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London South East Natural Resources Briefing webcast: #Emmerson #Alba #Condor Gold #Gold analysis Watch Now

London South East Natural Resources Briefing webcast: #Emmerson #Alba #Condor Gold #Gold analysis
Angus Energy in talks to buy 'transformational' gas asset in North England


Alliance News


Condor Gold Loss Narrows On Expenses As La India Development Continues

Wed, 15th May 2019 12:51


LONDON (Alliance News) - Condor Gold PLC on Wednesday said a considerable drop in administrative expenses resulted in a narrowed loss in the first quarter of the year.

Shares in the miner were up 3.8% at 19.20 pence in London trade shortly before noon.

The company's pretax loss for the three months ended March 31 was GBP352,553, almost halving its GBP602,678 loss a year before. This was almost entirely due to lower administrative expenses, which shrank to GBP352,989 from GBP602,915.

Condor Gold continued to develop its La India gold project in Nicaragua during the quarter, beginning the permitting process for two satellite feeder pits that could raise open pit production by 50% to 120,000 ounces of gold per annum for a seven year mine life.

"The addition of the higher grade feeder pits has the potential to materially enhance project economics be reducing already low [all-in-sustaining-cash costs], improving the internal rate of return and reducing the payback period for the upfront capital costs of constructing a gold mine," said Chair & Chief Executive Mark Child

During the period, Condor Gold announced a private placement and subscription to raise GBP1.8 million to support La India.

As its project is still in the development stage, Condor Gold did not record any revenue for the quarter in 2019 or 2018.

By Anna Farley; annafarley@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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