Should I wait for the price to drop to .5P or go in at .6P. Is the El Salvador government going to allow Condor to drill in the new area Condor are hoping for ?

UPDATE - Condor Gold working the angles
By Philip Whiterow October 16 2013, 4:11pm UPDATE - Condor Gold working the angles

---ADDS BROKER COMMENT---

Using steeper walls would boost the economics of the mine planned at Condor Gold’s (LON:CNR) La India project in Nicaragua, a new technical study has suggested.

It would reduce the amount of waste rock that needs to be moved, lowering costs and opening the possibility of mining deeper than previously envisaged using open pit methods, Condor said.

Mark Child, Condor’s chairman and chief executive, said a steeper angle at the open pit was particularly significant at La India Project as 432,000 oz gold at 4.9 grams per tonne (g/t) sits beneath the current open pit resource of 954,000 oz gold of 3.6g/t.

"An improvement in pit angles could drive the pit deeper, so that a circa 1mln oz gold open pit resource [compared to 800,000 previously] could be used in the next mining study."

Consultant SRK carried out the geotechnical study to provide a more accurate model of the slope angles that can be supported by an open pit and to a level of confidence that can be used in a future pre-feasibility study.

The pit angles in the new study range from 40 to 48 degrees and are an improvement on the 40:42 degree pit angles used in the preliminary economic assessment released in March, Child said.

Condor added it expects to update its resource at La India by the end of the month following 23,600m of drilling.

Of this, 14,000 metres was in the La India Open Pit area and focused on converting the gold resource from the inferred to indicated category within the entire 954,000oz open pit resource and part of the 432,000oz of gold lying underneath.

“It is encouraging to see that the higher angles are achieved in the middle portion of the pit … where the majority of open pit and underground mineralisation is located. This will allow the company to incorporate some of the deeper and higher grade material into an open pit shell, reducing the overall strip ratio and increase the average head grade of the mill feed. Also, the incorporation of the deeper ore into an optimised open pit shell will increase the overall life of the proposed open pit,” said Ocean Equities.

“In terms of near term news flow, the completion of the 23,600m resource drilling programme, that has been underway since Sep’12, should be released by the end of the month. This will look to convert much of the inferred open pit resources to the indicated category and further increase the confidence in the resource as the company progresses to the PFS,” the broker added.

Click the link below to WATCH CONDOR GOLD at the recent Minesite Forum

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Click the link below to WATCH CONDOR GOLD at the recent Minesite Forum

Click here