VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 9, 2016) - Condor Resources Inc. - ("Condor" or the "Company") (TSX VENTURE:CN) Further to the Company's news release of October 3, 2016, Condor reports that Compañia Minera Casapalca S.A. ("Casapalca") have instructed their drilling contractor to mobilize a drill rig to the Ocros project, and the drill rig has now arrived on site.
The initial "Iniciación de Actividades", filed in late September, was required to be re-filed with the Peruvian Ministry of Energy and Mines ("MEM"). Correspondence from MEM with their observations on the Iniciación de Actividades was received in early November, and since receipt, the Company and Casapalca worked diligently to remedy and/or clarify the noted observations. The primary concern was whether the drilling activities were being conducted by Casapalca (Casapalca have an option to earn up to a 70% interest in the project), or by Condor's 85% owned subsidiary, the owner of the Ocros concessions. The Iniciación de Actividades must be accepted by the MEM prior to commencement of the drill program, and we expect this acceptance shortly.
As previously announced, the Ocros project is permitted for up to twenty-four drill holes. Proposed drill hole locations can be found on our website at http://www.condorresources.com/i/maps/OCROS-PROPOSED-DRILLHOLES-SEPT-2016.jpg. The objective of this drill program is test the continuity of the mineralization over an approximate area of 1.5 square kilometres centered around the adits of the historic Eldorado mine, where the mineralization has been confirmed by systematic sampling on two levels, and over 325m on each level (refer to our July 7, 2015 news release). 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.
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.
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.