Condor Gold PLC (LON:CNR) non-executive Jim Mellon has more than doubled his stake in the Nicaraguan gold group to 5.4% after splashing out around £810,000.
Mellon bought shares in three tranches at prices of 48.5p and 50.5p directly and through his investment vehicle Galloway.
His stake is now 5.4% or 2.858 mln shares, compared to around 1.22mln previously.
Condor’s La India concession has a resource of 2.31mln ounces and the company's immediate aim is for a mine to produce 100,000oz of gold a year.
But the junior believes the whole La India licence holds a lot more gold than has been identified thus far and eventually it will evolve into a new gold mining district.