VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 30, 2017) - Condor Resources Inc. ("Condor" or the "Company") (TSX VENTURE:CN) is pleased to provide the following updates on their Ocros and Soledad projects in Peru.
Compañia Minera Casapalca S.A. ("Casapalca") has given formal termination notice on their earn-in option on both the Ocros and Soledad projects, effective February 3, 2017. Casapalca recently completed DDH-001 at Ocros to a depth of 500m, and earlier in 2016 had completed 2,807m in four drillholes at Soledad. Under their earn-in options, Casapalca were obligated to complete an aggregate of 3,000m of diamond drilling over the two projects, and this obligation has been completed.
"We believe Casapalca's decision was driven by a change in corporate strategy and a desire to work on their wholly owned projects," noted Lyle Davis, Condor's president. At this time only partial assay results have been received for DDH-001; complete assay results will be announced when received.
At the Ocros project, Condor is pleased to advise it has signed a Memorandum of Understanding ("MOU") with Compañia Minera Virgen de la Merced S.A.C. ("Merced"), subject to the termination of Casapalca's rights and receipt of clear title of the Ocros concessions. Under the MOU, Merced will have the option to earn up to a 70% interest in the Ocros concessions over four years, by making cash payments totaling US$550,000, and completing 10,000m of drilling. The MOU includes a payment of US$75,000 on signing the comprehensive agreement, and a mandatory first year work program of 2,000m of drilling.
Merced is the owner of the mineral concessions adjacent and to the south of Ocros, and is operating a small mining operation on the Merced concessions. Under an agreement signed with Merced in 2015, Merced had access to a limited area of the Ocros concessions, and had re-opened several of the old 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
President & Chief Executive Officer
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