Should I wait for the price to drop to .5P or go in at .6P. Is the El Salvador government going to allow Condor to drill in the new area Condor are hoping for ?

tick up - bout time :-))!

the news seems to be sinking in at last - another tick up - nice order just filled :-)))

apparently....

'If you are prepared to wait until CNR is sold the following is a guide to the likely sp when the deal is done. 2.0 million oz @ $200 per oz and 650 million shares in issue = 39p per share 2.5 million oz @ $250 per oz and 700 million shares in issue = 56p per share 3.0 million oz @ $300 per oz and 750 million shares in issue = 75p per share 4.0 million oz @ $400 per oz and 800 million shares in issue = £1.25p per share Obviously, it will depend on whether Mark Child decides to go for 2, 3 or 4 million oz. The more ounces he goes for the longer it will take. 2 million oz by April 2012, 3 million by the end of 2012 - possibly 4 million if El Salvador comes back into the fold.'

broker note....

With a current market capitalisation of £38.4m and an approximate cash balance of $3m, Condor has a current enterprise value of ~£35m, or ~$55m. With its new resource, Condor is currently trading at less than $35/oz gold in-situ. As discussed in our recent initiation note on Condor (see “Condor: Central American Gold Company”, 6th December 2011) in our view there is not a sufficiently well defined peer group for appropriate peer group comparison for Condor. This highlights Condor’s advantageous position as having an early mover advantage in Nicaragua (and El Salvador in spite of the country’s current moratorium on mining) but does not allow for relative valuation. We believe that at current levels Condor offers a good investment opportunity as its share price has yet to re-rate following the resource expansion. Moreover, Condor presents a bold resource growth opportunity and we believe few smaller mining juniors will be able to sustain the same growth this year.

Condor offers a good investment opportunity as its share price has yet to re-rate following the resource expansion.

some of cnr +'s:

> An excellent management team of Mark Child, Jim Mellon and the recently appointed Roger Davey. During 2010/2011 Mark Child’s negotiation skills have contributed significantly to the resource in Nicaragua growing from 41,000 oz to the current 1.7 million oz at an average exploration cost of just $3 an ounce, far less than the industry average of $20 an ounce.

> The high grade of gold. The 1.7 million ounces is at just under 6 g/t.

> Nicaragua is a gold mining friendly country and has several established gold mines. The exploration/ and exploitation licences held by CNR were awarded for a 25 year period.

> La India District hosts an historic mine which produced at over 13 g/t. That suggests that a future mine will be economic to run. Early indications suggest that the clay based soil will make gold extraction relatively easy and that a good proportion of the ounces will be extractable through a simple gravity circuit.

> The aim is to prove up a large commercial reserve at La India District and then to sell to the highest bidder. 2 million ounces is the minimum target. The JORC total in the District is now 1,620,000 ounces. 8,000m of the current 20,000m drilling programme will be converted to JORC in H1, is expected to easily take the total to 2 million oz.

> When 2 million oz is reached CNR will be firmly on the radar of the top 30 producers globally and a take-over could potentially happen at any time.

> Previous Soviet exploration estimated 2.4 million oz in the District. Since then CNR has made numerous new discoveries and may recently have identified the epithermal feeder system for the main veins in the area. Gold also goes much deeper than the Russian estimate suggested so there is the clear potential for 4 million oz+ high grade gold in the District.

> Very good local infrastructure with a main road and power lines nearby.

> Excellent news flow expected to be maintained during 2012. Last year 42 RNSs were released.

> Assays are pending from several holes drilled on the new discoveries and from the first deep drill hole (400m) designed to test the depth extension of a high grade ore shoot.

> Currently very undervalued

> CNR has 1.1 million oz to JORC in El Salvador. Due to an ongoing moratorium on mining operations are currently suspended there and the resource is currently awarded zero value in the sp. That should change this year with the imminent publication of the Tau report and upcoming elections. When CNR is able to resume operations, it is expected to add more than 3 million ounces of gold to CNR pf

> MacQuarie bank is a cornerstone investor at 9p per share. Jim Mellon and the owners of Mendoza also bought or accepted shares at 9p.

> Rerating is due

> From last RNS another results RNS is due anytime

9th Jan 2012.... Optiva Buy Note.... Condor Resources......

