RE: Gold Refineries26 Mar 2020 11:13
Electric L ,dont know if this helps from the recent rns .
The key objective for 2020 is to start the site preparation before year end. This will involve completing the purchase of all surface rights within the mine site infrastructure (approximately 50% has been purchased to date) and completing the technical studies required by MARENA ahead of a construction decision. Offers have been made for all the surface rights. Production from the permitted La India open pit is expected to be approximately 600,000 oz gold. In November 2019, the Company submitted the ESIAs applying for the Environmental Permit to develop and extract ore from the high grade America and Mestiza open pits. This has the potential to increase production to 120,000 oz gold per annum (compared to the PFS) for a seven year life of mine. The Mestiza and America open pits have, in aggregate, 206 Kt at a grade of 9.9 g/t (66,000 oz contained gold) in the Indicated category and 1,018 Kt at 4.6 g/t (152,000 oz contained gold) in the Inferred category. Simultaneously, the Company has conducted technical mining studies to see if it is possible to generate production much earlier by mining a "mini pit" within the permitted La India open pit and trucking the mineralised ore to a nearby processing plant to be processed. However, at the time of writing it is uncertain whether a toll milling agreement can be reached. There are significant benefits of transitioning Condor from an exploration and development company to a gold producer in the near future. The most obvious for shareholders is the generation of revenues and cashflow and the experience Condor will gain from managing contract miners together with bulk metallurgical tests and an advanced understanding of the geology. Maintaining a social licence to operate is highly important and Condor will continue with its extensive social programmes in the local community. The historic mine at Mina La India closed in 1956, resulting in a high level of poverty in the village of La Cruz de la India. Adding a higher average open pit grade of 4.7 g/t gold from the satellite feeder pits to the mill feed from the permitted La India open pit of 3.0 g/t gold will enhance the Project NPV, IRRs, reduce the payback period and reduce the already low All In Sustaining Cash Cost of US$690 per oz gold as detailed in the PFS.
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