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(Alliance News) - Condor Gold PLC on Friday reported a narrowed loss for 2019 on lower administrative expenses, as it continued to develop its La India gold project in Nicaragua.
Shares in Condor Gold were 8.1% higher at 27.02 pence on Friday in London.
The gold project developer's pretax loss narrowed to GBP1.5 million in 2019 from GBP2.3 million in 2018, as administrative expenses dropped by 25% to GBP1.5 million from GBP2.1 million.
Condor did not produce any revenue in 2019 as it is still developing La India, but its cash position at the end of December was GBP2.9 million, up from GBP220,975 at the end of 2018. Back in July, Condor raise GBP4.0 million in a share placing.
The company started the year by announcing a mineral resource update for La India, totalling 9.85 million tonnes at 3.6 grams per tonne for 1.1 million ounces in the Indicated category and 8.48Mt at 4.3 grams per tonne of gold for 1.2 million ounces in the Inferred category.
In July, a 132 square-kilometre 25-year exploration and exploitation concession, known as the "Cerro Los Cerritos concession" was awarded, which expands the La India project concession area to 588 square kilometres.
Finally, in November, Condor submitted environmental and social impact assessments to the Ministry of Environment & Natural Resources for the environmental permits for the America and Mestiza open pits.
Looking ahead, in March Condor announced a high-grade open pit mining scenario as part of ongoing mining dilution studies.
"The key objective for 2020 is to start the site preparation before year end. This will involve completing the purchase of all surface rights within the mine site infrastructure and completing the technical studies required by MARENA ahead of a construction decision. Offers have been made for all the surface rights. Production from the permitted La India open pit is expected to be approximately 600,000 ounces of gold," said Chair and CEO Mark Child.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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