Jason Robertson (Analyst/Corporate Broker) +44 (0)20 3137 1906 jason.robertson@optivasecurities.com
Graeme Dickson (Dealing Desk) +44 (0)20 3411 1880 graeme.dickson@optivasecurities.com
James Hart (Dealing Desk) +44 (0)20 3137 1905 james.hart@optivasecurities.com
Graham Comrie (Dealing Desk) +44 (0)20 3411 1880 graham.comrie@optivasecurities.com
Vishal Balasingham (Institutional Sales) +44 (0)20 3411 1881 vishal.balasingham@optivasecurities.com
Christian Dennis (CEO/Corporate Broker) +44 (0)20 3137 1903 christian.dennis@optivasecurities.com
INITIATION REPORT
CONDOR RESOURCES PLC
BUY
PRICE TARGET: 14.8p (12‐month)Stock Data
Current Price: 6.13p
Market Cap: £34m
Shares Outstanding: 558.3m
Company Profile
Sector: Gold, Resources
Ticker: CNR.L
Exchange: AIM ‐ London
Website: condorresourcesplc.com
Activities
Advancement of gold exploration and
development projects in Nicaragua and El
Salvador.
Performance Data
52 Week Range: 3.63p‐11.50p
Key Metrics
Net Cash estimate
(December 2011): £1.2m
Directors
Mark Child Chairman & CEO
Jim Mellon Non‐Exec
Roger Davey Non‐Exec
Major Shareholders
Mark Child (Dir) 12.5%
Oracle Investment 8.5%
Macquarie Bank 6.0%
Jim Mellon (Dir) 0.4%
CONDOR TO FLY HIGHER?
We are highly encouraged by the rapid exploration progress being made by Condor
Resources, as it seeks to prove up what could be a substantial commercial gold resource in
Central America. In Nicaragua alone, a JORC resource of 1.7m ounces of gold equivalent at
5.5 g/t has been defined, the majority of which lies on the La India project. A recent upgrade
by 365,000 ounces, following estimates by independent consultant SRK, seems to have been
overlooked by investors, probably due to the timing of this material announcement that
unfortunately had to come out during the holiday period on 30 December. Most of the
upgrade was contributed from a maiden resource on the California vein of 146,000 ounces,
a vein which was not factored into the old Soviet classification resource figure defined in
1991 of 2.4m ounces at 9.2 g/t. Given the recent discoveries, we believe Condor is firmly on
course to prove up a resource of 3m ounces or more of gold equivalent from its Nicaraguan
projects.
Along with Nicaraguan interests on the resource balance sheet the Group also has two
projects in El Salvador, with a JORC resource of 1.03m ounces of gold equivalent. However
there is currently a government moratorium on all forms of exploration and mining in the
country. In neighbouring Nicaragua, the government’s attitude towards gold mining is
significantly better, as mining is an important component of the economy, with gold being
the third largest export in 2010. There are three operating gold mines in Nicaragua,
producing a total of around 200,000 ounces per annum at a favourable low cash cost of
$550 per ounce. Going into 2012, as most of us are aware the fundamentals behind gold
continue to be favourable, given the uncertain macro environment in the Western world. It
is interesting to note Condor’s strong shareholder base, that includes investment bank
Macquarie Bank and sizeable director holdings.
INVESTMENT RECOMMENDATION
We have arrived at a valuation for Condor by ascribing $56.4 to each JORC Inferred ounce of
gold or gold equivalent and $132.5 for each JORC Indicated ounce. This computes to a total
Group valuation of $128.1m ($116.4m Nicaragua + $11.7m El Salvador) or 14.8p per share.
With exploration in El Salvador frozen for the time being, due to the moratorium on mining,
the project value from this country has been heavily discounted by 80%. If the
exploration/mining moratorium is lifted in El Salvador, 5.3p could be added to the
valuation. In Nicaragua a further 500,000 ounces of gold defined to JORC standard at La
India could move the valuation higher by 4.8p. We believe this target looks achievable
within the next 6 to 9 months. Further upside could come from the conversion of existing
Inferred ounces to Indicated, which could be further bolstered by a higher grade at an
Indicated level. We may look to change our valuation model to an NPV approach as the
project matures in 2012, which could lift the valuation significantly higher given the low
cash costs of other gold producers in Nicaragua. With the continuation of recent exploration
momentum success in Nicaragua, Optiva Securities initiates coverage on Condor Resources
with a Buy recommendation and 14.8p price target.9 January 2012
9 January 2012 OPTIVA SECURITIES2 Condor Resources Plc
“ ... produced an estimated 575,000 ounces
of gold at 13.4 g/t between 1938 and 1956.”
“... key aim of converting the former Soviet
resource figures to JORC and proving up a
large commercial reserve.”
“ ... appointment in late December 2011 of
Roger Davey to the Board provides Condor
with the expertise to advance La India
towards the mining stage.”
“A number of major untested mineralised
structures are present, which the
management believe holds the potential to
add...”
NICARAGUA
Most of Condor’s licences in Nicaragua are held within the La India Mining District
project that covers 166 sq km. These are all 100% owned and take up around 98% of the
old high grade La India Gold Mine that produced an estimated 576,000 ounces of gold at
13.4 g/t between 1938 and 1956. At its peak, production was at 41,000 ounces per
annum. With assistance from the Soviet Union government, an extensive study was
undertaken in the 1980s, along with 12,000 metres of drilling. This led to a Soviet
classification resource of 2.4m ounces at 9.5 g/t gold being defined in 1991, of which
958,000 ounces at 9.4 g/t were in the C1 + C2 category and the remainder in the P1
category. It is interesting to note that the new resource defined on the California vein
(146,000 ounces at 3.5 g/t) was not factored into the old Soviet figures.
Over the last two years Condor has focused on consolidating its licence holdings in the
country and executing an intensive exploration programme with the key aim of
converting the former Soviet resource figures to JORC and proving up a large commercial
