Condor Gold hoping to conclude sale of La India "in the new year"
December 05, 2023 at 12:21 pm EST
Share
(via NewsDirect)
Condor Gold PLC CEO Mark Child provides Thomas Warner from Proactive with an update on the company's efforts to sell its La India Gold Project in Nicaragua. The update follows news that Condor Chairman Jim Mellon has invested £1 million to extend the company's financial runway in support of a sale process that he still describes as "impressive".
Despite active discussions with potential buyers, including eight companies under non-disclosure agreements (NDAs) and three site visits, a final sale agreement has not been reached, primarily due to pricing considerations.
Child emphasises the company's commitment to maximising shareholder value and outlined his current engagements in Nicaragua, including meetings with the Chinese Embassy. He acknowledges the geopolitical challenges associated with operating in Nicaragua, particularly due to U.S. sanctions, but stressed the government's supportive stance towards mining and the country's stability compared to other regions.
The CEO also discussed Condor Gold's alternative strategies, including smaller-scale operations and a pilot plant, but the board currently prefers to sell the assets. He pointed out the project's economic viability, citing the feasibility study's projection of 80,000 to 250,000 ounces of gold per year at a cost significantly lower than the gold price. Child remains optimistic about the project's future, expecting increased interest in 2024 due to favourable gold market trends and potential mergers and acquisitions in the sector.
Contact Details
Proactive UK Ltd
+44 20 7989 0813
uk@proactiveinvestors.com
Copyright (c) 2023 TheNewswire - All rights reserved.
Copyright (c) 2023 TheNewswire - All rights reserved., source Press Releases
Condor Gold plc is a United Kingdom-based company, which is a gold exploration and development company with a focus on Nicaragua. The Nicaragua projects include La India, Estrella, and Rio Luna. The Companyâs principal asset is La India Project, Nicaragua, which comprises a prospective land package of 588 sq km (square kilometers) comprising 12 contiguous and adjacent concessions. The Estrella Concession covers an area of 18 square kilometer over the Estrella Gold Mine, located approximately 20 kilometers southwest of Siuna. The Rio Luna is an exploration project, which includes a concession, covering an area of approximately 43 square kilometer in the Central Highlands of Nicaragua. The Company has environmental permits for the Mestiza and America open pits respectively, both located close to La India. The Mestiza open pit hosts 92 Kt at a grade of 12.1 g/t gold. The America open pit hosts 114 Kt at a grade of 8.1 g/t gold.