Condor Gold (AIM: CNR; TSX: COG) announces that it has today published its unaudited financial results for the three and nine months ending 30 September, 2020 and the Management’s Discussion and Analysis for the same period.
Both of the above have been posted on the Company’s website www.condorgold.com and are also available on SEDAR at www.sedar.com .
Highlights for the third quarter of 2020
· Strong cash balance: £5.5M as of end-September
· Significant progress in de-risking La India project announced on 13 August, through purchase of land in and around the permitted La India open pit mine site area and provided an update on key elements in advancing the project:
· Acquired 85% of the land within the permitted La India open pit mine site infrastructure, including the key areas of the location of the processing plant, tailings storage facility, open pit, waste dump area, explosives magazine.
· Tailings Storage Facility and 2 water retention ponds are being fully designed by Tierra Group Inc. – 40% of the engineering designs are completed.
· The design of the site wide water balance including a surface water management plan has been awarded to SRK Consulting (UK) Ltd and is underway.
· Preliminary designs for the layout of the mine site infrastructure including, in some detail, the designs for the location of the processing plant have been completed.
· Mine and waste dump schedules for a number of mining scenarios have been completed
· The power studies have been progressed and several meetings held with the Ministry of Energy and Mines.
· On 10 July the Company announced the purchase by Jim Mellon, a Director, of 400,000 ordinary shares in the Company at a price of 38p per ordinary share.
· Further purchases of shares by Jim Mellon, as announced on 25 August and 24 September, of 75,000 and 100,000 shares respectively.
Post Period Highlights
· 93% of the land within the permitted La India open pit mine site infrastructure area has been purchased
· Commencement on 27 October of a ground investigation program consisting of 20 geotechnical drill holes and 58 test pits on the Tailings Storage Facility (“TSF”), Water Retention Reservoir and Processing Plant site at La India, accelerating the project from a Pre-Feasibility level of design to Final Engineering Designs on key infrastructure in preparation for construction on the fully-permitted project. In particular:
· Final TSF design will be fully compliant with internal and external legislation.
· Geotechnical drilling program comprises 20 drill holes and 58 test pits on the Tailings Storage Facility (TSF), La Simona water retention reservoir and processing plant site.
· Geotechnical drilling and test pits on La Simona dam and reservoir – the purpose is to develop the design criteria for a retention dam and diversion water facility.
Mark Child, Chairman and Chief Executive of Condor Gold, commented:
“During the third quarter 2020 Condor Gold continued to de-risk La India Project, advancing the Project to a shovel-ready status. The Company has purchased the vast majority, over 93%, of the surface rights within the permitted La India open pit mine site infrastructure area. The Project is proceeding as if the Company owns 100% of the land as the Company is confident of securing the balance. Geotechnical drilling is currently underway on the embankment locations for the tailings storage facility and water retention reservoir together with some 58 test pits including a dozen on the location of the processing plant. Several engineering studies are being taken beyond that of a feasibility study to a final design for construction. In summary, the Project is being fast tracked to production. In-filling drilling programmes in the open pits have been designed, drilling is expected to commence in the near future.”
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