CDB - Condor Blanco Mines

[Miner]

This is a new scrip expected to float in end January 2011 and basically an exploration group with highly experienced exploration geologist but an MD with relatively lesser experience in mining .
exploring gold and copper in Chile and claiming to produce in 6 months

http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&allinfo=&asxCode=cdb

Condor Blanco (CDB) – Chilean gold and iron projects (gold and iron obviously topical given underlying asset price movements)

· Raising $5m @ $0.20. Mkt cap post listing $15m. 1/4 loyalty option (20c ex price) to shareholders still holding stock 4mths post listing
· Indicative bids for $3.5m of the $5m already on the table. Roadshow starts today in Syd & Melb.
· Tight escrow provisions on seed and vendor capital.
· CDB holds a portfolio of Cu,Au,& iron projects within Chile, the most advanced poised to commence copper production within 3-6mths (estimated annual net cash flows from this project $2-3m, this would help reduce the need for capital raising post IPO and reduce capital burn).
· Exploration targets drill ready, with solid news flow expected consistently through 2011.
· Location in Chile is excellent and surrounded by exceptional neighbours such as Kinross, Exeter, Anglo American, Andina Minerals.

Please do your own research

 

[Miner]

Just lucky to upload the 2.2MB presentation .
DYOR and share your thoughts too

 

[profithunter1]

Anyone get any of this... Or knows when it lists?

I heard they were oversubscribed?

 

[Trader Paul]

Hi folks,

CDB ... a new listing last week, so not much data
to work on, except for a positive time cycle due to
come into play, around 03 03 2011 .....

have a great week

paul



=====

 

[springhill]

MC - $3.4m
SP - 5.6c
Shares - 58m
Options - 21m
Cash - $92k

Carachapampa (Gold-Silver Epithermal)
• Carachapampa geophysics results are highly encouraging. The central anomaly is coincidental with strongest results from scout drilling program performed earlier this year. The survey also defined a very large and unclosed chargeability anomaly to the northeast of the alteration system that is yet to be tested.
• Drilling holes now sighted: The IP survey has provided excellent focus for the next stage of drilling that is anticipated to involve 5,000m of diamond or pre-collared diamond drilling.
•Significant Ag/Au intersections returned in 8 of the 16 holes.
•Generally low grade Au intercepts of 0.2-0.5g/t Au over 1-8m and significant Ag of 1-63g/t Ag over 1-18m.
•Best intercept of 10m@ 39.7g/t Ag from 18-28m in RCCP12


Copiapo Iron Tailings Project (Iron Ore)
As announced on 28 June 2012, Condor Mines is to pursue an iron ore tailing project. Agreement has been reached with the owners of a magnetite iron tailings in Copiapo Chile, for Condor Mines to mine and process a magnetite iron ore product through magnetic separation. The material is already crushed and production is expected by the end of the year after installation of simple Low Intensity Magnetic Separation (“LIMS”) equipment. Due to crushing and milling not being required, capital expenditure to begin production is minimal. The company will benefit from the production team in place led by Jose Bahamondes, which has already been established in Copiapo.

Copper Production Assets to be Divested
It was also announced on 28 June 2012 that the Board had resolved to divest the small-scale copper production assets at Cautiva-Victoria and Fenix. Condor Mines completed substantial exploration across the properties allowing them to be bundled as a suitable package for a mining oriented junior or private player. Several private Korean and Chinese firms have expressed interest and are continuing to undertake due diligence. Condor Mines will divest these in order to focus on Carachapampa and Gold Iron, where drilling has already returned mineralisation in all holes.

Yaretas (Copper-Gold Porphyry)
Following on from work commenced in early March 2012, Condor Mines’ geological team completed reconnaissance mapping of two large porphyry alteration zones at Yaretas.
The first trend hosts quartz veins with widths ranging from 20 to 80cm and crustiform fine quartz veinlets with hematite, jarosite and goethite. The second structural orientation hosts quartz and breccia veins of up to 1m wide with Iron oxides

 

[springhill]

Trading Halt Request

Condor Blanco requests a trading halt from ASX effective immediately, pending an announcement regarding a significant acquisition.
Condor requests the trading halt remain in place until such time that an announcement can be made, and in any event no later than the commencement of trading Tuesday 7 August 2012

 

[springhill]

CONDOR ACQUIRES THE LAS PUMAS ALTERATION SYSTEM

● Acquisition of the Las Pumas project. Condor Mines has acquired the Las Pumas project, located in the renowned Maricunga Belt in northern Chile. Observed features at the project are indicative of a high sulphidation epithermal alteration, which is a highly desirable exploration target.
● An extensive alteration system. The area of alteration at Las Pumas covers approximately 3km x 2.5km on ASTER satellite alteration imagery, and shows strong argillic and advanced argillic alteration with both massive and vuggy silica present.

