14th Aug 2020 10:35
(Alliance News) - Condor Gold PLC on Friday said its loss narrowed in the first half of 2020 as it continues development of the La India project in Nicaragua.
The exploration & development company reported a pretax loss of GBP355,419 for the six months to the end of June compared to GBP653,192 loss a year prior. Condor Gold did not generate any revenue in either year.
Condor said it currently has 1.12 million ounces of gold open pit mineral resources permitted for extraction, inclusive of a mineral reserve for 675,000 ounces gold following the grant in May of environmental permits to extract gold from two high-grade satellite feeder pits.
The company said it is targeting production of 120,000 ounces gold per annum from open pit material for seven years.
"Condor continues to de-risk the project by fulfilling conditions of the environmental permit to construct and operate a new mine at La India by making significant progress with land acquisition, engineering and other technical studies," said Chair & Chief Executive Mark Child.
"The objective remains to commence site preparation and place a deposit on a processing plant by the end of 2020," added Child.
AIM-listed Condor Gold shares were trading 4.0% higher in London on Friday at 52.00 pence each.
By Evelina Grecenko; [email protected]
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