintenance
267、and integrity of the Condor Gold Plc web site is the responsibility of the directors;the work carried out by the auditor does not involve the consideration of these matters and,accordingly,the auditor accepts no responsibility for any changes that may have occurred in the accounts since they were in
268、itially presented on the website.Legislation in the United Kingdom governing the preparation and dissemination of the accounts and the other information included in annual reports may differ from legislation in other jurisdictions.STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITOR So far as the di
269、rectors are aware,there is no relevant audit information of which the groups auditor is unaware,and each director has taken all steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the Groups auditor is aware of that i
270、nformation.AUDITOR The auditor,Crowe Clark Whitehill LLP,will be proposed for re-appointment in accordance with Section 485 of the Companies Act 2006.ON BEHALF OF THE BOARD:M L Child Chairman Date:04 June 2014 -27-REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF CONDOR GOLD PLC FOR THE YEAR ENDED
271、 31 DECEMBER 2013 We have audited the financial statements of Condor Gold Plc for the year ended 31 December 2013 which comprise the Group and Parent Company Statements of Financial Position,the Group Statement of Comprehensive Income,the Group and Parent Company Cash Flow Statements,the Group and P
272、arent Company Statements of Changes in Equity and the related notes.The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards(IFRSs)as adopted by the European Union and,as regards the parent company financial statem
273、ents,as applied in accordance with the provisions of the Companies Act 2006.The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards(IFRSs)as adopted by the European Union and,as regards the parent company financia
274、l statements,as applied in accordance with the provisions of the Companies Act 2006.This report is made solely to the companys members,as a body,in accordance with Chapter 3 of Part 16 of the Companies Act 2006.Our audit work has been undertaken so that we might state to the companys members those m
275、atters we are required to state to them in an auditors report and for no other purpose.To the fullest extent permitted by law,we do not accept or assume responsibility to anyone other than the company and the companys members as a body,for our audit work,for this report,or for the opinions we have f
276、ormed.Respective responsibilities of directors and auditor As explained more fully in the Directors Responsibilities Statement set out on page 26 and 27,the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.Our respo
277、nsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing(UK and Ireland).Those standards require us to comply with the Auditing Practices Boards Ethical Standards for Auditors.Scope of the audit of the financia
278、l statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement,whether caused by fraud or error.This includes an assessment of:whether the accoun
279、ting policies are appropriate to the companys circumstances and have been consistently applied and adequately disclosed;the reasonableness of significant accounting estimates made by the directors;and the overall presentation of the financial statements.In addition,we read all the financial and non-
280、financial information in the annual report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on,or materially inconsistent with,the knowledge acquired by us in the course of performing the audit.If
281、 we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report Opinion on the financial statements In our opinion:the financial statements give a true and fair view of the state of the groups and of the parent companys affairs as at 31 December
282、 2013 and of the groups loss for the year then ended;the group financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union;the parent company financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union and
283、as applied in accordance with the provisions of the Companies Act 2006;and the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.Emphasis of matter El Salvador assets In forming our opinion on the financial statements,which is not modified,we have
284、considered the adequacy of the disclosure made in notes 1,11,12 and 13 to the financial statements concerning the uncertainty arising from the present moratorium on processing of permits for mineral exploration and extraction in El Salvador.As set out in note 1,if the necessary permit renewals are n
285、ot granted this would result in impairment of the Groups intangible assets and the Companys investments in El Salvador in the future and such impairment would be material.-28-REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF CONDOR GOLD PLC FOR THE YEAR ENDED 31 DECEMBER 2013 Opinion on the other
