Comprehensive Agreement Concluded With Compania Minera Casapalca S.A. for Soledad Earn-In; Additions to Advisory Board
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 23, 2016) - Condor Resources Inc. - ("Condor" or the "Company") (TSX VENTURE:CN) Further to the Company's news release of November 17, 2015, Condor is pleased to announce that it has concluded the comprehensive agreement (the "Agreement") with Compañia Minera Casapalca S.A. ("Casapalca") on the Soledad project in Ancash, Peru. Under the Agreement, Casapalca may earn a 51% interest in the Soledad project by completing 9,000m of diamond drilling and making cash payments totalling US$375,000, over the next 3 years. Condor received US$15,000 on signing the MOU, and US$35,000 on signing the Agreement.
Casapalca has the option to increase their interest at Soledad to 70% by completing an additional 6,500m of diamond drilling (or work equivalent) and by making a further payment of US$350,000 within one year of earning their 51% interest.
The Soledad project is fully permitted, and Casapalca have advised they expect to commence drilling operations later this month. A first phase, 12 hole, 2084 metre diamond drill program completed in 2014 produced very encouraging drill results, including 174m of 1.2% copper, 0.7 grams/tonne gold, and 114 grams/tonne silver in hole 9. (see news release of July 3, 2014). In 2014 and 2015, deep penetrating geophysics surveys were undertaken to refine drill-hole locations for the upcoming work.
The Company is also pleased to announce the addition of David Moore, P. Geo. and Veljko Brcic to the Company's advisory board. Mr. Moore is the President and CEO of Serengeti Resources Inc., and the 2011 co-recipient of the AME-BC Prospector of the Year Award. Mr. Brcic was born and raised in Peru, and since 2013 has been an associate at Sattva Capital, a boutique investment firm, where his focus has been Vancouver based exploration companies with projects in Peru and Chile.
About Casapalca
Casapalca is a significant private Peruvian mining company with more than 29 years of local experience, and extensive knowledge of underground mining. Its principal asset is the Americana mine, located in the historic Casapalca mining district, about 100 km east of Lima, where they are currently mining almost 1 km below the surface. Casapalca has been involved in the discovery and development of several mines and joint ventures in Peru.
About Condor
Condor is a project generator focused exclusively on Peru, and our objective is the discovery of a major new precious metals or base metals deposit. Project acquisition and development is managed by our Lima based exploration team.
ON BEHALF OF THE BOARD
Lyle Davis, President & Chief Executive Officer
Cautionary Statement Regarding Forward-Looking Information: All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.