Oct. 25, 2012
-- Condor Gold recently stated the Ministry of Energy and Mines approved its strategic purchase of the 27 km2 La Mojarra concession, adding to the company's subsidiary La India Gold concession. Under the terms of the agreement, the approval triggers a US$240,000 payment.
Condor mentions the addition of La Mojarra concession increases the company's La India project to a total of 194 km2 contained within seven contiguous wholly owned concessions.
The company plans to undertake a regional rock chip, soil sampling, geophysics and geological mapping program on the La Mojarra concession in order to target deep exploratory drilling locations for potential buried gold deposits.
Mark Child, Chairman and CEO of Condor Gold commented that “there is a possibility that La India resource extends onto La Mojarra Concession and additional gold mineralized resources can be defined elsewhere on La Mojarra Concession to complement La India Project’s existing CIM Code resource of 2,375,000 oz. gold at 4.6g/t.
According to the Chairman Condor’s initial assessment of La Mojarra Concession surmises that the surface geological features suggest the potential for the discovery of significant buried gold mineralization. Condor will initiate a geophysics program on La Mojarra and other concessions in La India Project within the next 6 months.
Condor Gold is an AIM listed exploration company focused on developing gold and silver resource projects in Central America. The Company was admitted to AIM on 31st May 2006 with the stated strategy to prove up JORC Resources in Nicaragua and El Salvador. Condor has seven 100 percent owned concessions in La India Mining District, three 100 percent owned concessions in three other project areas and 20 percent in the Cerro Quiroz concession in Nicaragua. In El Salvador, Condor has 90 percent ownership of four licenses in two project areas.
Condor's concession holdings in Nicaragua currently contain an attributable CIM/JORC compliant resource base of 2,497,000 ounces of gold equivalent at 4.6g/t in Nicaragua and an attributable 973,000 oz. gold equivalent at 2.6g/t JORC compliant resource base in El Salvador. The Resource calculations are compiled by independent geologists SRK Consulting (UK) Limited for Nicaragua, and Ravensgate and Geosure for El Salvador.