286、matters prescribed by the Companies Act 2006 In our opinion the information given in the Strategic Report and Directors Report for the financial year for which the financial statements are prepared is consistent with the financial statements.Matters on which we are required to report by exception We
287、 have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if,in our opinion:adequate accounting records have not been kept by the parent company,or returns adequate for our audit have not been received from branches not visited by us;or the
288、 parent company financial statements are not in agreement with the accounting records and returns;or certain disclosures of directors remuneration specified by law are not made;or we have not received all the information and explanations we require for our audit.Stephen Bullock(Senior statutory audi
289、tor)For and on behalf of Crowe Clark Whitehill LLP(Statutory auditor)St Brides House 10 Salisbury Square London EC4Y 8EH Date:04 June 2014 Note:The maintenance and integrity of the Condor Gold Plc website is the responsibility of the directors.The work carried out by the auditor does not involve con
290、sideration of these matters and accordingly the auditor accepts no responsibility for any changes that may have occurred to the financial statements since they were originally presented on the website.Legislation in the United Kingdom governing the preparation and dissemination of financial statemen
291、ts may differ from legislation in other jurisdictions.-29-CONDOR GOLD PLC CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2013 Notes Year Ended 31.12.13 Year Ended 31.12.12 Revenue -Administrative expenses (2,917,034)(3,258,653)Operating loss 6(2,917,034)(3,258,653)Fina
292、nce income 5 8,367 2,640 Loss before income tax (2,908,667)(3,256,013)Income tax expense 7-Loss for the year (2,908,667)(3,256,013)Other comprehensive income:Other comprehensive income to be reclassified to profit or loss in subsequent periods:Currency translation differences (219,298)(169,824)Other
293、 comprehensive(loss)/income for the year (219,298)(169,824)Total comprehensive loss for the year (3,127,965)(3,425,837)Loss attributable to:Non-controlling interest (3,755)(4,478)Owners of the parent (2,904,912)(3,251,535)(2,908,667)(3,256,013)Total comprehensive loss attributable to:Non-controlling
294、 interest (1,868)(1,898)Owners of the parent (3,126,097)(3,243,939)(3,127,965)(3,425,837)Loss per share expressed in pence per share:Basic and diluted(in pence)9 7.79 10.65 The notes in pages 37 to 56 form an integral part of these financial statements-30-CONDOR GOLD PLC CONSOLIDATED STATEMENT OF FI
295、NANCIAL POSITION AS AT 31 DECEMBER 2013 Notes 31.12.13 31.12.12 ASSETS:NON-CURRENT ASSETS Property,plant and equipment Intangible assets 10 11 298,525 14,721,128 228,167 10,250,474 15,019,653 10,478,641 CURRENT ASSETS Trade and other receivables Cash and cash equivalents 13 978,715 2,268,470 520,551
296、 2,481,503 3,247,185 3,002,054 TOTAL ASSETS 18,266,838 13,480,695 LIABILITIES:CURRENT LIABILITIES Trade and other payables 15 650,217 544,662 NON-CURRENT LIABILITIES Other payables 15-154,626 TOTAL LIABILITIES 650,217 699,288 NET CURRENT ASSETS 2,596,968 2,457,392 NET ASSETS 17,616,621 12,781,407 SH
297、AREHOLDERS EQUITY Called up share capital 16 7,664,792 6,679,826 Share premium 22,228,265 15,928,571 Legal reserves 71 71 Exchange difference reserve 374,982 594,280 Share options reserve 2,551,670 1,873,151 Retained earnings (15,203,159)(12,294,492)17,216,621 12,781,407)TOTAL EQUITY ATTRIBUTABLE TO
298、:Non-controlling interest (68,877)(66,471)Owners of the parent 17,685,498 12,847,878 17,616,621 12,781,407 The financial statement were approved and authorised for issue by the Board of directors on 04 June 2014 and were signed on its behalf by:M L Child-Chairman Company No:05587987 The notes in pag
299、es 37 to 56 form an integral part of these financial statements-31-CONDOR GOLD PLC CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AS AT 31 DECEMBER 2013 Share Capital Share premium Legal reserve Exchange difference reserve Share option reserve Retained earnings Total Non Controlling Interest Total Equi
300、ty At 1 January 2012 5,583,451 10,000,846 71 764,104 618,840(8,973,906)7,993,406(64,573)7,928,833 Comprehensive income:Loss for the year-(3,251,535)(3,251,535)(4,478)(3,256,013)Other comprehensive income:Currency translation differences -(172,404)-(172,404)2,580 (169,824)Total comprehensive income 5
301、,583,451 10,000,846 71 591,700 618,840(12,225,441)4,569,467(66,471)4,502,996 New shares issued 1,096,375 5,927,725-7,024,100-7,024,100 Share based payment-1,254,311-1,254,311-1,254,311 At 31 December 2012 6,679,826 15,928,571 71 591,700 1,873,151 (12,225,441)12,847,878(66,471)12,781,407 Comprehensiv