reserve. On the La India project, some 14,700 metres have been drilled, of which assays
from 11,905 metres (66 holes) have been returned to date. A number of high‐grade gold
veins have been located on the concessions, which lie at an average depth of around 150
metres. The latest results reported on 20 December 2011 continue to be encouraging,
the highlights of which included a high grade intercept of 2.04 metres at 25.4 g/t gold.
On 30 December 2011, Condor improved its La India JORC resource by 29% to 1.62m
ounces of gold at 5.6 g/t. From what we know so far this would seem to come from
three main gold vein sets, La India (730,000 ounces at 5.3 g/t), America (405,000 at 6.2
g/t) and Mestiza (334,000 at 7.0 g/t). The management are particularly excited by the
discovery of the new California vein which is located within the La India vein set, as it
opens up the potential for the discovery of further veins that are hidden and don’t
outcrop at surface. The California vein also has several wide intercepts, for example 23
metres at 2.67 g/t that provides the potential for open pit production. Future
exploration will focus on improving the resource in the three main identified project
areas and identify bulk tonnage targets to add to the existing high grade vein system.
Condor will also look to identify a potential ‘feeder system’ for La India’s mineralisation.
Next year the management may also decide whether to move into a higher gear by
starting a bankable feasibility study and performing other similar work. The
appointment in late December 2011 of Roger Davey to the Board provides Condor with
the expertise to advance La India towards the mining stage. Mr Davey was the head of
AngloGold’s operations in Argentina, where he was responsible for the development of
the Cerro Vanguardia gold/silver open pit mine, costing $270m.
Elsewhere in Nicaragua on the Rio Luna concession, a JORC resource of 80,000 ounces of
gold at 3.5 g/t and 500,000 ounces of silver at 56 g/t has been established. The other
earlier stage concessions in the country could be the subject of a regional exploration
programme in 2012.
EL SALVADOR
Condor has two 90% owned projects in El Salvador covering 175 sq km that are
prospective for both gold and silver. These have a combined attributable Inferred JORC
resource of 672,000 ounces of gold at 1.8 g/t and 19.9m ounces of silver at 97 g/t for a
gold equivalent resource of 1,035,000 ounces at 2.6 g/t. A number of major untested
mineralised structures are present, which the management believe hold the potential to
add 1m ounces of gold and 50m ounces of silver to the current resource.
The Group is unable to conduct any exploration drilling on the project as there is a
government moratorium on all exploration and mining in the country. This has
effectively been the case for the past four years in response to public opposition to the
opening of Pacific Rim’s gold/silver mine at El Dorado. Pacific Rim is currently suing the
Government of El Salvador via the Central American Free Trade Association for the $77m
it invested in exploration and infrastructure between 2002 and 2006 at El Dorado.
Condor’s has looked at a number of ways of working with the Government of El Salvador
to help lift the mining and exploration moratorium. To demonstrate that Condor takes
its corporate and social responsibilities seriously, it has gifted 10% of the projects to a
UK charitable foundation that will receive a share of any future project disposal sum or
dividend from any producing mine. The charitable foundation will then distribute this
income to selected local good causes to benefit the people of El Salvador.
9 January 2012 OPTIVA SECURITIES
3 Condor Resources Plc
VALUATIONThe ideal approach to value a resource company is to calculate a Net Present Value
for one or more flagship(s) project. For Condor many of the inputs required to
calculate a model on its key La India concessions are not known with sufficient
confidence at this point, such as the capital expenditure requirement, cash cost per
ounce and recovery rate. Instead we have taken the decision to value Condor based
upon its current exploration value, on an ounce per gold basis. As a starting point,
we have used the global average valuations for each JORC category that Edison
Investment Research recently used, being $75 per inferred ounce and $177 for each
indicated ounce. To temper these numbers, we have applied a 25% discount. The El
Salvador licences have been heavily discounted by a further 80% due to the current
moratorium on mining activity. A gold equivalent value has been calculated for the
licences with a silver resource, on a 55 to 1 silver/gold ratio. This analysis leads to a
final Group value of $128.1m or 14.8p on a per share basis being defined.
An alternative NPV valuation may prove much more positive to Condor, considering
that labour costs in Nicaragua are very cheap, as the three existing commercial gold
mines in Nicaragua were producing at an average cash cost of $550 per ounce in
2010. With Condor’s mine looking to be of a higher grade, the cash costs could be
lower than $550.
Country &
Project
Interest
%
JORC
Category
Gold Ounces Silver
Ounces
Gold
Equivalent
Ounces
Attributable
Gold
Equivalent
Per Ounce
Value
Value
$
Nicaragua
La India 100% Indicated 264,000 264,000 132.5 34,980,000
Inferred 1,356,000 1,356,000 56.4 76,478,400
Rio Luna 100% Inferred 79,000 500,000 9,091 88,091 56.4 4,968,332
Nicaragua Total 1,708,091 116,426,732
El Salvador
La Calera 90% Inferred 281,700 281,700 56.4 15,904,800
Pescadito 90% Inferred 390,600 19,890,000 361,636 752,236 56.4 22,052,400
El Salvador Total 1,034,636 58,313,990
Less 80% El Salvador Discount 11,662,798
Group Value $ 128,089,530
£ 82,638,407
Shares in Issue 558.3mPrice per Share 14.8p9 January 2012 OPTIVA SECURITIES
4 Condor Resources Plc
THIS DOCUMENT IS NOT FOR DISTRIBUTION INTO THE UNITED STATES, JAPAN, CANADA OR AUSTRALIA
Authorised and regulated by the FSA.

