Condor Gold makes significant progress at La India in latest quarter

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Condor Gold PLC (LON:CNR) said it made significant progress in getting the La India project in Nicaragua to shovel ready status during the first quarter of 2021.

The 3,500m infill drilling program at La India Starter pits has nearly been completed, said Mark Child, chairman and CEO, adding that the drill results have been excellent.

“A highlight is drill intersect in LIDC413 of 22.05 m (21.6 m true width) at 6.48 g/t [grammes per tonne] gold including 15 m true width at 8.68 g/t gold from 24.75 m drill depth. 

The Feasibility Level Studies on the tailings storage facility and water retention dam are 75%-completed, Child added.

Condor’s strategy is to construct and operate a mine producing around 100,000oz gold annually and to demonstrate a 5mln oz gold district.

The La India Starter pits represent circa 10% of the main La India open pit mineral reserve.

Results for the three months to end-March 2021 showed a loss of £512,000 (£92,500 profit). The miner is not yet at the revenue-generating stage.

Cash and equivalents at the end of the period were £6.3mln.

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