TORONTO (miningweekly.com) – London, UK-based explorer Condor Gold has been given conditional approval to list its equities on the TSX main board, in Toronto.
Focused on its flagship La India project, in Nicaragua, the company advised that it would maintain its LSE Aim stock listing.
La India hosts an estimated 9.6-million tonnes grading 3.5 g/t gold, for 1.08-million ounces of gold in the indicated mineral resource category, and 8.5-million tonnes grading 4.5 g/t gold, for 1.23-million ounces of gold in the inferred category. The indicated resource includes 6.9-million tonnes grading 3 g/t gold, containing 675 000 oz gold in the probable mineral reserve category.
"The TSX listing will constitute a milestone for Condor Gold, providing a local trading platform for existing and new Canadian shareholders and investors. The vast majority of mining and exploration companies operating in South America are TSX/TSX-V listed and, in my opinion, Canadian investors will find Condor a compelling investment that is undervalued compared to its TSX/TSX-V-listed peer group," chairperson and CEO Mark Child stated in a press release.
Condor is a 100% owned a high-grade gold deposit close to permitting, which can be expanded, in a jurisdiction with a pro-mining government.
The TSX/TSX-V is a robust market with liquidity and access to capital, particularly for the mining sector, with the participation of more than 200 Canadian institutional mining investors and over 500 international institutional mining investors. The Toronto-based exchanges are the leading public markets for mining companies globally, with 1 218 public listings with a combined market capitalisation of C$305-billion and coverage by more than 200 mining analysts.
In 2016, the TSX/TSX-V accounted for 57% of all equity capital raised in the mining sector, making it the top source of investment for mining companies globally.
Condor is entering the final phase of its permitting process to construct a 2 800 t/d processing plant, with a capacity to produce 100 000 oz/y of gold from a single openpit. It continues its strategy of expanding the gold resources through drilling and proving a significant gold district.