Condor Gold narrows losses ahead of La India ramp-up

Explorer Condor Gold trimmed losses during the first nine months of its trading year thanks to a significant cut in administrative costs.

Condor cut pre-tax losses 58% year-on-year to £1.61m after a 45% reduction in admin costs.

The AIM-listed outfit also narrowed its losses per share to 2.46p each - a marked improvement to the 6.52p loss per share turned in from the first three quarters of its previous trading year.

On the operational front, the Ministry of the Environment completed a positive review of Condor's environmental and social impact assessment on its La India Project in Nicaragua before formally notifying the company to proceed to a public consultation, where 499 people saw technical, environmental and social aspects of its proposed new mine presented and discussed.

Condor was inevitably granted the permit, with initial rock chip assay results on-going detailed geological mapping showing "positive" progress towards the group's aim of defining a major gold district around La India.

As of 0945 GMT, Condor shares had slipped 3.09% to 23.50p.