Revitalizing The Historic La India Gold Mining District In Nicaragua
Condor Gold is revitalizing the historic La India gold mining district in Nicaragua. To date the company has produced a global N.I. 43-101 mineral resource totaling 2.32 million ounces of high grade gold, including open pit resources of over one million ounces grading 3.5 g/t gold. The N.I. 43-101 Pre-Feasibility Study demonstrated an open pit mineral reserve of 675,000 ounces of gold that could produce 80,000 ounces annually over 7 years at all-in sustaining cash costs under US$700 per ounce.
La India Project
Condor holds 100% ownership of a 313 square kilometer concession package covering 98% of the historic La India Gold Mining District. The concession package comprises ten contiguous concessions. Six of the concessions were awarded directly from the government between 2006 and 2015. The remaining four concessions were acquired from other owners: the La India Concession was added to Condor’s portfolio in late 2010 through a concession swap agreement with Canadian miner B2Gold (TSX: BTO).
- Historic production totaling 576,000 ounces of gold grading 13.4 g/t
- N.I. 43-101 compliant mineral resource estimate totaling 2.3 million ounces grading 4 g/t gold
- N.I. 43-101 compliant mineral reserve estimate totaling 675,000 ounces grading 3 g/t gold
- All-in sustaining cash cost under US$700 per ounce of gold
- Up front capital costs of just US$110 million for base case scenario
- Resource confined to just 10% of La India district- potential to double mineral resource
- Permitting underway to construct 2,800 tonne/day processing plant
The La India Project hosts the historic La India Gold Mine which processed an estimated 1.7 million tonnes of mineralized material grading 13.4g/t (576,000 ounces of gold) between 1938 and 1956. The majority of production was under the ownership of Canadian mining company Noranda Inc. At the height of production in 1953, mine records show annual production of 41,861 ounces of gold at a grade of 11.8 g/t and 39,282 ounces of silver (AuEq 11.0 g/t). The mine worked a dozen narrow high-grade veins using traditional back-stoping techniques with mine drainage achieved and ore transport to a central mill achieved via an extensive network of interconnected drainage and transport adits.
Tertiary aged island arc volcanic rocks host Bonanza-type low-sulphidation epithermal gold-silver mineralisation throughout La India Gold Mining District. Over 17 kilometers of gold mineralised quartz-carbonate veins have been defined to date, with intermittent gold mineralisation recognised at surface along structures adding several more kilometres.
Mark Child / Executive Chairman
Mr. Child has 25 years of equity capital markets experience, as an institutional stockbroker and in corporate finance/private equity, mainly in emerging markets. He has worked for W.I. Carr Indosuez, Hoare Govett, Prudential Bache Securities and was the managing director of Sun Hung Kai Securities (UK) Ltd. At board level Mr. Child has been an executive director of Hong Kong listed Regent Pacific Group, an emerging market fund manager and private equity group, which spun off Charlemagne Capital Limited and AIM listed betinternet.com plc. In addition he has been a Non Executive director of several private companies. He joined the Board of Condor Resources on the 24th May, 2006.
Jim Mellon / Non Executive Director
Jim Mellon, based in the Isle of Man, is a renowned fund manager. He began his career with GT Management in the US and in Hong Kong and later became the co-founder and managing director of Thornton Management (Asia) Limited based in Hong Kong. He is co-founder of Regent Pacific Group and Charlemagne CapitalLimited. He is currently chairman of Manx Financial Group Plc, Webis Holdings plc and co-chairman of Regent Pacific Group Ltd and Emerging Metals Limited, a director of Charlemagne Capital Limited, Burnbrae Group Limited and various other investment companies. Mr Mellon holds a Master's Degree in Philosophy, Politics and Economics from Oxford University.
Roger Davey / Non Executive Director
Roger Davey is a Chartered Mining Engineer with over thirty five years' experience in the mining industry covering the feasibility, financing, development and operation of both underground and surface mining operations at senior management and Director level. Previous positions include Director and General Manager of AngloGold subsidiaries in Argentina and the Senior Mining Engineer at N M Rothschild (London) in the Mining and Metals project finance team. Roger is a graduate of the Camborne School of Mines, with a Master of Science degree in Mineral Production Management from Imperial College, London University. He is presently also a Non-Executive director of Orosur Mining, EMED Mining and Alexander Mining. He is fluent in Spanish (conversational and commercial).
Peter Flindell / Non Executive Director
Peter Flindell is a minerals exploration geologist with 30 years' experience in the mining industry covering the exploration, discovery and feasibility of gold mining operations at senior management level. Previous positions include twelve years with Newmont Mining Corporation, latterly as the Exploration Manager for the Western Pacific, and eleven years with Avocet Mining as the company’s Chief Geologist and Executive Vice President Exploration where he led a team to the discovery of over 11 million ounces gold Mineral Resources. Peter is a graduate of the Australian National University. He is presently also the Chief Executive Officer of Signal Delta, a Singapore-based company that focuses on the development of minerals projects in Southeast Asia and a Non Executive Director of Indodrill Group.
