Condor Gold PLC (AIM:CNR, TSX:COG, FRA:W5XA, OTC:CNDGF) (AIM:CNR) highlighted the progress made on its La India project in Nicaragua alongside its interim results.
"Condor made significant advances during the 6-month period at the fully permitted La India project,” said chairman and chief executive Mark Child.
“A state of the art new SAG Mill has been purchased, with capacity of between 2,300 tpd [tonnes per day] to 2,800 tpd capable of producing circa 100,000 oz gold per annum, the first shipments have already arrived in Nicaragua.”
The AIM-listed company appointed a lead engineer in June to develop designs for a new processing plant around the recently acquired SAG Mill.
“Upfront capital costs and operating costs are currently being updated accordingly,” said Child.
“The company is on track with its strategic objective of constructing and operating a processing plant producing circa 100,000 oz gold per annum, then materially expanding the production capacity and demonstrating a 5M oz Gold District," he concluded.
The gold explorer’s interim pretax losses widened to £1.01mln from £0.36mln in the six months to end June 2020 and it ended the period with cash and cash equivalents of £3.01mln.