Companies: CNR   

Central American gold explorer Condor Resources believes Nicaragua’s Columbus gold and copper prospect could prove a major project.

Nigel Ferguson, Condor’s Australian chief executive, has set himself the target of increasing the AIM-listed company’s resources from today’s 467,000 ounces of gold and 18.4 million ounces of silver to more than two million ounces of gold and 50 million ounces of silver within two years. He argues that Columbus, a 4km gold, copper and molybdenum porphyry system in north-east Nicaragua, could make a big contribution to achieving this.

With £3.2 million in cash, Condor, which paid £250,000 for the Columbus concession, plans to spend another £500,000 shortly investigating it and should be able to say within three months whether it lives up to expectations, said Ferguson. The company has several other promising projects in Nicaragua, ruled by Daniel Ortega, the ex-Sandinista who is now claimed to be the miner’s friend, and neighbouring El Salvador.

At a depressed 6.5p, Condor’s shares undoubtedly carry risk. But, if Columbus and other prospects turn up trumps, they might repay a long-term speculation.

Condor Resources	AIM	£1.98m	0.60p	-0.12p
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