Edison Investment Research Report

Tuesday, December 10, 2013

Moving towards pre-feasibility

Condor has delivered the key inputs for a pre-feasibility study that should be completed in Q314. These are positive results from geotechnical and metallurgical studies and an updated resource statement. The 2.4Moz compliant gold equivalent resource hosts over 1.0Moz in the indicated category. Building on statements in the 2012 Annual Report, this could support an initial production programme from open pits recovering some 0.9Moz over nine years from 2017. Resulting cash flow could help finance exploitation of the remaining resources and exploration targets, thus lowering funding requirements.

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