An upbeat Mark Child told investors that Condor Gold PLC (AIM:CNR, TSX:COG, OTC:CNDGF)'s La India open pit was "essentially construction-ready and materially de-risked" as he provided a progress report on work in Nicaragua alongside quarterly results.
The chief executive also said the definitive feasibility study (DFS) for La India, which will provide the economic forecasts on which project finance discussions will be based, should be formally unveiled in the third quarter. Certain discussions had already begun, he added.
In the quarter ended March 31, Condor received the assay results for around 8,000 metres of infill drilling, and advanced various technical studies required to complete the DFS. Land acquisition and site clearance also took place.
The project, in Nicaragua’s Leon province, covers almost 600-square kilometres and is on the site of a historic mine that produced 576,000 ounces of gold over 18 years to 1956.
La India will be the main focus of the current plan, but Condor is also looking to add two fully-permitted high-grade feeder pits - Mestiza and America - during the construction phase.
“In summary, the La India open pit including the associated mine site infrastructure is essentially construction-ready and materially de-risked,” said Child.
In its filing, the group said the loss before tax was £668,000 for the three months ended 31 March 2022. Cash and equivalents as at that date were £408,000.