The Las Pumas project is not only considered to be highly prospective, but builds on Condor Mines’ enviable position in the Maricunga Belt with its two other projects Carachapampa and La Isla. Initial scout drilling at Carachapampa has returned significant silver-gold intercepts, and as recently announced, the Induced Polarisation survey completed in early winter has returned excellent drill targets for the summer season. Condor Mines’ looks forward to commencing ground work at Las Pumas as part of its wider work in the area. Las Pumas consolidates Condor Mines as an important landholder in the Maricunga belt.

 

[verce]

Since HotCopper has fallen to pieces, I'll post here.

• "With a mine life of four to five years, Condor expects to receive earnings of US$10 million each year as its share."
  
• "The project was acquired during the recent weakness in the Iron ore price which explains the favourable terms & conditions the company was able to negotiate."
  
• Take-off agreement was signed with Changes Investment Guarantee (China) Company and Jiangxi Hongyang Copper Company Ltd.
  
• Market Cap: ~3 million
  
• This market cap also includes their three gold-silver projects in the Maricunga belt - Carachapampa, La Isla & Las Pumas.
  
• It also includes their IOCG projects in the Chilean Iron Belt: Gold Iron, Cautiva-Victoria & Fenix.
  
• "Condor has received considerable interest from a number of major companies in potential joint ventures over its Gold Iron and Yaretas porphyry copper projects."
  
• "An expression of interest has also been received to purchase the Cautiva-Victoria and Fenix projects with negotiations in progress."

Disclosure: Holding

 

[verce]

Not too late to get onboard if you are reading this. Market cap is tiny. It's a minnow @ 5 million.

Drilling results from Chile also due.

 

[prawn_86]

This was actually a 'buy' reco on SkyBusiness today by some broker. Supposedly they forecast making 1m pm from their tailings processing (im not sure from when though) and thier MC is only at $5m.

verce; instead of ramping by saying to get on board, why not give more details as to why you feel it is such a good investment.

Thanks

 

[verce]

This was actually a 'buy' reco on SkyBusiness today by some broker. Supposedly they forecast making 1m pm from their tailings processing (im not sure from when though) and thier MC is only at $5m.

verce; instead of ramping by saying to get on board, why not give more details as to why you feel it is such a good investment.

Thanks

Point taken prawn.

- Market Cap at current levels ~ $5 million (nano) about 100m shares on issue.

- Carachapampa project in world-class Maricunga Belt in Chile. 50 million ounces of gold, 89 million ounces of silver and 5 billion pounds of copper have been defined in the Belt since 1980.

- Carachapampa tenements adjoin Kingsgate to the west and Kinross to the south, the largest conductor locates under thin cover which has not been tested by drilling (well, until now… drilling finished end of March, waiting on results)

- Marianas Magnetite Tailings Side-Project, 50% interest, production 30,000t/month with a forecasted mine life of 5 years. Net Present Value of at least $50 million+.

- Off-take agreements in progress with Changes Investment Guarantee (China) Company and Jiangxi Hongyang Copper Company Ltd for the sale of this iron ore. Sales will fund drilling and exploration.

- Conservative estimates of US$12 million each year, or about $1 million a month, based on $80 iron ore price (how did they pull this off I can hear you new people asking? This project was acquired during the recent weakness in iron ore price, which allowed favourable terms & conditions during negotiation)

- We are very fortunate to have secured this as the iron ore price since rebounded. Revenue will naturally scale up as a consequence.

- Condor has received considerable interest from a number of major companies in potential joint ventures over its Gold Iron and Yaretas porphyry copper projects. Interested parties have visited the sites to inspect (probably North American and Australian entities)

- Both the Yaretas and Gold Iron projects represent very large and untested high-level porphyry alteration systems.

- An expression of interest has also been received to purchase the Cautiva-Victoria and Fenix (IOCG projects in the Chilean Iron Belt - which hosts a number of world class iron oxide/copper gold deposits) with negotiations in progress.

- You get all this for 5 cents, it should be 20 cents which is what it floated at in 2011. Was 14 cents back in September 2012.

___________________________

Specifically, on the tailings project's value:

It's a very simple iron tailings re-treatment process. Very low capex. High quality 65% Fe product. Committed local and international off-take partners. Recovering iron ore price etc.

Both Cielo Capital and Sedgman have done financial modelling and inspection of the project - Sedgman called it a "simple material handling exercise".

http://www.cielocapital.com.au/#!condor-blanco-mines-limited/cr8d

There's Cielo's report. Hope the link works.

This income stream means no dilution, tight register, maximum value for shareholders during drilling.
___________________________

Disclosure: Still Holding

 

[verce]

Currently in trading halt awaiting results.

Fingers crossed.

 

[WaltJnr]

Definitely one to watch here, although has been shaken out by traders since the announcement

 

[BottomFisher]

I am looking at Aussie copper stocks as the TSX has gone cold. At the moment any TSX exploration stock with less than $2M in the bank could drill the vaults at fort knox and no one is interested.

These guys seem to have done a good job in Chile, but I am having trouble figuring out their cash position. Cash burn seems to be $70k-240k per quarter for admin, more where they have a fundraising and less where they don't.

Am I right that half their recent fundraising wasn't cash, but paying people associated with the tailings treatment?