(MENAFN- ProactiveInvestors - Australia) Condor Blanco Mines (ASX: CDB) has gone into an ASX trading halt while it finalises an update on drilling at Carachapampa and the valuation of the Marianas Magnetite Tailings Project.
The company had in January started 4,000 metres of diamond drilling at Carachapampa in northern Chile to test geophysical anomalies identified from an induced polarisation survey completed in April 2012.
Carachapampa hosts known gold-silver mineralisation and is close to existing multi-million ounce mines and advanced copper-gold-silver projects.
It is located 15 kilometres from Kinross Gold Corporation's (NYSE: KGC) La Coipa Mine and just 4 kilometres from Kingsgate Consolidated's (ASX: KCN) Nueva Esperanza Project.
Condor had previously said that it had made further progress on permitting as well as securing of appropriate titles for the proposed processing site for the Marianas Magnetite Tailings Project.
Australian mining engineering company Sedgman had also estimated that it would cost US$1.3 million to source and build the processing plant.
The halt will last until announcement is made to the market, which the company expects to do so on Thursday 7th March 2013.
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