Condor Gold secures environmental permit from Nicaraguan authorities

Condor Gold shares shot up on Monday morning after revealing it had obtained an environmental permit for the development, construction and operation of a processing plant in the Department of Leon, Nicaragua.

The AIM-listed firm secured the permit for the plant, with a capacity of up to 2,800 tonnes per day, and associated mine site infrastructure at its wholly-owned La India Gold Project after significantly increasing and strengthening its social team and contributions to the local community.

Following the grant of the Environmental Permit, Condor's objective was now progressing with a bankable feasibility study at La India.

"The receipt of the Environmental Permit is a tribute to the hard work and dedication of Condor Gold's team on the ground," said chief executive Mark Child.

"It also marks the culmination of 11 years of detailed scientific geological work and technical mining studies at La India Project, including three years of the permitting process," he added.

Subject to financing, completion of the BFS and the completion of final engineering designs, Condor expects construction to commence within 18 months of the grant of the Environmental Permit. Construction itself was slated to last a further 18-to-24 months.

As of 1200 BST, Condor shares soared 13.58% to 46p.