Condor Gold is listed on the AIM market, ticker CNR and the TSX ticker COG. The Company has the key Environmental Permit to construct and operate a 2,800tpd mine producing approximately 100,000 oz gold per annum from 3 open pits. Condor has 1.12M oz gold open pit mineral resources including a mineral reserve permitted for production. Fully diluted open pit mill feed is 8.6Mt at 3.1g/t gold for 845,000 oz gold. The 1.2M oz gold underground mineral resource could be permitted once in production.
In March 2021, Condor purchased a complete new SAG Mill package form First Majestic Silver for US$6.5M including US$3M in shares issued at 50p to FMS. The Mill has capacity of 2,300tpd and can be increased to 2,800tpd with a larger motor. The Mill is being shipped. The Company is currently completing all engineering studies to make the Project “shovel ready” and commenced site preparation in December 2020. There are currently 4 drill rigs on site.
Condor Gold currently has a high-grade gold mineral resource of 2.33M oz gold at 4.0g/t gold, which contains an economic probably mineral reserve of 6.9 million tonnes at 3.0 grammes per tonne gold for 675,000 ounces gold. The high grade means the breakeven all in sustaining cash costs are low at US$700 per oz gold. The internal rate of return is approximately 31%. A second part of the strategy is to prove a 5M oz gold district.