6th Jul 2018 10:41
LONDON (Alliance News) - Condor Gold PLC said Friday it has submitted additional technical studies to the Ministry of Environment & Natural Resources in Nicaragua following a site visit from the ministry to its Mine La India.
Condor submitted an amendment to the environmental and social impact assessment, which is part of an application for an environmental permit, to construct and operate a processing plant without the need to resettle approximately 330 houses or 1,000 people.
The main changes are a redesigned open pit; the relocation of the processing plant 1,200 meters from the village of La Cruz de La India; the possible elimination of the southern waste dump; the elimination of the road diversion in year three of production and the relocation of the explosives magazine.
A five metre high berm is also being planned between the re-designed open pit and the village to further reduce noise and dust pollution and provide a physical barrier. The mine site infrastructure requirements will be reduced by over 30% to approximately 500 hectares.
Chairman and Chief Executive Officer Mark Child said: "Last week I was in Nicaragua and held a very constructive meeting with the Minister of Energy & Mines. The re-designed mine site infrastructure has been well received and a potential obstacle to permitting has been removed.
"A final inspection of the re-designed mine site infrastructure by three Ministries and related parties took place in March. The site visit inspection prompted several technical questions, which have been formally answered. I remain confident that Condor is close to receiving permitting approval for Mina La India, which is expected to produce approximately 80,000 ounces gold per annum from a single open pit."
Shares in Condor Gold were up 8.4% at 37.95 pence each.
Related Shares:
Condor Gold