Option to earn up to 70% in Soledad and Ocros projects
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Nov. 17, 2015) – Condor Resources Inc. (“Condor” or the “Company”) (TSX VENTURE:CN) is pleased to announce that it has signed an Memorandum of Understanding (“MOU”) with Compañia Minera Casapalca S.A. (“Casapalca”), based in Lima, with respect to the Company’s Soledad and Ocros projects in Peru. Under the MOU, Casapalca may earn a 51% interest in each of the projects, with an option to increase their interest to 70%, by the completion of work programs and cash payments. The MOU contemplates completion of separate comprehensive agreements on each project prior to December 21, 2015. In addition, the MOU stipulates the mandatory completion of 3,000m of diamond drilling. On signing the MOU, Condor was paid US$22,500, which will be credited towards the cash payments noted below.
At the Soledad project, Casapalca can earn a 51% interest by completing 9,000m of diamond drilling and making cash payments totalling US$375,000, over the next 3 years. Casapalca has the option to increase their interest to 70% by making a further payment of US$350,000, and completing an additional 6,500m of diamond drilling (or work equivalent).
At the Ocros project, Casapalca can earn a 51% interest by making cash payments totalling US$250,000, and completing 6,000m of diamond drilling (or equivalent) within 3 years of receipt of the initial Ocros drill permit. Casapalca have the option to increase their interest to 70% by making a further payment of US$300,000, and completing an additional 4,000m of drilling.
“We are excited to have Casapalca, an experienced and capable local operator, as a strategic partner on the Soledad and Ocros projects. With permits already in place at Soledad, and both parties working to secure permits at Ocros, we are looking forward to an active drill program in 2016,” noted CEO Lyle Davis.
Commenting on the agreement, Carlos Gubbins, Chairman & CEO of Casapalca, said, “We are very pleased to join a fantastic exploration team with great assets and huge potential. We expect some very exciting drill intercepts in the near future.”
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 a 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