Condor Gold’s cash balance increased to £5.5 million for the nine months ending 30 September 2020 compared with £3.6m for the same period in 2019 at its La India project in Nicaragua.
In its unaudited results for three and nine months ending 30 September 2020, the precious metals miner added it was fast tracking the project into production and hoped to be soon shovel ready.
Over the nine months to September 2020 Condor recorded losses of £732,705 (2019: £968,583) but showed recovery in 2020 Q3 with £377, 286 (2019 Q3: £316,125).
Total comprehensive losses narrowed to £683,571 for the nine months to September 2020 (2019: £993,053) but increased during Q3 to £1,651,426 (2019 Q3: £105,010). This included currency translation differences of the first nine months in 2020 of £49,134 (2019: £24,470) and during Q3 of £1,274,140 (2019 Q3: £421,135).
The company’s net cash absorbed in investing activities for the first nine months of 2020 rose to £4,028,728 compared with £1,316,515 for the same period in 2019. The increase included £1,712,055 purchase of intangible fixed assets and £2,317,848 of tangible fixed assets.
Condor currently owns some 97% of the surface rights at the site and said it expected to acquire the remaining balance to hold the key areas for the processing plant, tailings storage facility, open pit, waste dump area and explosives magazine.
Tierra Group Inc. will design the tailings storage and two water retention ponds and has completed around 40% of the engineering designs.
SRK Consulting (UK) Ltd has started designing the site wide water balance including a surface water management plan.
Preliminary designs for the mine site infrastructure including, in some detail, designs for the location of the processing plant have been completed.
Mine and waste dump schedules for a number of mining scenarios have been completed, power studies have progressed and meetings held with the Ministry of Energy and Mines.
In October, Condor announced it wanted to accelerate the project from pre-feasibility level to final engineering designs and the started a ground investigation programme consisting of 20 geotechnical drill holes and 58 test pits on the tailings storage facility (TSF), water retention reservoir and processing plant site at La India. bit.ly/38GQ9dD
Condor Gold’s chairman and chief executive Mark Child said: “During the third quarter 2020 Condor Gold continued to de-risk La India Project, advancing the project to a shovel-ready status.
“The company has purchased the vast majority, over 93%, of the
surface rights within the permitted La India open pit mine site infrastructure area.
“The project is proceeding as if the company owns 100% of the land as the company is confident of securing the balance.
“In summary, the project is being fast tracked to production.
“In-filling drilling programmes in the open pits have been designed, drilling is expected to commence in the near future.”