Quick question Bezzell, if you can answer. From your experience in the area, do you think there will be public opposition to the La India plans ? In other words do you expect the public consultation to pass off without a problem ?
From what I heard, its not Mestiza. Its further north east apparently. It may not even be on the same concession. The people I spoke to didn't know the name of the concession. All they told me was that it was quite a bit further out because they would hire workers from those communities, instead of La India.
Bezz, that is interesting. In the latest half-year report it states that: 'The Mestiza Vein set hosts a NI 43-101 compliant mineral inferred resource estimate of 1,490kt at 7.47g/t for 333,000 oz gold. Condor has designed a 10,500m drilling program to convert the Soviet classified resource to an NI 43-101 compliant resource in the indicated category.' Perhaps this is what will happen. From memory 5,000m of drilling has previously cost roughly $750,000 ($1,575,000 for 10,500m). Not sure we can afford that with £2m in the bank so, we will either have a fund raising or a much smaller drill program - aimed perhaps at testing a few targets (such as the Andrea vein) to see what is beneath some of the rock chip samples.
Folks, I passed by La India this weekend and did some asking around. It appears we are gearing up for a drilling campaign, although several people told me that it would only be a small campaign. They didn´t know how big or small though. But any news would be handy at the moment I guess. Soil sampling continues, at the moment exploration is being carried out to the north east, away from the main project area, which is interesting.
I've been doing some digging around recently, IMHO we will see some action sooner rather than later. The top 10 emerging gold producer listed on the TSX have an average P/NAV 0.91x, resource ounce in the ground US$73 and reserve ounce in the ground US$110. The average AISC is US$840 oz vs Condor’s US$700. Condor is valued at US$22 per resource ounce gold in the ground and P/NAV 0.28. If CNR can obtain a secondary listing on the TSX it'll provide a “peer group comparison” while AIM doesn't. It would appear that Condor is not widely known in Canada and US. Therefore investors could sell a resource oz at US$73 and buy a more profitable one at US$22/oz. I think Ross would push for a TSX listing, because of his profound market knowledge and the benefits it could bring to CNR
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.