Condor Gold is listed on the AIM market, ticker CNR and the TSX ticker COG. The Company has the key Environmental Permit to construct and operate a 2,800tpd mine producing approximately 100,000 oz gold per annum from 3 open pits. Condor has 1.12M oz gold open pit mineral resources including a mineral reserve permitted for production. Fully diluted open pit mill feed is 8.6Mt at 3.1g/t gold for 845,000 oz gold. The 1.2M oz gold underground mineral resource could be permitted once in production.
In March 2021, Condor purchased a complete new SAG Mill package form First Majestic Silver for US$6.5M including US$3M in shares issued at 50p to FMS. The Mill has capacity of 2,300tpd and can be increased to 2,800tpd with a larger motor. The Mill is 100% ready to be shipped from Metso Outotec. The Company is currently completing all engineering studies to make the Project “shovel ready” and commenced site preparation in December 2020. On 25 October 2021 Condor announced the filing of a Preliminary Economic Assessment Technical Report (“PEA”) for its La India Project, Nicaragua on SEDAR https://www.sedar.com. The highlight of the technical study is a post-tax, post upfront capital expenditure NPV of US$418 million, with an IRR of 54% and 12 month pay-back period, assuming a US$1,700 per oz gold price, with average annual production of 150,000 oz gold per annum for the initial 9 years of gold production. The open pit mine schedules have been optimised from designed pits, bringing higher grade gold forward resulting in average annual production of 157,000 oz gold in the first 2 years from open pit material and underground mining funded out of cashflow.
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