Email Facebook Twitter

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;

Copyright 2019 Alliance News Limited. All Rights Reserved.

Alliance News

Back to Alliance News

Share Price, Share Chat, Stock Market news at
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at

Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.