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Condor Gold shines as it significantly de-risks La India project

The company said it has acquired 85% of the land within the permitted open pit mine site infrastructure, including several key areas of the project

Condor Gold PLC - Condor Gold says it has significantly de-risked La India project

Condor Gold PLC (LON:CNR) shares rose on Thursday as it said it has “significantly” de-risked and progressed its La India gold project in Nicaragua.

The company has acquired 85% of the land within the permitted La India open pit mine site infrastructure, including the key areas of the location of the processing plant, tailings storage facility, open pit, waste dump area and the explosive magazine.

WATCH: Condor Gold aiming to be shovel-ready at La India by year-end

The tailings facility and two water retention ponds are being designed by Tierra Group, with 40% of engineering designs completed, while the design of the site-wide water balance including a surface water management plan is also underway.

Condor said preliminary designs for the layout of the mine site infrastructure have also been completed, including the designs for the location of the processing plant. The firm has completed mine and waste dump schedules for a number of mining scenarios as well.

The company noted that power studies have progressed, with several meetings held with the Ministry of Energy and Mines in Nicaragua.

Condor is aiming to construct a processing plant with a capacity of 2,800 tonnes per day for the gold mine, which has a 1.12mln ounce open pit mineral resource permitted for extraction.

In a statement, the group’s chairman and chief executive Mark Child said the firm intends to “buy the remainder of the land this year and commence site preparation, while significantly advancing the engineering studies and placing a deposit on a processing plant".

The company's shares were up 5% at 52.5p in mid-morning trading.

--Adds share price--

Quick facts: Condor Gold PLC

Price: 47.5 GBX

AIM:CNR
Market: AIM
Market Cap: £55.91 m
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Condor Gold looking to commence site preparation and assessing potential...

Condor Gold PLC's (LON:CDR) Mark Child tells Proactive's Andrew Scott the key objective remains to commence site preparation at the La India site in Nicaragua and place a deposit on a processing plant by the end of the year. Condor currently has 1.12 million ounces (oz) of gold open pit mineral...

on 14/8/20

2 min read