Condor Gold plc’s pre-tax losses increased and cash decreased as it progresses with operations at its La India project in Nicaragua.
FINANCES
In its unaudited interim results for six months ended June 2021, the company recorded pre-tax losses of £1,013,860 during the first six months of 2021 (H1 2020: £355,419).
Net cash used in operating activities was £1,028,100 (H1 2020: £862,185).
Cash and cash equivalents at the end of the period stood at £3,005,389 (H1 2020: £7,513,056).
OPERATIONS
Condor Gold chairman and chief executive Mark Child said that the company had made significant advances during the six-month period at La India.
Purchases include a £4.67m SAG Mill with the first shipments already arrived in Nicaragua.
Lead engineering firm, Hanlon, was appointed to produce feasibility-level designs for a new processing plant using the SAG mill.
The La India project was de-risked by purchasing 97% of the land and significant progress has been made on several engineering studies to an FS level.
The company is also on course to construct and operate a processing plant producing circa 100,000 oz gold per annum, before materially expanding the production capacity and demonstrating a 5M oz gold district.
DRILLING
At the starter pits, Condor Gold reported high grade drill results, an additional vein and announced plans for early mining.
Infill drilling began in La Mestiza open pit to increase resource as well as exploration drilling at Cacao, which showed potential for a significant deposit.