“The decision has been taken to accelerate the project, by-passing a feasibility level design, which is typically required for bank lending and go directly to a tailings storage facility final level of design,” chief executive Mark Child said in the statement.
Child noted that the slated work would, subject to funding, allow the fast-tracking of the project to an operational status.
The company continues to analyze a number of production scenarios for La India, including a high-grade open pit mine. Such operation would produce between 80,000 and 100,000 ounces of gold a year.
A second scenario involves adding the Mestiza and America pits, which would bring production up to 120,000 ounces of the precious metal annually over seven years.
Condor Gold staked concessions in Nicaragua, Central America’s largest country, in 2006. Since then, mining has significantly taken off in the country due to the arrival of foreign companies with the cash and expertise to tap into existing reserves.
Last year, the government of Nicaragua granted Condor Gold the 132.1 km2 Los Cerritos exploration and exploitation concession, which expanded the La India project concession area by 29% to a total of 587.7 km2.
Condor also attracted a partner — Nicaragua Milling. The privately held company, which took a 10.4% stake in the miner in September last year, has operated in the country for two decades.