Mark Child, Chairman and CEO of Condor Gold PLC, speaks on the company’s gold exploration in Nicaragua.
Condor Gold is exploring for gold in Nicaragua in Central America. We have 2.4 million oz of gold and our strategy is to fully permit a base case of 100,000 oz of gold a year from a single open pit. The other 1.3 million oz is all open along the strike and to depth; we can increased that quite quickly by 100,000 oz, and we can also demonstrate much bigger gold district through scout drilling.
We’ve applied for permits for 2,800 tonne per day processing plant. We’ve received technical approval from the ministry of the environment for all the technical aspects of those permits and we’re now waiting for those from the government. Nicaragua is a mining -friendly jurisdiction, gold is their biggest export. B2Gold who are superstar in Canada produce over 200,000 oz of gold per annum from Nicaragua.
You can own the concessions for 25 years and the government is fully behind permitting me the land here. We’ve recently completed a placement of new ordinary shares and raised $ 6.5 million. That was led by a Canadian Ross Beaty he now has about 8.5 percent of the company on a diluted basis. We have about 40 percent of the company held by five shareholders and we’re fully funded for the next 12 months.
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