25 May 2012

Condor goes for expansion

20/10/2011 Robert Tyerman

Nicaragua-focused Condor Resources (CNR) hopes soon to double formal gold resource estimates to two million oz at its La India project.

The AIM-quoted company, steered by former military man and financier Mark Child, has newly completed drilling there with four rigs and suggests that a 300,000-oz increase is on the cards this year, with more to come later.

Containing a former producing mine, La India already boasts a 2.4 million oz resource estimate, produced by Soviet geologists in the old days. More recently, leading consultant SRK produced the current estimate of one million oz with an average six grammes of gold per tonne of ore, of which 290,000 oz at 7.6 grammes a tonne are in the 'indicated' category and 756,000 oz at 5.8 grammes a tonne are in the more tentative 'inferred' category.

Child, who highlights a new concession, Espinito Mendoza, in the same distict holding some 500,000 oz of gold at 11 grammes a tonne, says the strategy is to take La India to a bankable feasibility study and then sell it. In addition, Condor has a project with estimated 1.1 million oz of gold equivalent at three grammes a tonne in nearby El Salvador, now on ice because of a mining moratorium in that country, which may one day be lifted.

Condor shares, which have traded between 1.98p and 11.25p over the past year, now change hands at 5.88p, down 0.38p this morning, valuing the company at £33 million. They could reward a medium-term punt if gold does not lose all its sparkle.

Tags: AIM market, El Salvador, Gold, Mark Child, Nicaragua

Sector: Mining

Companies: Condor Resources

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