(Alliance News) - Condor Gold PLC on Monday reported a narrowed loss as it continued its feasibility study on the La India open gold mine in Nicaragua.
In the three months that ended September 30 Condor Gold's pretax loss narrowed to GBP536,751 from GBP591,827 in the same period last year.
The company reported no revenue. Its administrative expenses narrowed to GBP539,191 from GBP591,827
In the nine months to September 30, the Nicaragua-focused gold exploration and development company's loss widened to GBP1.9 million from GBP1.6 million last year.
"Condor Gold continued on its journey of de-risking the La India Gold Project, advancing the Project to near construction-ready status. The company’s strategy has been to develop the fully permitted La India Project in 2 stages using the new SAG Mill that has already been purchased," said Chief Executive Mark Child.
"The delivery of a Feasibility Study on La India open pit with an average of 81,524 oz gold per annum for the initial 6 years for a relatively low total upfront capital cost of USD106 million is a landmark and further de-risks the project."
Child added the La India mineral reserve produces an operating profit of USD408 million or a 46% operating margin.
Its feasibility study involved metallurgical testwork, which demonstrated gold extraction from 11 variability composites averaged 93% at a 75 micron grind size. This is reduced by a further 2% to allow for gold to be locked up in the processing plant.
Condor Gold also found an average gold extraction of 95% at a finer 53 micron grind size, indicating a potential upside gold recovery of around 93%.
Shares in Condor Gold were trading 0.6% higher in London on Monday afternoon.
By Greg Rosenvinge; gregrosenvinge@alliancenews.com
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Condor Gold (CNR)