LONDON (ShareCast) - Gold exploration company Condor has to date completed 23 drillholes on La Inda open pit resource area, 19 of which have confirmed gold mineralisation and outlined an additional high-grade shoot in the North of the India-California trend.

The best of these show intercepts of 11.95m at 5.72g per tonne of gold (g/t), 17.15m at 4.16g/t gold and 18.00m at 4.18g/t gold.

The company is now conducting tests on an additional 200m strike length on the Escondido Vein on the America Vein Set.

Chairman and Chief Executive Officer Mark Child, said: "Condor has made good progress with the completion of 3,462m drilling of a 7,000m drill programme designed with the objective of defining a total of 800,000 oz gold within the indicated category by targeting the conversion of the majority of the inferred resource to indicated within the open pit shell (currently 534,000oz is within the indicated category).

"The drill results through the historic India Mine are particularly satisfying and demonstrate that Noranda Mining left behind significant amounts of gold mineralized wallrock with drill intercepts.

"An additional high grade ore shoot in the North of La India valley, within the open pit resource, defined by four drill holes on two cross-sections 50m apart bodes well for a resource increase."

He added that a 2,000m drill programme has begun with a second rig on site and is due to start in the next few days. The objective of the drill programme on America historic mine is to repeat the success of a 954,000 oz at 3.6g/t open pit resource on La India historic mine, which is just over 1km to the south.

The share price rose 3.3% to 172p by 09:10.

NR

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