Condor Resources raises $3.9 million for its La India gold project in Nicaragua

London-based Condor Resources has raised £2.5 million ($3.9 million) before expenses through a private placing of 50 million shares at 5 pence each. The stock was last trading at 5.625 pence.

The new funds are earmarked for a further exploration drill program on Condor's flagship La India gold project in Nicaragua and for covering instalments due in connection with the recently-completed acquisition of the Espinito Mendoza concession in Nicaragua, first announced in August 2011.

Only last week, the firm’s consultants SRK completed a concept study for La India, saying the project is both technically feasible and economically viable.

Source: Proactive Investors