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Condor Gold buys new SAG mill for $6.5m
StockMarketWire.com
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Condor Gold said it had agreement to purchase a complete new semiautogenenuous mill package from First Majestic Silver for approximately US$6.5 million.
The SAG Mill package represented a key item of the plant required to bring the company's La India project into production.
Based on internal technical studies and mining dilution studies, initial production from the project was expected to be 80,000 to 100,000 oz gold per annum.
Condor agrees to pay US$3.0 million of the $6.5 million in shares.
'The new SAG Mill forms stage 1 of production, the aim is to materially expand production capacity after 2-3 years,' the company said.
There was a 'possibility of increasing throughput by 22% to 2,850tpd by installing a larger motor,' it added.
At 8:56am: (LON:CNR) Condor Gold PLC share price was 0p at 42p
Story provided by StockMarketWire.com
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