Condor losses widen as it brings La India to 'construction-ready' state
By Josh White
Date: Friday 13 May 2022
(Sharecast News) - Pre-revenue explorer and developer Condor Gold reported wider losses in the March quarter on Friday, with basic and diluted losses per share totalling 46p, compared to 41p a year ago.
The AIM-traded firm said its operating losses for the three months ended 31 March came in at £0.67m, compared to £0.51m a year ago.
Operationally, the company received all of the assay results from the 8,004 metre infill drilling programme on the fully-permitted La Mestiza open pit mineral resource at the wholly-owned La India Project in Nicaragua.
It said it had advanced the technical studies needed for a definitive feasibility study covering the La India open pit, the processing plant facility and location, the tailings storage facility, waste dump locations, explosive magazine, power supply, surface hydrology, hydrogeology, geochemistry, metallurgy, as well as environmental and social implications.
The company also continued acquiring land at the open pit, and for associated mine site infrastructure, with the board saying that to date, 99.6% of the core areas had been purchased.
Site clearance of 14 hectares was completed for the processing plant, including areas for offices, warehouses, a stockpile and a buffer zone.
Project finance discussions were said to be underway with potential providers, which have access to Condor's data room under confidentiality agreements.
The firm said it also further advanced compliance with the terms of the La India environmental permit to construct and operate the mine, including completing additional technical and engineering studies.
"During the first quarter, we continued to make significant progress on advancing the feasibility study for the La India open pit and associated mine site infrastructure," said chairman and chief executive officer Mark Child.
"All technical studies undertaken at the project level are complete.
"We are currently reviewing the metallurgical test work, geotechnical analysis and capital cost estimates."
Child also noted the receipt of results from the 8,004 metre infill drill program at the fully-permitted Mestiza open pit.
"Although not included in the scope of our forthcoming feasibility study, we expect Mestiza to provide an additional high-grade ore source for the La India mill.
"Concurrently, we are finalising our analysis of an updated mineral resource estimate for La India Project, which is inclusive of a mineral reserve estimate for the La India open pit.
"The geological model is consistent with our current best understanding."
Lithologies, weathering and structures had been re-modelled from scratch, Mark Child explained, with existing drilling, trenching and outcrops considered.
"In summary, the La India open pit including the associated mine site infrastructure is essentially construction-ready and materially de-risked.
"The plan is to add the two fully permitted high grade feeder pits of Mestiza and America to the mine plan during the construction phase.
"The feasibility study on La India open pit is almost complete - the formal announcement will probably take us into the third quarter."
At 1241 BST, shares in Condor Gold were down 10.54% at 33.1p.
Reporting by Josh White at Sharecast.com.
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