Condor CEO confident La India project will sell
Aim- and TSX-listed Condor Gold has received interest from parties to buy its assets, which include the La India openpit project in Nicaragua, and CEO Mark Child says he is confident a binding agreement will be reached.
The sales process, which was kicked off in November last year following a robust bankable feasibility study on La India, has entered the end of its first phase, with various parties having conducted site visits and others ongoing.
Condor has received three formal expressions of interest, including two nonbinding offers that are subject to further due diligence. Further offers are expected as nine companies are under nondisclosure agreements (NDAs).
"I am currently in Nicaragua hosting site visits for gold producers conducting due diligence on Condor's La India project. There are currently nine companies under an NDA, all of whom have access to a virtual data room, which includes all drill data, technical studies to feasibility study level, details of permits to construct and operate a mine and financial models,” said Child.
The bankable feasibility study on the La India openpit details plans for a mine producing an average of 81 524 oz/y for an initial six years. The project has a relatively low upfront cost of $106-million. Two additional permitted high-grade feeder pits can be added during the early years of production, thus increasing early output to more than 100 000 oz/y with an expansion possibility to 150 000 oz/y.
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