condor blanco mines shares hit dizzy heights

Might of already been posted but ill post again

CDB had risen 200% in the last week to an intra-day high of $0.018 on 7 April from its close of $0.006 on 3 April as completion of its €10 million (A$14.7 million) debt funding enters its final stages.

Finalisation of the funding will allow the company to implement full production at its Marianas magnetite tailings project in Chile.

Funds will also allow the company to pursue acquisition of The Duel hard coking coal project in South Africa.

Shares in the company are currently at $0.014, which still represents a 133% gain from its close on 3 April.

Marianas

The Marianas Magnetite Tailings Project covers the mining and upgrading of a known supply of magnetite and hematite tailings located just outside the mining city of Copiapo into a saleable concentrate that would then be transported to an iron ore export facility at Caldera via the existing freeway.

The company has a Heads of Agreement with Lacerta Finance and Mining, a Chilean mining contractor, that will lead to the processing of 60,000t/month and within three months of permitting, 100,000t/month to be reached before the expiry of one year.

Lacerta will relocate its recently purchased magnetite plant and all necessary mining equipment to Marianas on receipt of final mine permits.

Condor Blanco holds 50% of the project and has the right to acquire 100% of this project prior to 30 June 2014.

The Duel Project

Condor is in a Heads of Agreement with Hong Kong company Signet Coking Coal Limited that grants it the right to acquire a majority stake of up to 50.3% in The Duel and Tshipise 2 projects

This project could potentially supply the majority of South Africa’s imported hard coking coal quota of between 3 million and 4 million tonnes per annum.

Based on available data, The Duel project could produce two products, one a primary high-grade coking coal and the other a secondary high-grade thermal coal.

There could be more gains in store for Condor with the closing of the €10 million facility.

http://www.proactiveinvestors.com.au/companies/news/54265/condor-blanco-mines-shares-hit-dizzy-heights-54265.html