Condor Gold Provides an Update on the Sale of Assets

GODALMING, UK / ACCESSWIRE / July 31, 2024 – Condor Gold (AIM: CNR)(TSX: COG) has reported progress on its search for a buyer for its assets, initiated after a promising Feasibility Study on the La India open pit. Currently, eleven companies are under Non-Disclosure Agreements (NDAs), with five non-binding offers received and three site visits completed. Interest remains high as the company continues to engage with potential buyers.

Jim Mellon, Chair of Condor Gold, highlighted substantial interest from gold producers. He noted the appeal of fully-permitted gold mines, capable of 150,000 oz annual production, with quick construction timelines and strong economic prospects. Despite longer-than-anticipated dealings, new inquiries persist, driven by recent record gold prices surpassing US$2,400/oz.

Condor Gold remains focused on active discussions with three gold producers, identifying a preferred bidder among them. Companies under NDAs have access to comprehensive project data, augmenting due diligence. The board remains optimistic about reaching a binding agreement and assures investors of ongoing updates.

However, the board issues a caution that there are no guarantees of completing the asset sale. They continue to aim for the best possible outcome for all investors.