Mellon becomes Condor Gold chair
Dual-listed Condor Gold has appointed Jim Mellon as nonexecutive chairperson, it announced on Tuesday.
Mellon has been a nonexecutive chairperson of Condor, which owns assets in Nicaragua, for several years and is the biggest shareholder with an 18.7% shareholding in the company.
"Following the recent release of a positive bankable feasibility study (BFS) on the fully permitted La India project, I look forward to continuing to work with Mark Child, the CEO, to maximise the value for all shareholders of this construction-ready gold mine and determine the path forward as the project progresses to a construction phase."
The BFS, released last month, is based on a probable mineral reserve of 7.3-million tonnes of ore grading 2.56 g/t for 602 000 oz. The study envisages a production rate of 81 545 oz/y for the first six years of an 8.4-year mine life.
Capital costs have been estimated at $105.5-million. The study calculated an internal rate of return of 23% and a net present value, using a 5% discount, of $86.9-million.
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