302、e income:Loss for the year-(2,904,912)(2,904,912)(3,755)(2,908,667)Other comprehensive income:Currency translation differences-(220,647)-(220,647)1,349(219,298)Total comprehensive income 6,679,826 15,928,571 71 371,053 1,873,151(15,130,353)9,722,319 (68,877)9,653,442 New shares issued 984,966 6,299,
303、694-7,284,660-7,284,660 Share based payment -678,519-678,519-678,519 At 31 December 2013 7,664,792 22,228,265 71 371,053 2,551,670(15,130,353)17,685,498(68,877)17,616,621 Share premium reserve represents the amounts subscribed for share capital in excess of the nominal value of the shares issued,net
304、 of cost of issue.Legal reserve represents the El Salvadorian statutory reserve calculated on results declared.The exchange difference reserve is a separate component of Shareholders equity in which the exchange differences,arising from translation of the results and financial positions of foreign o
305、perations that are included in the Companys Consolidated Financial Statements,are reported.The share option reserve represents the amount recognised in previous years and the current year relating to the share options granted under the Groups share option scheme.Retained earnings represent the cumul
306、ative net gains and losses recognised in the consolidated income statement.The notes in pages 37 to 56 form an integral part of these financial statements-32-CONDOR GOLD PLC COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2013 Notes 31.12.13 31.12.12 ASSETS:NON-CURRENT ASSETS Property,plan
307、t and equipment Investments Trade and other receivables 10 12 13 4,202 3,424,863 14,463,589 3,516 3,206,020 8,763,659 17,892,654 11,973,195 CURRENT ASSETS Trade and other receivables Cash and cash equivalents 13 173,393 2,232,489 37,309 2,455,596 2,405,882 2,492,905 TOTAL ASSETS 20,298,536 14,466,10
308、0 LIABILITIES:CURRENT LIABILITIES Trade and other payables 15 580,873 234,561 NON-CURRENT LIABILITIES Other payables 15 -156,626 TOTAL LIABILITIES 580,873 389,187 NET CURRENT ASSETS 1,825,009 2,258,344 NET ASSETS 19,717,663 14,076,913 SHAREHOLDERS EQUITY Called up share capital Share premium Share o
309、ptions reserve Retained earnings 16 7,664,792)22,228,265)2,551,670)(12,727,064)6,679,826 15,928,571 1,873,151 (10,404,635)TOTAL EQUITY 19,717,663 14,076,913)The financial statements were approved and authorised for issue by the Board of directors on 04 June 2014 and were signed on its behalf by:M L
310、Child Chairman Company No:05587987 The notes in pages 37 to 56 form an integral part of these financial statements-33-CONDOR GOLD PLC COMPANY STATEMENT OF CHANGES IN EQUITY AS AT 31 DECEMBER 2013 Share capital Share premium Share option reserve Retained earnings Total At 1 January 2012 5,583,451 10,
311、000,846 618,840)(7,762,565)8,440,572 Comprehensive income:Loss for the period -(2,642,070)(2,642,070)Total comprehensive income 5,583,451 10,000,846 618,840 (10,404,635)5,798,502 New shares issued 1,096,375 5,927,725-7,024,100 Share based payment -1,254,311-1,254,311 At 31 December 2012 6,679,826 15
312、,928,571 1,873,151(10,404,635)14,076,913 Comprehensive income:Loss for the period -(2,322,429)(2,322,429)Total comprehensive income 6,679,826 15,928,571 1,873,151 (12,727,064)11,754,484 New shares issued 984,966 6,299,694-7,284,660 Share based payment -678,519-678,519 At 31 December 2013 7,664,792 2
313、2,228,265 2,551,670(12,727,064)19,717,663 Share premium reserve represents the amounts subscribed for share capital in excess of the nominal value of the shares issued,net of cost of issue.The share option reserve represents the amount recognised in previous years and the current year relating to th
314、e share options granted under the Groups share option scheme.Retained earnings represent the cumulative net gains and losses recognised in the Companys income statement.The notes in pages 37 to 56 form an integral part of these financial statements-34-CONDOR GOLD PLC CONSOLIDATED STATEMENT OF CASH F
315、LOWS FOR THE YEAR ENDED 31 DECEMBER 2013 31.12.13 31.12.12 Cash flows from operating activities Loss before tax (2,908,667)(3,256,013)Share based payment 678,519 1,254,311 Depreciation charges 53,988 28,592 Loss on sale of tangible fixed assets -145 Impairment charge of intangible fixed assets 33,51
316、7 41,002 Reallocation of tangible fixed assets -Finance income (8,367)(2,640)(2,151,010)(1,934,603)Decrease/(increase)in trade and other receivables (458,164)(170,583)Increase/(decrease)in trade and other payables (49,071)299,772 Income tax paid -Net cash absorbed in operating activities (2,658,245)
317、(1,805,414)Cash flows from investing activities Purchase of tangible fixed assets (132,868)(203,079)Purchase of intangible fixed assets (5,233,589)(3,734,425)Interest received 8,367 2,640 Net cash absorbed in investing activities (5,358,090)(3,934,864)Cash flows from financing activities Proceeds fr
