AIM-quoted Condor Resources (LON:CNR) said its outlook remains "promising" as it continues in its goal to double the current JORC resource on its flagship La India project to 2 million ounces of gold.
The firm said that when that figure is reached, it will decide whether to continue drilling or infill drill to take the project to a bankable feasibility study.
Today, Condor released its results for the six months to June 30 this year - a period which saw the resource at the project in Nicaragua increase to 1.029 million ounces gold at 5.4 grammes per tonne (g/t), of which 290,000 at 7.6 g/t is in the indicated category.
The firm posted an operating loss of £420,576 for the period compared to an operating loss of £208,271 last year.
Loss before tax stood at £419,084 compared to £207,678 in 2010.
The cash equivalents as at June 30 this year were £3.55 million boosted by a £3 million placement of shares to Macquarie Bank.
The company began drilling on La India in January this year and it currently has 3 drill rigs operating, with a fourth drill rig expected in the fourth quarter of 2011.
It revealed that it expected two further JORC resource increases at the site by December 31 this year - from the conversion of the Soviet resource on the recently acquired Espinito Mendoza concession and from the current drill programme.
To date, 9,000 metres of its fully funded 20,000 metre drill programme on the project has been completed and the firm's independent consultant has carried out a 3D model, which has provided greater understanding of the resource.
In other highlights, the Estrella concession - also in Nicaragua - has shown encouraging initial exploration results including a trench of 9 metres at 5.44 g/t.
Meanwhile, the government of El Salvador maintains a moratorium on all mining activity and the company's JORC 1.12 million ounces of gold equivalent at 2.6 g/t to JORC Code in El Salvador remains suspended and the operations are on care and maintenance.
Post period end, Condor highlighted that wide high grade gold mineralisation had been found in the heart of the La India project with a trench of 11 metres at 2.74 g/t gold and further exploration is in progress.
Also, the firm's purchase in August this year of the Espinito-Mendoza concession in the heart of the project provides Condor with an additional 513,000 ounces gold at 11.1 g/t of Soviet resource. This consolidates the firm's ownership of 2.4 million ounces gold at 9.5 g/t to Soviet classification in the district, it said.
It also noted that a historic part of the project - the Zopilote adit - had been re-opened for resampling. It runs 400m perpendicular to the main La India Vein and a previous Canadian explorer identified 7 gold mineralised veins in the adit.