(Alliance News) - Condor Gold PLC has been granted a "major" exploration concession next to its La India project in Nicaragua, the company said on Monday.
This means the land package at La India has grown by 29% to 587.7 square kilometres. Condor believes the new acreage, called the Cerro Los Cerritos concession, holds two mineralised basement feeder zones.
The new concession is on the north-west side of La India, and Condor will "immediately" apply for environmental permits to carry out low impact work such as geological mapping.
Chief Executive Mark Child said: "I am delighted the government of Nicaragua has granted Condor Gold a major exploration and exploitation concession adjacent to the La India project. This confirms the country is pro-mining, open for business and supportive of Condor. It follows the grant of the 142.6 square kilometre Las Cruces concession in December 2018.
"Cerro Los Cerritos was available for grant by the government under a 25-year exploration and exploitation concession. We remain convinced the La India project is a major gold district with the potential to host over 5 million ounces of gold."
Shares were 5.8% higher on Monday shortly before midday at 18.25 pence apiece.
Condor Gold (CNR)