Condor Gold PLC (AIM:CNR, TSX:COG, OTC:CNDGF) highlighted the progress made in de-risking its La India project in Nicaragua as it reported interim results.
"Condor made significant advances during the 6-month period de-risking the fully permitted La India project to a near construction ready status and completing all technical studies for a feasibility study on La India open pit,” said chairman and chief executive Mark 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 while demonstrating a potential 5M oz Gold District.”
The gold exploration and development company, which has yet to generate any revenue, saw pretax losses widen to £1.37mln in the first half from £1.01mln in the year-earlier period.
It ended the first half with net cash of £2.45mln following a £3.25mln private placement in June.
The company recently announced that final metallurgical tests demonstrated that gold recovery at La India is independent of grade.
READ: Condor Gold shares rise on 'terrific' La India open pit test result