Metals & Minerals News

Condor Gold holds £6.3m as it nears shovel-ready status at La India

Condor Gold plc said it had made significant progress during the first quarter of 2021 in preparation for “shovel ready” status at La India project in Nicaragua.

Advances: Condor Gold has made significant progress during Q1 2021 in advancing and de-risking the La India project (Pixabay)

In its unaudited financial results for Q1 2021, the junior miner said it held a strong cash balance of £6,278,947 million (Q1 2020: £1,736,695).

Total comprehensive loss was recorded at £934,910 (Q1 2020: £1,529,133 profit)

OPERATIONS

In February, the company completed a private placement, including a directors and chief financial officer subscription, to raise a total of £4m.

During the quarter, Condor began drilling the La India starter pits; completed ground investigation drilling for the final designs of the Tailings Storage Facility and Water Retention Resevoir; and began a 5,000m drill exploration programme on the Cacao prospect to demonstrate the main gold mineralisation level and extending it along strike for up to 3,000m. .

In March, the company agreed to purchase a semi-autogenenuous mill (SAG Mill) package for some US$6.5m including $3m payable in Condor shares.

“Condor has made significant progress during the first quarter of 2021, advancing and de-risking the La India project to a ‘shovel ready’ status ahead of construction,” said Condor chairman and chief executive Mark Child.