are you just posting the rns or you feeling lucky gib??

lol - i feel lucky baler :-))) rns will be better lol!!

however did you just notice the full ask 2,000,000 buy just gone through @ 6.5?

Grant of Options
RNS
RNS Number : 2565V
Condor Resources PLC
10 January 2012



Condor Resources Plc

7th Floor
39 St. James's Street
London
SW1A 1JD
Telephone +44 020 74081067
Fax: +44 020 74938633




10th January 2012





Condor Resources Plc

(''Condor'' or "the Company")



Grant of Options



Condor Resources Plc, the AIM quoted gold and silver exploration company focused on proving a large commercial gold reserve on its La India Project in Nicaragua, announces that it granted on 6th January 2011 (the "Grant Date"), 2,000,000 share options to Roger Davey, ACSM, MSc., C.Eng., Eur.Ing., MIMMM, a non executive director of the Company, under the Company's existing share options scheme. Roger Davey was appointed to the Board of the Company on 20th December 2011 (see announcement).



These options have an exercise price of 9p and are exercisable for a period of 5 years from the Grant Date, with the restriction that no options can be exercised within 12 months of the Grant Date, 50% of the said options can be exercisable12 months after the Grant Date and 100% of the said options can be exercisable 24 months after the Grant Date, provided that the grantee remains with the Company.

http://www.moneyam.com/action/news/showArticle?id=4307212

Condor gold present at the 91st Minesite Forum.

Click the link to listen:

http://www.brrmedia.co.uk/event/105652/mark-child-chairman

MIDAS EXTRA SHARE TIPS: Miner poised to strike gold worth £200m



By Joanne Hart

PUBLISHED:22:38, 16 March 2013| UPDATED:22:38, 16 March 2013





Condor Gold owns a 110 square mile site in Nicaragua that it expects to convert into the country’s biggest gold mine over the next three years – and the early signs look good.


