Condor beats full year targets and still sees 'considerable potential'

Gold exploration company Condor is celebrating a mineral resource of 2.41m ounces of gold equivalent at its wholly-owned La India Project in Nicaragua, with gold up 46 per cent to 2.375m oz, well ahead of the year-end target of 2.0m gold.

This includes 5.3m tonnes at 4.4g per tonne (g/t) for 751,000 oz gold in the indicated mineral resource category with the balance in the inferred category, and 2.28m oz silver at a grade of 6.5 g/t silver.

Indicated mineral resource has risen from 264,000 oz gold at 7.1 g/t gold to 751,000 oz at 4.4 g/t gold. The current indicated resource is split between an open pittable resource of 4.22m tonnes at a grade of 3.9 g/t gold containing 534,000 oz gold and an underground mineral resource of 1.05m tonnes at 6.4 g/t gold containing 217,000 oz gold.

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Chairman and Chief Executive Officer Mark Child said: "I am particularly pleased that the open pit resource contains 534,000 oz gold at 3.9 g/t in the indicated category as this provides the company with a higher degree of certainty that La India Project can be fast tracked towards production and due to the high gold grade should be attractive from an economic perspective.

"The independent resource has been reported to CIM standards for the first time as opposed to JORC Code in order to broaden the appeal of the company to North American investors. The La India Project has considerable potential to continue the expansion of the size of the gold mineral resource."

The resource update is based on some 40,298 m of drilling, 7,200 m of trench sampling and over 9,000 original underground mine grade control channel samples on nine of the veins within the La India Project area.

The share price rose 12.36% to 200p by 08:18.

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