318、om share issue 7,284,660 7,024,100 Net cash from financing activities 7,284,660 7,024,100 (Decrease)/Increase in cash and cash equivalents (731,675)1,283,822 Cash and cash equivalents at beginning of year 2,481,503 854,146 Exchange gains cash and bank 518,642 343,535 Cash and cash equivalents at end
319、 of year 2,268,470 2,481,503 The notes in pages 37 to 56 form an integral part of these financial statements-35-CONDOR GOLD PLC COMPANY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2013 Year Ended Year Ended 31.12.13 31.12.12 Cash flows from operating activities Loss before tax (2.322,430)
320、(2,642,070)Share based payment 678,519 1,254,311 Share based payment to subsidiaries treated as investment (218,843)(271,468)Historic share based payment to subsidiaries movement -5,102 Depreciation charges 1,492 457 Loss on disposal of investments -Finance income (8,352)(2,623)(1,869,614)(1,656,291
321、)Increase in trade and other receivables (5,836,014)(3,938,952)Decrease in trade and other payables 191,688 274,311)Net cash absorbed in operating activities (7,513,940)(5,320,932)Cash flows from investing activities Interest received 8,352 2,623 Purchase of tangible fixed assets (2,179)(3,972)Net c
322、ash from investing activities 6,173 (1,349)Cash flows from financing activities Proceeds from share issue -7,284,660 7,024,100)Net cash from financing activities 7,284,660 7,024,100)(Decrease)/Increase in cash and cash equivalents (223,107)1,701,819 Cash and cash equivalents at beginning of year 2,4
323、55,596 753,777)Cash and cash equivalents at end of year -2,232,489 2,455,596)The notes in pages 37 to 56 form an integral part of these financial statements-36-CONDOR GOLD PLC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013 1.ACCOUNTING POLICIES General information These consol
324、idated financial statements are for Condor Gold Plc and its subsidiary undertakings.The Company is a public company registered in England and Wales on 10 October 2005 and is listed on the AIM Market of the London Stock Exchange.The address of its registered office is 6 New Street Square,London,EC4A
325、3LX.The nature of the Groups operation is described in the Directors report.Functional and presentation currency Items included in the financial statements of each of the Groups entities are measured using the currency of the primary economic environment in which the entity operates(the“Functional c
326、urrency”).The consolidated financial statements are presented in British pounds(“”)which is the Companys presentation and functional currency.Basis of preparation These financial statements have been prepared in accordance with International Financial Reporting Standards(IFRS and IFRIC interpretatio
327、ns),as adopted by the European Union,and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.The financial statements have been prepared under the historical cost convention except for the revaluation of certain financial instruments that are measured at fair valu
328、e.The operations of the Group are currently financed from funds which the Company has raised from shareholders.The Group has not yet earned revenues and is still in the exploration phase of its business.In common with many exploration companies,the Company raises finance for its exploration and appr
329、aisal activities in discrete tranches to finance its activities for limited periods only and further funding will be required from time to time to finance those activities.The directors prepare and monitor cash flow projections based on different funding scenarios and make assumptions about the avai
330、lability of additional finance in the future.On the basis of those cash flow projections,the directors consider that the Company will require additional financial resources in the twelve month period from the date of approval of these financial statements to enable the Company to undertake its plann
331、ed programme of exploration activity and to meet its commitments.The directors are confident that they will be able to raise the required funds and/or manage the current level of expenditure and therefore consider the going concern basis to be appropriate.The financial statements have been rounded t
332、o the nearest pound.Interpretations and amendments to published standards effective in 2013 The following are the new IFRS and IFRIC interpretations and amendments to published standards effective in 2013 that are relevant to the Group:IAS 19 Amendment Employee Benefits IAS 12 Amendments-Deferred ta
333、x:Recovery of Underlying Assets IFRS 7 and IAS 32 Offsetting financial assets and financial liabilities IAS 27 Separate Financial Statements IAS 28 Investments in Associates and Joint Ventures IFRS 10 Consolidated Financial Statements The adoption of the above IFRS and IFRIC Interpretations did not result in any substantial changes to the Groups accounting policies nor any significant impact on th
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