An independent survey has just been published suggesting there are at least 2.4million ounces of gold there, capable of yielding 150,000 ounces a year.


There is a strong chance that the figure will be revised over the next few months to about three million ounces in total, which would imply annual production of nearer 200,000 ounces, worth £200million at today’s prices.





Riches: Condor Group could deliver 200,000 ounces a year

Condor also has a strong management team with a record of making money for investors. At 1411⁄2p, the stock could prove highly rewarding.


Condor’s history in Nicaragua dates back just five years, when chief executive Mark Child was told about interesting opportunities there.


He has since acquired eight neighbouring areas to create the largest gold mine site in the country. The area has a rich gold mining history but activity was curtailed from the Sixties by decades of military and communist rule.

Now the situation is different. Nicaragua has been a democracy for 20 years and its government is supportive of foreign mining groups.


Exploration projects have three phases – an initial economic assessment, a pre-feasibility study and a bank feasibility study. Condor has received positive results from the first, will move to the next phase later this year and has enough cash to reach the bank feasibility study, which will probably begin in late 2014.


That is the moment when lenders agree to finance construction of a proper mine, by which stage Condor will have shown how much gold is there and how it intends to move to production safely and responsibly.


Work is well under way towards that end. The firm already has 80 staff on its payroll, drilling and assessing the cheapest and most effective way to move to full production. Condor also has backers with deep pockets, such as Sentry Precious Metals Growth Fund, one of the largest institutional gold investors in the world, and Regent Pacific, a highly successful fund management group.


Child owns about nine per cent of the company, too, so he is motivated to make it work. He spent 25 years as a stockbroker and adviser, largely focused on emerging markets. He has been a director of several firms, including Regent Pacific, where he worked with renowned investor Jim Mellon, who is now on Condor’s board.


The duo’s financial expertise is supported by fellow board member Roger Davey, a mining engineer with 35 years’ experience, and three senior geologists based in Nicaragua.


Condor is expected to start production in 2016 and sales of about £100million are anticipated that year, rising substantially afterwards.


Midas verdict: Early-stage miners are risky and Condor is not for the cautious. However, it has made great strides and won support with international investors. The shares have real potential for the adventurous.

MIDAS UPDATE: Engineer we tipped rises 39 per cent


Industrial parts business Brammer proves that clever firms can deliver growth even if their clients are some of the hardest-hit in Europe.


Tipped by Midas at 2761⁄2p in February last year, the shares have risen 39 per cent to 3843⁄4p as the group has delivered robust rises in sales, profits and dividends. An equal or better performance is expected this year.


Brammer is involved in repair, maintenance and overhaul, so firms turn to it when their machines are either faulty or need a routine check-up. In America, eight companies dominate the market and the leader has sales of £6billion a year.


In Europe, there are thousands of small businesses in the sector. Brammer is the biggest but last year its sales were £640million in a £37billion market.


Chief executive Ian Fraser calculated nine years ago that if he could persuade more of his customers to use the group for all repairs and maintenance, he would be on to a winner.


The strategy has been gaining ground ever since, particularly as customers save money by using Brammer. In 2011, these cost savings amounted to £35million.


Last year, the group saved customers £51million by advising them on more efficient use of machinery and securing cheaper prices for the products they need. Last year was exceptionally tough for European manufacturers but Brammer still managed to lift profits 19 per cent to £34.5million and raise the dividend by 11.9 per cent to 9.4p.


Brokers expect profits to climb to £38.5million this year with a 10.5p dividend. External conditions remain difficult but the company expects to make progress by increasing the business it does with existing customers, as well as gaining new ones.


It is also looking for small acquisitions to boost its presence in countries where it is under-represented.


Midas verdict: Fraser’s strategy has served Brammer well and should continue to do so, especially as and when economic conditions improve. Investors should hold the shares and watch the company grow

I've held these for a few years now DC. Excellent management, Mark Child in particular. A very astute businessman. Always risky investing in mining exploration companies, especially when operating abroad but I consider this to be my least risky, just hope that the Nicuaraguan government don't do anything underhand!!

Thanks for that kim. Hope you are keeping well.

Fine thanks DC, you too?

Good lift today, perhaps that was Midas. Doing well kim.

Excellent!

Mining Sector: Condor Gold down despite positive update on La India drilling

http://www.moneyam.com/action/news/showArticle?id=4574822