Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Condor Gold PLC to get resource boost after acquiring La India concession

Espinito Mendoza includes a portion of the Mestiza vein set and the settlement will allow Condor now to include its resources
Condor Gold PLC to get resource boost after acquiring La India concession
Espinito Mendoza includes a portion of the Mestiza vein set

Condor Gold (LON:CNR) expects to boost the resources at its La India concession in Nicaragua after acquiring a key concession in the centre of the licence.

Condor had been in dispute with the vendors of the Espinito-Mendoza concession since original purchase terms were agreed in 2011.

Espinito Mendoza includes a portion of the Mestiza vein set and the settlement will allow Condor now to include its resources within the overall La India project.

Mark Child, Condor’s chief executive, said Mestiza had a NI 43-101 compliant resource of 333,000 oz gold, though a Soviet –standard resource estimate was 786,000 oz.

“In our experience, the Soviet GKZ classified resources on La India Project have generally converted to western standards upon tighter drill spacing and verification drilling of the previous drill holes,” Child said.

Mestiza was also excluded from the Whittle Enterprise Optimisation at La India, he added.

That showed four different production scenarios ranging from  91,000 to 165,000 oz gold production each year.

Under the new agreement, Condor will pay US$30,000 cash upfront to the Mestiza vendor, a further cash payment of US$470,000 by June and US$200,000 over the following 20 months.

Mestiza remains entitled to a 2.25% net royalty on the production from the concession but not a bonus on reserve estimation.

Condor also no longer has to carry out a 5,000m drilling programme.

View full CNR profile View Profile

Condor Gold PLC Timeline

Related Articles

Mowana copper mine
May 12 2017
A Competent Persons Report has also been published which takes Alecto one step closer to resuming trading on AIM
alkane-resources_zirconia-and-hafnium-concentrate-757.jpg
November 30 2016
The DZP is a large polymetallic resource containing zirconium, hafnium, niobium, yttrium and rare earths.
gold bars
September 18 2017
Shanta Gold's recent production ramp-up in Tanzania is unlikely to be derailed by the current uncertainty there

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use