Condor Gold has decided to divest its La India open pit gold undertaking in Nicaragua, ideally to a gold producer with experience in mine constructing.
The choice follows the board’s evaluate of the corporate’s choices, together with present process a financing and building part as a ‘single-asset, single-jurisdiction’ agency with none current gold manufacturing.
Based mostly on the evaluate, Condor decided the sale of the belongings can be in the perfect pursuits of the corporate and all stakeholders. Subsequently, the corporate has employed Hannam and Companions to help with the sale course of.
Final month, the corporate carried out a definitive feasibility examine for the La India mine.
The examine confirmed the plan to construct a mine in two phases and demonstrates the mine’s capability to yearly produce a median of 81,524oz of gold for the primary six years of its 8.4-year mine life.
Condor Gold CEO Mark Baby mentioned: “Condor Gold has de-risked the La India Gold Mission to a close to construction-ready standing with an 18-month building interval from receipt of undertaking financing.
“The corporate’s technique has been efficiently executed, de-risking the belongings so {that a} mine may be developed in two phases utilizing the brand new SAG Mill that has already been bought.
“The corporate owns roughly 1,000ha of land over the realm of the mine web site infrastructure and has the important thing permits to assemble and function the mine.”
The La India Mission covers a big, extremely potential 588km² land package deal comprising 12 contiguous and adjoining concessions.
