Condor Gold (AIM: CNR; TSX: COG) announces that it has today published its unaudited financial results for the three months ending 31 March 2022 and the Management’s Discussion and Analysis for the same
Both of the above have been posted on the Company’s website www.condorgold.com and are also available on SEDAR at www.sedar.com.
Highlights for the First Quarter of 2022:
• On March 10, 2022, the Company announced that all assay results have been received for an 8,004 m infill drilling programme on the fully permitted high-grade La Mestiza Open Pit Mineral Resource at La India Project.
• Advanced the technical studies needed for the completion of a Definitive Feasibility Study covering the La India open pit, the processing plant facility and location, tailings storage facility, waste dump locations, explosive magazine, power supply, surface hydrology, hydrogeology (dewatering the pit),
geochemistry, metallurgy, environmental and social.
• Continued with acquisitions of land at the La India open pit and associated mine site infrastructure. To date, 99.6% of the core areas have been purchased.
• Site clearance of 14 hectares has been completed for the processing plant location, including areas for offices, warehouses, a stockpile and a buffer zone.
• Project finance discussions are underway with potential providers of project finance who have access to
Condor’s data room under confidentiality agreements.
• Further advanced compliance with the terms of the La India Environmental Permit to construct and
operate the mine, including completion of additional technical and engineering studies.
Mark Child, Chairman and CEO Commented:
“During the first quarter, we continued to make significant progress on advancing the Feasibility Study for
the La India open pit and associated mine site infrastructure . All technical studies undertaken at the Project
level are complete. We are currently reviewing the metallurgical test work, geotechnical analysis and capital
cost estimates. Additionally, we received the results from the 8,004 m infill drill program at the fully
Condor Gold plc
7/8 Innovation Place
Tel: +44 (0) 207 493 2784
CONDOR GOLD PLC. Registered in England and Wales No 5587987
Registered Office: 7/8 Innovation Place, Douglas Drive, Godalming, Surrey, GU7 1JX
permitted high-grade Mestiza open pit. Although not included in the scope of our forthcoming Feasibility
Study, we expect Mestiza to provide an additional high-grade ore source for the La India mill.
Concurrently, we are finalizing our analysis of an updated Mineral Resource Estimate for La India Project,
which is inclusive of a Mineral Reserve Estimate for the La India open pit. The geological model is consistent
with our current best understanding. Lithologies, weathering and structures have been re-modelled from scratch with existing drilling, trenching and outcrops considered.
In summary, the La India open pit including the associated mine site infrastructure is essentially construction
ready and materially de-risked. The plan is to add the two fully permitted high grade feeder pits of Mestiza and America to the mine plan during the construction phase. The Feasibility Study on La India open pit is
almost complete, the formal announcement will probably take us into Q3. It will put the Company in a position to pursue various project financing alternatives, some of which have already been initiated.
see & read more on