Condor Gold flying high on Nicaragua drilling results

Condor Gold, an exploration firm drilling a site in Nicaragua, has surged after revealing impressive results from a major drilling programme.

The company completed fifty-nine drill holes at its 100% owned La India Project between mid-April and the end of July on the "India-California vein trend". The aim was to increase the overall resource by targeting areas considered to have open pit and underground mining potential.

Commenting on the results, Condor's Chief Executive, Mark Child, said: "The high grade gold mineralisation (and) the gold grade increasing 3 to 4 fold (in some areas) bodes well for the resource update expected to be completed in mid September 2012 and enhances my belief that La India Project is on track to host a large, highly economic gold mine."

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

This was enough to push the stock up 9.7% in early trading.

BS