Condor Gold PLC (LON:CNR) third-quarter results highlighted a strong cash position as the company continues to advance the La India project, in Nicaragua.
The company told investors it had £5.5mln at the end of September.
Operationally, the company said it has seen significant progress de-risking La India and has secured important land acquisition in the vicinity of the project.
READ: Condor starts ground investigation programme
During the period, the group added, it has so far acquired 85% of the land within the permitted La India open pit mine site infrastructure, and since then that has increased to 93%.
In the quarter, design work for the development continued and key studies advanced.
Mark Child, Condor chief executive, noted that the project is being fast-tracked towards production and drilling work is slated to start in the near-future.
"During the third quarter 2020 Condor Gold continued to de-risk La India Project, advancing the Project to a shovel-ready status,” Child said in the results statement.
He added: “The project is proceeding as if the company owns 100% of the land as the company is confident of securing the balance. Geotechnical drilling is currently underway on the embankment locations for the tailings storage facility and water retention reservoir together with some 58 test pits including a dozen on the location of the processing plant.
“Several engineering studies are being taken beyond that of a feasibility study to a final design for construction.”