SURREY - Condor Gold (AIM: CNR; TSX: COG) is pleased to announce that drilling has been completed and all assay results returned from exploration drilling at the Cacao Prospect.

Fifteen drill holes for 3,500 m were completed to test the geological concept that the near surface gold mineralisation at Cacao is the top of a fully preserved epithermal gold system. Secondly to test that the gold mineralizing system extends, buried below surface, beyond the 450 m long outcrop where all the drilling had been concentrated to-date. Both objectives have been achieved with a wide zone of high-grade gold mineralisation intercepted below the current mineral resource, and a wide low-grade gold anomaly identified along strike of the outcropping mineralisation that may be the top of a completely hidden, deep-seated extension of the Cacao epithermal gold system. Follow-up drilling is being planned to test both targets at greater depths.

Highlights

Cacao epithermal gold system is interpreted as being fully preserved, open along strike and to depth. The latest drilling is clipping the top of the system.

10 metre plus true width mineralised zone including the Cacao vein has been confirmed for a strike length of approximately 1,000 m beneath and along strike of the existing Cacao mineral resource

25.93 m (14.9 m true width) at 3.94 g/t Au from 263.82 m, including 4.58 m (2.6 m true width) at 7.76 g/t Au from 282.12m drill depth (drill hole CCDC033) below the Cacao mineral resource and open to depth and along strike in both directions.

39.65 m (32.9 m true width) at 0.38 g/t Au from 181.47 m, including 3.05 m (2.5 m true width) at 2.34 g/t Au from 218.07 m drill depth (drill hole CCDC028) beneath alluvial cover some 400 m along strike of the Cacao mineral resource, interpreted as the top of an epithermal system.

Mark Child, Chairman and CEO commented: 'Part of Condor's strategy is to demonstrate a 5M oz Gold District. The recently completed 3,500m exploration drill programme has been a success. A 10 metre plus true width mineralised zone including the main Cacao vein has been confirmed for a strike length of approximately 1,000 m beneath and extending to the East of the current Cacao Mineral Resource of 662 Kt at 2.8 g/t gold for 60,000 oz gold. Drill hole CCDC033 intercepted 14.9 m true width at 3.94g/t gold beneath the existing mineral resource, and 700 m along strike of this intercept, drill hole CCDC028 intercepted 32.9 m true width at 0.38g/t gold. Cacao is interpreted as a fully preserved epithermal gold system due to the sinter on the surface and its preservation in a downthrown block. The current round of drilling has been interpreted to be clipping the top of the gold mineralising system, with the gold grade increasing at depth. It is highly significant that a wide, greater that 10 m true width, mineralised zone for a strike length of 1,000 m, open along strike and down dip, has been identified with grades increasing at depth'.

Background

The Cacao prospect is a low-sulphidation epithermal gold vein deposit with an Inferred Mineral Resource of 188,000 tonnes at 2.3 g/t for 14,000 oz open-pittable gold, and 474,000 tonnes at 3.0 g/t for 46,000 oz with underground mining potential, contained within a 450 m strike length to a depth of 150-250 m below surface. It has been identified as a potential satellite deposit for processing at the Company's fully permitted processing plant to be located 4 km away. The mineral resource modelling indicates that Cacao could support a small open pit. Current exploration drilling is focused towards identifying deeper level mineralisation that could support a larger pit or underground mining.

The Cacao prospect sits on a major east-west trending structure with a 3-4 km strike length identified in Condor's regional geophysics and soil sampling data. Other isolated exposures of bedrock along the structure have returned anomalous gold assays. The best results to the east of Cacao are rock chip samples of up to 11.6 g/t gold from artisanal mine workings approximately 1.6 km east of the mineral resource. The Cacao structure occurs within a major downthrown geological block, separated from the Company's principal gold deposit at La India by the late-stage Highway Fault. At La India erosion has exposed high-grade epithermal mineralisation at surface, however, at Cacao the low-lying downthrown block has not been significantly eroded and the epithermal mineralisation is typically hidden and interpreted to be preserved in its entirety beneath the surface.

