Condor Gold PLC’s key objective this year is to continue to advance La India
The company raised a total of £8.0mln after expenses during the year and ended 2020 with a net cash balance of £4.2mln
’s (LON:CNR, ) key objective this year is to continue to advance La India project in Nicaragua to production, the company said alongside its 2020 financial results.
Pre-tax losses narrowed to £1.3mln, from £1.5mln in 2019, for the exploration and development company.
The company raised a total of £8.0mln after expenses during the year and ended 2020 with a net cash balance of £4.2mln.
“It has been a transformational year for the company with the permitting of 2 additional open pits, and a significant de-risking of the project with the acquisition of land and advancement of engineering studies,” said chairman and chief executive Mark Child.
“The company’s twin strategy remains the construction and operation of a base case processing plant with capacity of up to 2,800 tonnes per day capable of producing approximately 100,000 oz of gold per annum, increasing this production capacity, and proving a major gold district of 5mln ounce gold potential at the 588km² La India project,” he added.
Earlier this month, Condor agreed to buy a key piece of equipment needed to bring the company’s La India gold and silver project into production.
READ: Condor Gold to buy new SAG Mill, a key item to bring La India project into production
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