Condor said the America and Mestiza openpits were 2km and 4km, respectively, from where the processing plant will be for La India in Nicaragua.
CEO Mark Child said the two new pits had the potential to increase production from openpit material to 120,000 ounces per annum of gold for a seven year mine life, as the feeder pits contain a combined 206,000 tonnes at a grade of 9.9g/t for 66,000oz contained metal in the indicated category and 1 million tonnes at 4.6 g/t for 152,000oz contained gold in the inferred category.
They also had the potential to enhance the projects' economics.
"The feeder pits complement the main, fully permitted La India openpit, which has a robust, economically viable pre-feasibility study with mineral reserves of 6.9Mt at 3g/t for 675,000oz gold, which demonstrates annual production of 79,300oz gold and lower quartile all-in-sustaining cash costs of US$690 per ounce gold," he said.
In January, Condor upped La India's resource estimate to 9.85Mt at 3.6g/t gold for 1.14 million ounces gold in the indicated category and 8.48Mt at 4.3g/t gold for 1.18Moz gold in the inferred category.
It also recently raised £1.75 million (US$2.28 million) through a private placement to move La India towards production.
Condor's shares were up 7.23% Tuesday to 23.59p, although this was 40% lower than six months ago.