Condor Gold PLC (LON:CDR) has revealed its objective remains to commence site preparation at its La India site in Nicaragua and place a deposit on a processing plant by the end of 2020, the miner said as it reported quarterly and half-year results.
Condor currently has 1.12 million ounces (oz) of gold open pit mineral resources at La India permitted for extraction, inclusive of a mineral reserve of 675,000 oz gold.
In May, environmental permits were granted to extract gold from 2 high-grade satellite feeder pits, which in aggregate have circa 232,000 oz at 5.5 grams per ton (g/t) gold.
Condor is targeting production of 120,000 oz gold per annum from open-pit material for 7 years. Underground, there is an additional resource of 1.2 million oz of gold.
Work at the site currently includes fulfilling conditions of the environmental permit, land acquisition, engineering and other technical studies.
Condor posted a loss of £355,000 in the half-year to June 30, 2020, reflecting the fact it is still in its development stage. Cash at the end of June was £7.5mln.