Condor Gold PLC - mine developer in Nicaragua - Announces completed feasibility study for La India Open Pit based in the north-west of Nicaragua, which is set to generate USD888 million in revenue.
The study estimates around 2.56 grammes of gold per tonne and around 602,000 ounces of gold in total.
Aims to produce around 81,545 ounces of gold per year for the first six years of an 8.4 year mine life. The Surrey-based firm anticipates a gold price of USD1,600 per ounce of gold and low average life of mine all-in sustaining cash costs of USD1,039 per ounce of gold.
Further, La India pit should generate a total revenue of USD888 million, leading to an operating profit of USD408 million, or a 46% operating margin, Chair & Chief Executive Officer Mark Child explains.
Expects a post upfront capital cost net present value of USD86.9 million and an internal rate of return of 23%.
Current stock price: 29.50 pence, up 15% on Monday
12-month change: down 31%
By Tom Budszus; tombudszus@alliancenews.com
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Condor Gold (CNR)