VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 19, 2016) - Condor Resources Inc. - ("Condor" or the "Company") (TSX VENTURE:CN) Further to the Company's news release of April 20, 2016 regarding the earn-in agreement with Compañia Minera Casapalca S.A. ("Casapalca") on the Ocros project, Casapalca and Condor today received written confirmation of the granting of the Declaración de Impacto Ambiental, or a "DIA", from the Peruvian Ministry of Energy and Mines for the Ocros project. The DIA is the primary environmental permit, and allows for up to twentyfour drill holes.
We would like to acknowledge the excellent work by Casapalca since concluding the Ocros earn-in agreement just four months ago. Subsequently, the local community approved a long term exploration and exploitation agreement (see our June 15, 2016 news release), and that community approval has led to the timely issuance of the DIA. Casapalca continue to impress, as a company that gets things done" stated Lyle Davis, President and CEO. Casapalca have commenced ground preparation at Ocros, and expect to mobilize a drill rig within a few weeks.
Condor owns 85% of the Ocros copper project, where the historic Eldorado mine in the 1950s exploited a late phase, high grade copper sulphide vein, which was mined westward into wallrocks consisting of the potassic altered portion of a well mineralized porphyry copper system. To the best of the Company's knowledge, exploratory diamond drilling has never been completed on the copper porphyry system in the area of the adits. Systematic sampling of the old adits by the Company in 2014 and 2015 yielded greater than 0.55% copper over a horizontal length up to 326m on two separate levels. (see our July 7, 2015 news release).
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, with a further 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.
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.
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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