Condor Gold announced the results of an updated Mineral Resource Estimate (the MRE) on its 100% owned La India Project in Nicaragua. The MRE as at 25 January 2019 is 9.85 million tonnes (M tonnes or Mt) at 3.6 g/t gold for 1,140,000 oz gold in the Indicated category and 8.48M tonnes at 4.3g/t gold for 1,179,000 oz gold in the Inferred category. The MRE was prepared by SRK Consulting (UK) Limited (SRK) and uses the terminology, definitions and guidelines given in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Mineral Reserves (May 2014). Total Indicated Mineral Resources of 9.85Mt at a grade of 3.6 g/t gold, for a total contained ounces of 1,140,000oz gold, total Inferred Mineral Resources of 8.48Mt at a grade of 4.3 g/t gold, for a total contained ounces of 1,179,000 oz gold; total open pit Mineral Resource of 8.58Mt at a grade of 3.3 g/t gold, for 902,000 oz gold in the Indicated category and 3.01Mt at a grade of 3.0 g/t gold, for 290,000 oz gold in the Inferred category; new open pit Mineral Resource on Mestiza of 92Kt at a grade of 12.1 g/t (36,000 oz contained gold) in the Indicated category and 341Kt at a grade of 7.7 g/t gold (85,000 oz contained gold) in the Inferred category; total underground Mineral Resources of 1.27Mt at a grade of 5.8 g/t gold, for 238,000 oz gold in the Indicated category and 5.47Mt at a grade of 5.1 g/t gold, for 889,000 oz gold in the Inferred category. Most importantly, the drilling has proved two new satellite open pit resources. Of note is the new open pit Mineral Resource on Mestiza of 92Kt at a grade of 12.1 g/t for 36,000 oz contained gold in the Indicated category and 341Kt at a grade of 7.7 g/t gold for 85,000 oz contained gold in the Inferred category. The four satellite open pits outside the main, permitted La India open pit have combined open pit resources of 206Kt at 9.9g/t gold for 66,000 oz gold in the Indicated category and 2,127Kt at 3.23g/t gold for 221,000 oz gold in the Inferred category. The Company will conduct mining studies to determine the possibility of adding the contained gold within the satellite pits to a mine schedule to supplement the ore feed from the permitted La India open pit to the processing plant. This has the possibility to either increase annual production and/or extend the life of mine. The MRE includes an additional 8,222m drilling since September 2014 and is 9,850kt at 3.6 g/t gold for 1,140Koz gold in the Indicated category and 8,479Kt at 4.3g/t gold for 1,179Koz gold in the Inferred category. This compares to the Mineral Resource estimate on 30 September 2014 which reported 9,557kt at 3.5g/t gold for 1,083Koz gold in the Indicated category and 8,526kt at 4.5g/t gold for 1,231Koz gold in the Inferred category. The 8,222m of additional drilling, and the updated part of the Mineral Resource, are in three areas at the core of the La India Project, all of which now contain open pit Mineral Resources reported within an optimized Whittle pit shell, applying parameters considered in line with the criteria of reporting Mineral Resources with reasonable potential for economic extraction. 5,895m of infill drilling for a total of 42 drill holes on the Mestiza Vein Set has converted Inferred Mineral Resource to the Indicated category and delineated a maiden open pit Mineral Resource of 92kt at 12.1g/t gold for 36,000 oz gold in the Indicated category and 341kt at 7.7 g/t gold in the Inferred category. The Mestiza Vein Set also hosts an underground Mineral Resource of 118kt at 5.5g/t gold in the Indicated category and 984kt at 5.3 g/t gold for 169,000 oz gold in the Inferred category; 1,607m of drilling for a total of 5 drill holes on the La India Vein Set extended the Mineral Resource at depth and increased the underground Mineral Resource associated with the mineralized southern ore shoot. There was no drilling within the volume associated to the La India open pit Mineral Resource. The La India Vein Set hosts an open pit Mineral Resource of 8,377kt at 3.1g/t gold for 837Koz gold in the Indicated category and 887kt at 2.4 g/t gold for 69,000oz gold in the Inferred category and an underground Mineral Resource estimate of 678kt at 4.9g/t gold for 107Koz gold in the Indicated category and 1718kt at 5.6 g/t gold for 309,000 oz gold in the Inferred category; 719m of follow-up drilling for a total of 4 drill holes on El Cacao successfully confirmed the presence of a wide structure in drill hole CCDC025 of 17.1m at 1.74g/t gold and defined an open pit Mineral Resource of 188kt at 2.3g/t gold for 14,000 oz gold in the Inferred category and underground Mineral Resource of 474kt at 3.0g/t gold for 46,000 oz gold in the Inferred category. The MRE does not show a material change in the number of ounces of gold reported, being 1,140 Koz in the Indicated category and 1,179 Koz in the Inferred category. Notwithstanding the above, the MRE reports an increase of 57 Koz in the number of gold ounces in the Indicated category, an 40 Koz increase in the open pit Mineral Resources reported in the Indicated category, and a 56 Koz increase in the open pit Mineral Resources in the Inferred category. The MRE continues to demonstrate that there is potential to enhance the La India Project with additional material conducive to open pit mining methods. In addition to the main La India open pit there are now four satellite pits that have the potential to act as feeder pits, to provide mineralized material to the permitted plant, and to supplement feed from the main La India open pit. These satellite pits (Mestiza, America, Central Breccia and Cacao) in aggregate represent 206 Kt at 9.9 g/t Au for 66,000 oz in the Indicated category and 2,127Kt at 3.2g/t gold for 221,000 oz in the Inferred category. Given that there has been no material change to the La India open pit Mineral Resource estimate, the Mineral Reserve referenced in the 2014 Pre-Feasibility study will not be materially impacted by this update. It is the Company's intention to continue to evaluate the mining strategy for the La India deposit as it progresses towards an infill drill programme and subsequent Feasibility study.