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Condor Gold lands environmental permit for Mestiza open pit in Nicaragua

The high-grade open-pit area is described as being complementary to the nearby La India project

Condor Gold PLC - Condor Gold lands environmental permit for Mestiza open pit

Condor Gold PLC (LON:CNR) (TSE:COG) has landed an environmental permit for the development and exploitation of gold in the high-grade Mestiza open pit project in Nicaragua.

The pit project is host to more than 100,000 ounces of contained gold resources and it is described as complementary to the company’s flagship La India mine, also in Nicaragua.

WATCH: Condor Gold PLC now has over 1mln ounces of gold resources permitted for extraction

"It is a significant development, after a 15-month process, that Condor has been granted the key environmental permit to develop and exploit gold from the high-grade Mestiza open pit,” Mark Child, Condor chief executive said in a statement.

“When added to the high-grade La India open pit, Condor has just over 1mln oz gold open pit mineral resources, including mineral reserves permitted for extraction. Condor also has the permit to construct and develop a processing plant with capacity of up to 2,800tpd at La India Project.

“The permitted high-grade Mestiza open-pit adds flexibility to the mine schedule, potentially improving project economics and extending the life of mine," he added.

Condor noted that Mestiza has double the gold grade compared to La India, and, it is located within easy trucking distance (less than 4km) to the firm’s permitted processing plant.

Quick facts: Condor Gold PLC

Price: 54 GBX

AIM:CNR
Market: AIM
Market Cap: £63.35 m
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