Proactive Investors - Condor Gold PLC (LON:CNDR) said it has received five non-binding offers for its assets in Nicaragua with three site visits completed.
No firm proposals have been received thus far, but the company said it is in advanced discussions with two gold producers.
There are currently eight companies under non-disclosure agreements (NDAs), added the statement.
Condor said it had also raised £1 million via the issue of warrants to major shareholder Burnbrae at 15p each.
Burnbrae is the vehicle of Condor’s chairman Jim Mellon and it will hold 25.83% of the shares on completion.
Mellon commented: "I continue to be impressed with the asset sale process. We are very aware of the value of our assets and will maximise value for all shareholders.
"My investment of a further £1 million is designed to ensure sufficient financial runway during the sales process until a desired price is achieved."