(Alliance News) - Condor Gold PLC said Friday it has submitted the Environmental & Social Impact Assessments for two high grade satellite feeder pits for permits with potential on its La India project in Nicaragua.
The assessments were submitted to the Ministry of Environment & Natural Resources, and for the development and extraction of contained gold from the America and Mestiza open pits.
In late June, Condor said it planned to apply for environmental permits to install the two satellite feeder pits, which have the potential to increase annual production from open pit material by 50% to 120,000 ounces of gold per year for a seven-year life of mine.
Upon completion of the permitting of the two feeder pits, one million ounces of gold of mineral resource in the Indicated & Inferred category will be permitted for extraction, producing 800,000 ounces of gold, Condor said.
Meanwhile, on Thursday, the gold miner appointed Ian Stalker as non-executive director at Condor Gold.
Stalker's most recent role was as chief executive officer of LSC Lithium Corp, a Toronto-listed lithium producer for two years since 2017, until it was acquired by Pluspetrol Resources Corp in March.
"Ian joins Condor Gold at a time when permits have been received to construct and operate a processing plant with capacity of 2,800 tonnes per day and initial production forecast at circa 100,000 ounces of gold per annum from a single open pit. As the company moves towards a construction decision for new gold mine at Mina La India, Ian's significant construction and operating experience in a number of producing gold mines world-wide will be an invaluable guide to Condor Gold," said Chair & CEO Mark Child.
Shares in Condor Gold were up 4.6% at 20.40 pence on Friday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Condor Gold (CNR)