23rd Jul 2019 12:14
(Alliance News) - Condor Gold PLC has been given more time by authorities in Nicaragua to buy land needed for mine infrastructure, it said Tuesday.
Condor received an environmental permit for a 2,800 tonnes of ore per day gold mine at La India in August 2018, producing in total between 80,000 ounces and 100,000 ounces of gold a year.
However, Condor could not buy the land under the timeframe given by the permit, but the Ministry of Environment & Natural Resources, or MARENA, has given Condor a timeline to reach a deal with landowners.
Earlier July, Condor announced a GBP4.0 million share placing, some of which would go towards purchasing the land for the mine's infrastructure.
Elsewhere, Condor is making "good progress" with the completion of environmental impact assessments for La India, which will be submitted to MARENA in the second half of 2019. These will go towards getting permits for the Mestiza and America satellite pits, which could up annual production 120,000 ounces of gold a year.
Condor Gold shares were flat on Tuesday at midday in London at a price of 18.00 pence each.
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