The latest drilling campaign has tested the geological concept that the gold-bearing rock outcrops at Cacao are part of the top of a higher grade, deep-seated, and possibly much more extensive epithermal gold deposit. The depth potential was tested by drilling 50 m and 100 m spaced step-out drill holes around and below the current mineral resource to explore for the higher-grade epithermal boiling zone interpreted to be at depth. Secondly, the deep-seated strike potential was drill tested along 500 m strike extension immediately to the east of the Cacao Mineral Resource with 100 m spaced drill holes to explore for the mineralised structure beneath the alluvial cover.

About the Sampling & Assay Procedures

Drill core was cut, and half core samples collected and bagged by Condor staff on-site. Samples were transported to Bureau Veritas accredited sample preparation laboratory in Managua every week in batches of two or three drill holes, generally being submitted to the lab within 5-10 days of completing the drill hole. Sub-samples of the pulverised rock samples were forwarded for assay to Bureau Veritas accredited analytical laboratory in Vancouver, Canada.

Contact:

Mark Child

Tel: +44 (0) 20 7493 2784

About Condor Gold plc

Condor Gold plc was admitted to AIM in May 2006 and dual listed on the TSX in January 2018. The Company is a gold exploration and development company with a focus on Nicaragua.

In August 2018, the Company announced that the Ministry of the Environment in Nicaragua had granted the Environmental Permit ('EP') for the development, construction and operation of a processing plant with capacity to process up to 2,800 tonnes per day at its wholly-owned La India gold project ('La India Project'). The EP is considered the master permit for mining operations in Nicaragua.

La India Project contains a Mineral Resource of 9,850 Kt at 3.6 g/t gold for 1.14 M oz gold in the Indicated category and 8,479 Kt at 4.3 g/t gold for 1.18 M oz gold in the Inferred category. A gold price of $1,500/oz and a cut-off grade of 0.5 g/t and 2.0 g/t gold were assumed for open pit and underground resources, respectively. A cut-off grade of 1.5 g/t gold was furthermore applied within a part of the Inferred Resource. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resources will be converted to Mineral Reserves.

Environmental Permits were granted in April and May 2020 for the Mestiza and America open pits respectively, both located close to La India. The Mestiza open pit hosts 92 Kt at a grade of 12.1 g/t gold (36,000 oz contained gold) in the Indicated Mineral Resource category and 341 Kt at a grade of 7.7 g/t gold (85,000 oz contained gold) in the Inferred Mineral Resource category. The America open pit hosts 114 Kt at a grade of 8.1 g/t gold (30,000 oz) in the Indicated Mineral Resource category and 677 Kt at a grade of 3.1 g/t gold (67,000 oz) in the Inferred Mineral Resource category. Following the permitting of the Mestiza and America open pits, together with the La India open pit Condor has 1.12 M oz gold open pit Mineral Resources permitted for extraction.

Forward Looking Statements

All statements in this press release, other than statements of historical fact, are 'forward-looking information' with respect to the Company within the meaning of applicable securities laws, including statements with respect to: the ongoing mining dilution and pit optimisation studies, and the incorporation of same into any mining production schedule, future development and production plans at La India Project. Forward-looking information is often, but not always, identified by the use of words such as: 'seek', 'anticipate', 'plan', 'continue', 'strategies', 'estimate', 'expect', 'project', 'predict', 'potential', 'targeting', 'intends', 'believe', 'potential', 'could', 'might', 'will' and similar expressions. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions regarding: future commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future currency exchange and interest rates; the impact of increasing competition; general conditions in economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; the receipt of required permits; royalty rates; future tax rates; future operating costs; availability of future sources of funding; ability to obtain financing and assumptions underlying estimates related to adjusted funds from operations. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.

Such forward-looking information involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to: mineral exploration, development and operating risks; estimation of mineralisation and resources; environmental, health and safety regulations of the resource industry; competitive conditions; operational risks; liquidity and financing risks; funding risk; exploration costs; uninsurable risks; conflicts of interest; risks of operating in Nicaragua; government policy changes; ownership risks; permitting and licencing risks; artisanal miners and community relations; difficulty in enforcement of judgments; market conditions; stress in the global economy; current global financial condition; exchange rate and currency risks; commodity prices; reliance on key personnel; dilution risk; payment of dividends; as well as those factors discussed under the heading 'Risk Factors' in the company's annual information form for the fiscal year ended December 31, 2020 dated March 31, 2021 and available under the Company's SEDAR profile at www.sedar.com.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

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