Condor Gold has decided to divest its La India open pit gold project in Nicaragua, preferably to a gold producer with expertise in mine building.

The decision follows the board’s review of the company’s options, including undergoing a financing and construction phase as a ‘single-asset, single-jurisdiction’ firm without any existing gold production.

Based on the review, Condor determined the sale of the assets would be in the best interests of the company and all stakeholders. Subsequently, the company has hired Hannam and Partners to assist with the sale process.

Last month, the company carried out a definitive feasibility study for the La India mine.

The study confirmed the plan to build a mine in two phases and demonstrates the mine’s capacity to annually produce an average of 81,524oz of gold for the first six years of its 8.4-year mine life.

Condor Gold CEO Mark Child said: “Condor Gold has de-risked the La India Gold Project to a near construction-ready status with an 18-month construction period from receipt of project financing.

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“The company’s strategy has been successfully executed, de-risking the assets so that a mine can be developed in two stages using the new SAG Mill that has already been purchased.

“The company owns approximately 1,000ha of land over the area of the mine site infrastructure and has the key permits to construct and operate the mine.”

The La India Project covers a large, highly prospective 588km² land package comprising 12 contiguous and adjacent concessions.