- Condor Gold has terminated its strategic review incorporating a formal sale process with immediate effect.

The company says its shares have fallen 65% since it announced the FSP on 4 September due to negative market sentiment towards junior gold exploration companies and the natural resource sector in general.

The board's view is that the fall in the share price does not reflect and indeed significantly undervalues Condor's key asset, La India project in Nicaragua, and has decided to terminate the FSP.

Condor's current market capitalisation is equivalent to circa USD5 per resource oz gold in the ground compared to an average sale price over the past 18 months, estimated by Cormark, of USD56 per resource oz gold in the ground for similar gold mineral resources.

Given that any potential offer for the Company would be judged in the context of a premium to the share price; the Board does not see an acceptable premium to the current share price being achieved in the short term, hence the decision to end the FSP.

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