Ticker: LON: CNR
Project Stage: Exploration, Development
Condor Gold Plc is a UK based AIM and TSX-listed exploration company focused on developing and further proving a large commercial reserve on its 100% owned La India Project in Nicaragua (“La India”). In August 2018 Condor received an Environmental Permit for the development, construction and operation of a processing plant with a capacity of up to 2,800 tonnes per day and associated mine site infrastructure at La India.
Following the grant of the Environmental Permit the Company’s objective is to progress the redesigned mine site infrastructure for La India Open Pit to a bankable level of Feasibility Study. In addition, under the conditions of the Environmental Permit, the Company has to submit to MARENA final engineered designs for several key components of the mine prior to construction. Subject to financing, completion of a BFS and completion of the final engineering designs, construction is expected to commence within 18 months of the grant of the Environmental Permit. The construction period is expected to take 18 to 24 months.
From 2011 to 2017 Condor drilled 397 drill holes for circa 59,000 metres and over 18,000 metres of trenching. The data was combined with the historic exploration and mining data and included in the latest mineral resource estimate completed by independent geologists at SRK Consulting (UK) Ltd and announced in January 2019. The current mineral resource estimate on the La India project area is prepared in accordance with NI 43-101 and comprises an indicated mineral resource of 9.85Mt at 3.6 g/t gold for 1.140M oz gold and 5.9 g/t for 1.88M oz silver and an inferred mineral resource of 8.48Mt at 4.3 g/t for 1.179 M oz gold and 8.2g/t for 1.201M oz silver, all contained within a 9km radius within the La India Project area. A NI 43-101 compliant pre-feasibility study dated December 2014 on open pit mining on the principal La India Vein has defined a probable open pit mineral reserve of 6.9Mt at 3.0g/t gold for 675k oz gold and 5g/t silver for 1.185M oz silver. Mineral resources are inclusive of mineral reserves. The CIM-compliant Mineral Resource Statement was reported to NI 43-101 guidelines by independent geological consultants SRK (UK) Ltd and signed off by SRK’s Ben Parsons, a Competent Person as defined by the CIM Code.
Condor’s management team have extensive experience in mineral exploration, project development and project financing, ensuring that the Company has the best possible opportunity to achieve exploration success and take La India Project through to a bankable feasibility study.
The Company was successfully admitted to the London Stock Exchange, AIM Market, on 31st May 2006 and listed on the TSX on 15th January 2018.
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