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.
"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.