LONDON (Alliance News) - Condor Gold PLC Wednesday said it has completed its pre-feasibility study-level geotechnical study at La India open pit in Nicaragua.
The gold exploration company said the study showed that the site will support pit wall angles varying between 40 and 48 degrees, an improvement on the 40 to 42 degree angles assumed in the company's preliminary economic assessment in March.
Condor Gold said steeper pit angles may allow the pit to be made deeper and reduce the costs related to waste rock at the site.
The company also said the study measured 11 geotechnical drill holes and 12 resource drill holes. A resource update is currently underway and due by the end of October 2013, it said.
Condor Gold shares were down 0.60 pence at 129.40 pence Wednesday morning.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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Condor Gold (CNR)