4th Mar 2020 12:52
(Alliance News) - Condor Gold PLC on Wednesday unveiled a potential plan for open pit mining at the La India project in Nicaragua.
Shares were 14% higher on Wednesday afternoon in London at a price of 33.00 pence each.
Open pit mining is one of three main scenarios being considered by Condor, it said. The plan gives a "robust" tonnage of 1.6 million tonnes of ore at 4.7 grams of gold per tonne of ore, giving 245,000 ounces of gold.
The main option, Condor continued, is the construction and development of an open pit, targetting 80,000 ounces to 80,000 ounces of gold per year.
The second option would be to add the high-grade feeder pits of Mestiza and America, which are currently being permitted, to the open pt at La India. This would increase output to 120,000 ounces a year for seven years.
"Condor is running a number of mining scenarios ahead of a construction decision, one of which is based on the construction of a smaller plant which minimises capex and maximises cash flow in the earlier years of production," said Chief Executive & Chair Mark Child.
"I am delighted with the preliminary results of the mining dilution studies by SRK on the America and Mestiza satellite feeder pits."
By George Collard; georgecollard@alliancenews.com
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