Condor Gold plc is selling the company’s flagship La India open pit project in Nicaragua.
MINE EXPERTISE
La India comprises 588 km2 of 12 contiguous and adjacent concessions.
The open pit is de-risked and nearly ready for construction which will take 18 months from receipt of project financing.
The company aims to sell the project to a gold producer with mine-building expertise to “ensure a new mine at La India, significant investment in the local area and a regeneration of the local communities”.
“The company’s strategy has been successfully executed, de-risking the assets so that a mine can be developed in two stages using the new SAG Mill that has already been purchased,” said chief executive officer Mark Child.
“The company owns approximately 1,000 hectares of land over the area of the mine site infrastructure and has the key permits to construct and operate the mine.
“The delivery of a robust and economically attractive feasibility study on the single La India open pit demonstrates an average of 81,524 oz gold per annum for the initial six years for a relatively low total upfront capital cost of US$106 million.”
He added that two additional permitted high-grade feeder pits could be included to increase early production to more than 100,000 oz gold per annum with a second stage expansion to 150,000 oz gold per annum.