LONDON (Alliance News) - Condor Gold PLC on Friday said its loss narrowed on administrative expenses in 2018 as it continued to develop its La India gold project in Nicaragua.
The company's 2018 loss shrank to GBP2.3 million from GBP3.0 million the year before as administrative expenses dropped to GBP2.1 million from GBP3.0 million.
Condor did not produce any revenue in 2018 as it is still developing La India. Highlights from the project in the year included the granting of a permit to develop and construct a processing plant at La India and the 45% expansion of the project area to include the Las Cruces concession.
The company raised GBP2.5 million during the year via a private placing in March and its net cash balance non December 31 was GBP220,975, down from GBP946,261 in 2017. In February 2019, after the reporting period, Condor raised GBP1.8 million via a private placing.
Condor Chair & Chief Executive Mark Child said: "Following the grant of the key environmental permit to construct and operate an open pit mine at La India, I think 2019 will be a transformational year for the company. Production from the permitted La India open pit is expected to be approximately 600,000 ounces of gold."
Child added: "the company is conducting technical mining studies to see if it is possible to generate production much earlier by mining a 'mini pit' within the permitted La India open pit and trucking the mineralised ore to a nearby processing plant to be processed. There are significant benefits of transitioning Condor from an exploration and development company to a gold producer in the near future."
Shares in Condor were up 3.5% at 22.00 pence on Friday morning.
Condor Gold (CNR)