Condor Gold to sell La India project in Nicaragua

According to Mining News Pro - Condor Gold has announce that following a robust and economically attractive bankable feasibility study also known as a feasibility study on the La India open pit it has appointed Hannam and Partners to seek a buyer for the assets of the company. On 26 October 2022, a feasibility study technical report was filed on SEDAR titled Condor Gold Technical Report on the La India Gold project, Nicaragua.

Mark Child, Chief Executive of Condor Gold, commented:

“Condor Gold has de-risked the La India Gold project to a near construction-ready status with an 18 month construction period from receipt of project financing. The Board has reviewed the company’s options including going through a financing and construction phase as a single asset, single jurisdiction company with no existing gold production, and has concluded it is in the best interests of the company and all stakeholders to sell the assets of the company to a gold producer with mine building expertise, thus ensuring a new mine at La India, a significant investment in the local area and a regeneration of the local communities.

The company’s strategy has been successfully executed, de-risking the assets so that a mine can be developed in two stages using the new SAG Mill that has already been purchased. The company owns approximately 1000 ha. of land over the area of the mine site infrastructure, and has the key permits to construct and operate the mine. The delivery of a robust and economically attractive feasibility study on the single La India open pit demonstrates an average of 81 524 oz/yr gold for the initial six years for a relatively low total upfront capital cost of US$106 million. Two additional permitted high grade feeder pits can be added during the early years of production thus increasing early production to over 100 000 oz/yr gold with a stage two expansion to 150 000 oz/yr gold as detailed in the October 2021 PEA.”