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Condor Gold’s first quarter results show systematic de-risking of Nicaragua project

Condor now has 1.12mln ounces of gold permitted for extraction

Condor Gold PLC - Condor Gold’s first quarter results show systematic de-risking of Nicaragua project

Condor Gold PLC (LON:CNR)(TSE:COG) has said it ended the quarter to March 31, 2020 with £1.73mln in the bank.

During the quarter the company announced an extension to the permitting at its La India gold project in Nicaragua.

WATCH: Condor Gold secures environmental permit to develop third pit at Nicaragua project

It also held public consultations in the local community as part of the environmental permitting process for the development and extraction of gold from the Mestiza and America open pits. Subsequently, plans for a high-grade mini-open pit mining scenario were revealed.

Post period end, Condor was awarded an environmental permit for the Mestiza open pit and the America open pit.

"During the first quarter 2020, Condor continued to de-risk La India Project and demonstrate a clear route to production,” Condor Gold chief executive Mark Child said in a statement.

“The company has been working on the engineering and other technical studies required ahead of a construction decision and acquiring land for the mine site infrastructure. A high-grade mining dilution scenario study was completed, which supports a smaller, 1,000 tonnes per day processing plant capable of producing approximately 50,000 ounces of gold per year.”

Quick facts: Condor Gold PLC

Price: 43 GBX

Market: AIM
Market Cap: £50.88 m

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Condor Gold PLC's (LON:CNR)(TSE:COG) Mark Child talks to Proactive London about their ground investigation program consisting of 20 geotechnical drill holes and 58 test pits at La India project, Nicaragua. Child talks through the details which will focus on the tailings storage facility,...

on 27/10/20

2 min read