Condor Resources Inc.: Community Agreement for Development at the Chavin Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 27, 2016) - Condor Resources Inc. - ("Condor" or the "Company") (TSX VENTURE:CN) is pleased to announce that it has concluded a long term exploration and exploitation agreement with the community near its Chavin project, located in Santa Province, Ancash Department, Peru, approximately 70 kms northwest of Barrick's Pierina mine.
In November 2015 Condor signed a production royalty agreement on the Chavin project, whereby the operator pays Condor Peru a net smelter royalty, subject to annual minimum payments; the operator is also obligated to complete a minimum of 1,000m of diamond drilling. With the community agreement in place through Condor's Peruvian subsidiary, the operator has advised they are proceeding with the permitting application and plan to explore for bulk tonnage and disseminated targets, and develop tunnels along the principal vein.
The Chavin property is host to epithermal polymetallic veins, and the principal vein has been traced for over 1km with an average width of 2 meters. There is evidence of previous small scale mining, including an adit of over 50m in length.
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
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.
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