Infill Drilling Commences At At Permitted La India High-Grade Starter Pits

SURREY, ENGLAND - Condor Gold has commenced a 4,000 meter close-spaced infill diamond drilling program within the permitted open pit at La India Project, Nicaragua. The programs objectives are three-fold; firstly, to tighten the drill hole spacing within the planned high-grade starter pits on the principal La India Vein. The results of this drilling will provide the sample density required to finalize pit designs and mine schedules ahead of production. Secondly, the diamond drilling program is designed to replace all historical reverse circulation (RC) drill holes within the overall La India open-pit Mineral Resource, the results of which will improve the geological model and sample quality. Thirdly, the diamond drilling is targeting near-by Inferred Mineral Resources to potentially upgrade the target to an Indicated Mineral Resource, and its then potential inclusion in the mine plan.

Mark Child, Chairman and CEO, said, "As Condor progresses towards production it has been decided to initiate mine production with high grade starter pits within the permitted main La India open pit and the permitted high grade Mestiza open pit. la India open pit hosts a Probable Mineral Reserve of 6.9 million tonnes ("Mt") at 3.01 g/t gold for 675,000 oz gold with all-in-sustaining-cash costs of US$690 per oz gold. The La India starter pits are designed pits, the estimated mill feed is 445Kt at 4.17g/t gold for 59,700 oz gold using a 2.0g/t gold cut-off. The starter pits have a maximum depth of 35m and have a relatively low strip ratio. The drill program within the La India starter pits will close-up the sample density to 25 meter by 25 meter spacing and is the final drilling ahead of extraction. Drilling on the high grade Mestiza open pit is expected to start in January 2021. Mining the higher grade will bring forward cashflow, shorten the payback period and enhance project economics."