Condor positive despite doubling losses

Condor Resources doubled its losses for the six months to the end of June on a like-for-like basis, but remains positive about its outlook. After failing to earn any revenue and doubling administrative expenses, the firm made a loss of £208,271 for the half year compared to £420,576 for the same period the previous year. With currency translation differences this loss grew to £624,242 for the six months. The firm is continuing with its objective to increase its Joint Ore Reserves Committee (JORC) resource for its La India Project in Nicaragua to 2m ounces. JORC is the code which is widely accepted as a standard for professional reporting purposes. Executive chairman and chief executive officer Mark Child said: "The outlook for Condor remains highly promising. The corporate object remains to double the current JORC Resource on La India Project to 2m oz gold at which stage the board will decide whether to continue drilling to increase the overall size of the resource of infill drill to take a bankable feasibility study." Since the end of the period, the firm has discovered a wide high grade of gold in the heart of the La India Project with a trench of 11m at 2.74g/t gold. Further exploration is underway to define the size of the discovery. The company has acquired the Espinito-Mendoza concession in the heart of the La India Project, which provides Condor with an additional 513,000 oz gold, consolidating Condor's ownership of 2.4m oz gold to Soviet classification in the district. Cash at the end of the period was £3.5, boosted by a £3m placement of shares to Macquarie Bank. The share price fell 8% to 5.75p by 14:01. NR