{"id":1149537,"date":"2019-11-13T06:34:50","date_gmt":"2019-11-13T12:34:50","guid":{"rendered":"https:\/\/www.mining.com\/?p=1006679"},"modified":"2019-11-13T06:34:50","modified_gmt":"2019-11-13T12:34:50","slug":"condor-gold-losses-narrow-as-flagship-la-india-project-moves-forward","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1149537","title":{"rendered":"Condor Gold losses narrow as flagship La India project moves forward"},"content":{"rendered":"<p>Nicaragua-focused Condor Gold (LON:CNR) saw <a href=\"http:\/\/ca.condorgold.com\/sites\/default\/files\/news\/191112%20Condor%20Interim%20Accounts%2030%20Sep%202019%20FINAL.pdf\">losses<br \/>\nnarrow in the three months ended on Sep. 30<\/a>&nbsp;compared to the same<br \/>\nperiod last year as it\u2019s getting close to de-risking its flagship La India gold<br \/>\nproject, north of capital Managua.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The miner logged a pre-tax loss for the period of \u00a3316,125 about 2.5% lower than the \u00a3324,349 loss registered a year before. This was almost entirely due to a funding campaign that allowed Condor Gold to raise \u00a34.04 million (about $5.2m) during the period through a private placement of new ordinary shares.<\/p>\n<p>The company, which&nbsp;fully permitted the project in<br \/>\nAugust last year,&nbsp;said the primary use of the proceeds was to <a href=\"https:\/\/www.mining.com\/condor-gold-granted-extension-to-permitting-deadline-for-la-india-in-nicaragua\/\">meet<br \/>\nconditions of the environmental permit<\/a> ruling the construction and operation<br \/>\nof an open pit mine at La India concession.<\/p>\n<p>Part of the funds were used to buy the land required for mine<br \/>\nsite infrastructure, engineering reviews ahead of a construction decision and<br \/>\ncompletion of 18 technical studies required for permitting <a href=\"https:\/\/www.mining.com\/condor-gold-seeks-growing-nicaragua-project-two-feeder-pits\/\">two<br \/>\nhigh-grade satellite feeder pits<\/a>. <\/p>\n<p>The America and Mestiza pits located about 2km and 4km,<br \/>\nrespectively, from La India\u2019s processing plant complement the main open pit. They<br \/>\nare expected to increase open pit production by 50% to 120,000 ounces of gold<br \/>\nannually during a seven-year mine life.<\/p>\n<p>The decision to seek permits for the two satellite pits was<br \/>\nbased on a&nbsp;<a href=\"https:\/\/mining.com\/condor-gold-shares-jump-nicaragua-project-grows\/\"  rel=\"noreferrer noopener\">January updated mineral resource estimate<\/a>&nbsp;for its<br \/>\nfully permitted La India.<\/p>\n<p>The plan is to begin by&nbsp;mining those \u201cmini pits\u201d within<br \/>\nthe larger, permitted one and truck that ore to a nearby processing plant, chairman<br \/>\nand chief executive officer,, Mark Child told MINING.com&nbsp;<a href=\"https:\/\/mining.com\/condor-gold-shares-jump-nicaragua-project-grows\/\"  rel=\"noreferrer noopener\">earlier this year<\/a>.<\/p>\n<p>During the period, the government of Nicaragua granted Condor Gold the 132.1 km2 Los Cerritos exploration and exploitation concession, which expanded the La India Project concession area by 29% to a total of 587.7 km2.<\/p>\n<p>Condor Gold initially staked concessions in Nicaragua,<br \/>\nCentral America\u2019s largest country, in 2006. Since then, mining has<br \/>\nsignificantly taken off in the country due to the arrival of foreign companies<br \/>\nwith the cash and knowledge to tap into its reserves.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This was thanks to the company raising  &pound;4.04m in the three months to Sep. 30 by way of a private placement of new ordinary shares.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[369],"tags":[43],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1149537"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1149537"}],"version-history":[{"count":5,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1149537\/revisions"}],"predecessor-version":[{"id":1149605,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1149537\/revisions\/1149605"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1149537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1149537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1149537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}