Comprehensive Agreement Concluded With Compañia Minera Casapalca S.A. for Ocros Earn-In; Soledad Drill Program Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 20, 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 Ocros project in Ancash, Peru. Under the Agreement, Casapalca may earn a 51% interest in the Ocros project by completing 6,000m of diamond drilling and making cash payments totalling US$250,000, over the next 3 years. Condor received US$7,500 on signing the MOU, and US$17,500 on signing the Agreement. Casapalca has the option to increase their interest at Ocros to 70% by completing an additional 4,000m of diamond drilling (or work equivalent) and by making a further payment of US$300,000 within one year of earning their 51% interest. Condor and Casapalca have been working together to secure community and government approvals for an initial drill program at Ocros, and are progressing on schedule.
At Soledad, and further to Condor's news release of March 28th, 2016, Casapalca advises that two drill rigs have been in operation since late March. As of today, drilling continues on the first hole and has reached a depth of 575m. Drilling of the second hole is also continuing and has reached a depth of 800m. The two holes are spaced approximately 500m apart, and both are near vertical (dip of -80°). Casapalca also advises that sample preparation is well underway on the first 400m of each hole, but no samples have been submitted to lab yet.
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 an explorer and 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
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