LONDON (Alliance News) - Condor Gold PLC Thursday said its pretax loss narrowed in 2013 due to a fall in administrative expenses as the company focused on developments in Nicaragua.
The gold exploration company, which is yet to produce any revenues, said its pretax loss narrowed to GBP2.9 million from GBP3.3 million the previous year.
The company said its administrative expenses fell to GBP2.9 million from GBP3.3 million, with lower operating losses at its UK, El Salvador and Nicaragua operations.
During the period, the company focused on delineating a large commercial reserve on its La India Project in Nicaragua and updated the site's mineral resource in November to 18.4 million tonnes at 3.9 grams per tonne from 2.3 million ounces of gold and 2.7 million ounces of silver at 6.2 grams per tonne.
So far in 2014, the company has completed test work to support its feasibility study for the La India site and has completed rock chip sampling on 7 exploration targets within the project.
Condor Gold shares were down 0.4% to 71.70 pence on Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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Condor Gold (CNR)