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Monday, 23rd October 2006 (3191 views)

Condor Resources, an Australian mineral resources company, is to develop deposits in both Nicaragua and El Salvador in order to increase its resources to 550,000 ounces of gold by the end of 2006.

The company currently has 350,000 ounces of the precious metal and has announced feasibility estimates of two million ounces by 2008.

Site access and infrastructure of all the the plants is well developed and all the deposits lie on the Rim of Fire which is made up of high-grade medium tonnage epithermal systems.

Three years of exploratory drill work has been completed with the most exciting prospect named as El Pescadito, in El Salvador, which is comprised of a series of parallel structures.

Mineralisation at surface and at some depth will now be determined by further drilling and the company's one diamond drill will be joined by a new multi-purpose rig in November.

Nicaragua's projects are less developed than those underway in El Salvador but the country's gold history looks equally promising as early stage development gets underway.

 

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