Kate Harcourt / Non-Executive Director
Kate Harcourt is a Chartered Environmentalist with twenty five year's experience of the environmental and social aspects of both open pit and underground mining projects around the globe. Kate has been nominated by the IFC to the Board following their 8.5% shareholding in the Company. She has worked as part of the Owner's Team for a number of companies and also on behalf of financial institutions, for example carrying out compliance performance monitoring during construction and operations. Kate has worked as a Director of Health, Safety, Environment, Communities and Security for MagIndustries, a natural resource company with assets in Republic of Congo. She has worked for the IFC on a geothermal project in Nicaragua since 2010. Kate has a Master of Science degree from Imperial College in Environmental Technology.
Dave Crawford / Chief Technical Officer
Dave Crawford is a Mining Engineer / MBA with 36 years background in project studies, mine design, economic analysis and resource estimation spanning 36 years in multiple commodities and multiple countries. He is a Registered Professional Engineer and a Qualified Person under CNI 43-101. Mr. Crawford has worked with Newmont Mining as a Study Director for Mergers and Acquisitions and Value Assurance in gold and copper projects, in-situ uranium projects in Kazakhstan, and Principal Mining Engineer with Pincock, Allen and Holt.
Jose Mario Gonzalez Granados / General Manager
Mr. Gonzalez has more than 16 years experience in Business Administration in El Salvador. He was involved in starting up of Condor Resources' subsidiaries Minerales Morazan, SA de CV (El Salvador , 2004) and Condor, SA ( Nicaragua , 2006). Mr. Gonzalez has been participating in meetings and negotiations with the Government regarding the metallic mining industry in El Salvador. He is also actively contributing to work to the Nicaraguan Chamber of Mines.
Carlos Pullinger, BSc, MSc / Senior Geologist
Carlos joined Condor in 2011. He has 22 years of experience as a geologist in volcanology, geothermal and epithermal gold exploration. Prior to joining Condor he worked as an exploration geologist of geothermal resources and was project director of the development of two geothermal fields in El Salvador. He was also involved in the creation of a government institution in charge of monitoring geologic phenomena, later heading the Geological Survey within that institution.
Armando Jose Tercero Gamez, Ing Geol / Chief Geologist
Mr Tercero, a Nicaraguan national, graduated in Geology in the Soviet Union prior to gaining 25 years experience as an exploration geologist in Nicaragua. He has extensive experience in the discovery and definition of gold mineralised epithermal vein systems. In the late 1980's he was the principal Nicaraguan geologist in the cornerstone Soviet sponsored exploration project of the La India Mining District. Prior to joining Condor Resources in 2005 he was exploration manager for Triton, S.A., the Canadian-owned operators of Nicaragua's El Limon and La Libertad gold mines. Under Mr Tercero direction a number of significant gold-bearing veins were discovered and defined in El Limon and La India Mining Districts, including the Santa Pancha Vein which is currently being mined at Triton's multi-million ounce El Limon Gold Mine.
Irene Chow / Chief Environmental Officer
Irene Chow is an Environmental Quality Engineer, studied at Central American University in Nicaragua (1999-2003). She has done further studies in Environmental Studies on geothermal projects at United Nation University in Iceland (2007) and Energy Planning at University of Oslo in Norway (2008). She obtained a double Master degree (2008-2010) on Environment and Resources Management with a focus on renewable energies from Cologne University of Applied Sciences in Germany and on Environmental Sciences from National Autonomous University of San Luis Potosí in Mexico. She worked for the Central American University in Nicaragua as an Assistant Coordinator of e-Learning project EL@C, as Environmental Programme Manager and as teacher of Environmental Impact Assessment and Cleaner Production. She has experience as an environmental consultant with i.e. the Ministry of Environment and UNDP, in the development of environmental projects, environmental management programs and EMS ISO 14001. She also worked for Catholic Relief Services as Executive Assistant of ACORDAR Project and was responsible of the environmental measurements in agricultural projects. Before joining Condor as the Chief Environmental Officer in April 2013, she worked as an IP Analyst at MDB Capital Group.
Victor Martinez / Community Relations Officer
Victor Martinez is an Economics graduate from the Central American University in Nicaragua with further studies in Business. He has a Master Degree in Corporate Social Responsibility and Human Rights from American University. Additionally, his thesis project was awarded by The Human Rights Program of Netherland for Central America which financed the project for its accomplishment.
Before joining Condor, Victor was the head of community relations, CSR and communications of the biggest mine in Nicaragua since the beginning of its operation in 2010, during this period of time the company´s social projects were awarded by the Corporate Social Responsibility National Association. Also, he was a member of the strategic team of Antenna Relocation Project in Santo Domingo Mine.
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