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Condor Gold shares jump on permitting update for planned La India mine

Condor Gold PLC's share price jumped about 8% in London trading July 6 after it announced a permitting update for its proposed La India gold-silver mine in Nicaragua.

The company is targeting an annual processing rate of 1 million tonnes of ore at La India to produce 80,000 ounces of gold per year.

Condor Gold said July 6 that it submitted additional technical studies on the operation in response to questions from the Ministry of Environment and Natural Resources in Nicaragua after filing an amended environmental and social impact assessment, or ESIA, earlier in the year.

The company completed its first ESIA for La India and applied for an environmental permit in late 2015.

An amended ESIA filed in February included a new design for the open pit on the property and removed the need to resettle the village of La Cruz de La India, which has approximately 330 houses representing 1,000 people.

Condor Gold changed the proposed location of the processing plant to move it 1,200 meters from the village and may be able to eliminate a waste dump in the southern area of the site. In addition, the amendment removes a road relocation in the third year of production as well as the relocation of an explosives magazine.

Mine site infrastructure requirements were expected to be reduced by more than 30% to approximately 500 hectares.

Condor Gold completed a pre-feasibility study and an expanded preliminary economic assessment on the project in late 2014, with optimization studies announced in late 2015 and early 2016.