- Condor Gold reported narrower annual losses and said 2019 would be a 'transformational year' as the company continues its move from an explorer to a producer.

In 2018, losses before tax narrowed to £2,299,329 from £3,023,615 a year earlier and the company raised £2.5m.

The net cash balance of the Group at 31 December 2018 was £220,975, down from £946,261.

In March 2019, the company announced it was permitting the Mestiza and America satellite feeder pits, which had the potential to increase production to 120,000 oz gold per annum for a seven year life of mine.

'I think 2019 will be a transformational year for the Company. Production from the permitted La India open pit is expected to be approximately 600,000 oz gold,' M L Child Chairman & CEO said.

'There are significant benefits of transitioning Condor from an exploration and development company to a gold producer in the near future. The most obvious for shareholders is the generation of revenues and cashflow and the experience Condor will gain from managing contract miners together with bulk metallurgical tests and an advanced understanding of the geology.'

Story provided by