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Condor Gold, Edenville Energy, Herencia Resources, Sirius Minerals, Stellar Diamonds news briefs

Contributed by Fox-Davies Capital

Condor Gold announced the positive results of a Preliminary Economic Assessment on its 100% owned La India Project gold deposit in Nicaragua. It demonstrated that an open pit and underground gold mine with an initial Life of Mine  of 13 years at an average gold grade of 3.8g/t gold for total production of 1,463,000oz recovered gold is possible. This would yield an average production of 152,000oz gold per annum for first 8 years with years 1 to 4 average production of 172,000oz gold per annum and years 5 to 8 average production of 133,000oz gold per annum with an average operating cash cost of $575/oz. The estimated pre-production capital cost of US$180.5M for mine construction and processing construction, with a 3 year payback period. Total capital expenditure over the entire LOM is US$287M. The net present value after tax is estimated to be US$325M based on a 5% discount rate and a US$1, 400/oz gold price and yields an IRR of 33%.

Edenville Energy has advised that Simon Rollason has stepped down as Chairman of the Company.

In this news:
- Simon will remain non-exec director
- Sally Schofield, a current Non-Executive Director, will become Chairperson.

Herencia Resources has advised that Mr Greg McMillan has resigned.

In this news:
- Greg is the nominated board representative for Nyrstar International B.V
- Resignation effective 5 March 2013
- Will be replaced by Chris James, Group Manager, Corporate Development for Nyrstar
- Nyrstar holds 10.03% of Herencia.

Sirius Minerals has released the Preliminary Coring Results from SM11.

In this news:
- Intersection successfully cored through the shelf seam of polyhalite at mine site
- Wireline logging of borehole provides preliminary seam data
- 26.6m (true thickness) of polyhalite has been intersected in two seams which average 87.8% polyhalite and which are separated by 5.7m of anhydrite
- Preliminary results appear to support the geological model created by geological consultants SRK
- Core will be sampled and tested for polyhalite content at the laboratory facilities of the British Geological Survey
- Deflection now planned from this hole.

FD Comment:
The preliminary results, based on the spectral gamma wireline log are positive, with the best section from 1516.68m bRTE measuring 21.31m (true thickness) grading 88.0% polyhalite, within which are two exceptionally high grade sections totalling 17m at 92% polyhalite. This is important as this is a core of the material that will most likely be mined first and a further deflection from this hole is planned to test the lateral continuity of the mineralisation. Further analysis will be carried out at the BGS and the results combined with the current drill data hopefully to upgrade the current 2.2bt inferred resource.

Stellar Diamonds PLC announced the renewal of two diamond exploration licenses in Guinea. The two exploration licences are adjacent to the Company's Droujba and have been renewed for two years. The licences cover 118km2 and are considered prospective for the discovery of diamondiferous kimberlites. The Droujba prospect currently hosts a 3M carat diamond resource.