Condor Gold (AIM:CNR)(TSX:COG) provides an update on the sale of its assets, following the announcement of a Bankable Feasibility Study on the La India open pit. The company reports significant interest from gold producers, with eleven companies under Non-Disclosure Agreements, five non-binding offers received, and three site visits completed. An additional formal expression of interest has been received in the past three weeks.
The company’s Chair, Jim Mellon, highlights the rarity of wholly owned, fully permitted, construction-ready gold mines with potential production of 150,000 oz gold per annum. The recent record gold prices of over US$2,400 oz, compared to the US$1,600 oz used in the Feasibility Study, significantly improves project economics. While the sales process is taking longer than anticipated, the Board remains confident in reaching a binding agreement.
