(Alliance News) - Condor Gold PLC on Monday said it has received three formal expressions of interest for the acquisition of its La India Gold Project in Nicaragua.
The gold exploration company with operations focusing on Nicaragua said the sales process for the project is entering its first phase, with multiple parties having conducted site visits, while others are ongoing.
The company noted that the expressions of interest included two non-binding offers, which are subject to due diligence. Condor added that it expects to receive further offers, as nine companies are under a Non-Disclosure agreement.
Condor said it has appointed H&P Advisory Ltd to find a buyer for the La India Gold Project, following a "robust and economically attractive" Feasibility Study published in October last year.
The Feasibility Study indicated mineral reserves of 7.3 million tonnes at 2.56 grammes of gold per tonne, for 602,000 ounces of gold.
Chief Executive Officer Mark Child said: "I am currently in Nicaragua hosting site visits for gold producers, conducting due diligence on Condor's La India project. There are currently nine companies under a NDA, all of whom have access to a virtual data room, which includes all drill data, technical studies to Feasibility Study level, details of permits to construct and operate a mine and financial models.
"The board is confident that a binding agreement will be reached. Investors will be updated in due course."
The company noted that it cannot guarantee the sale of the project.
Condor shares rose 10% to 17.38 pence each in London on Monday afternoon.
By Harvey Dorset, Alliance News reporter
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Condor Gold (CNR)