Project updates for Condor de Oro and Brahma
February 18 2014 - 9:06AM
Marketwired
Project updates for Condor de Oro and Brahma
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 18, 2014) -
Condor Resources Inc. - ("Condor" or the "Company")
(TSX-VENTURE:CN) is pleased to provide updates on the Condor de Oro
project in northern Peru, and the Brahma project in southern
Chile.
Condor has been advised that the contractor of Exploraciones
Aguila Dorada S.A.C. ("EAD") who was abducted February 10th, was
released unharmed on Sunday February 16th. The situation was, and
is, being handled by the local authorities. The Company is relieved
with the outcome, and would like to thank the authorities, and the
many other people involved, for their prompt resolution of this
matter. EAD is the owner of the Condor de Oro mineral concessions
in northern Peru, and Condor has an irrevocable option to acquire
85% of the issued shares of EAD. In turn, Condor has granted
Mariana Resources Ltd. an option to acquire 60% of Condor's
interest. EAD has been conducting mineral exploration at Condor de
Oro with the assistance of Mariana Resources, and in cooperation
with the community of Los Naranjos.
MMG Chile Exploration SPA ("MMG"), a subsidiary of MMG Limited,
have given notice under the Brahma/Austral Exclusivity & Access
agreement (refer to the Company's news release of August 16, 2013)
that MMG will not be proceeding with the option agreement on the
project. Lyle Davis, President, said "We are disappointed with
MMG's decision, but on the other hand, Condor will receive the
benefit of the extensive due diligence work completed on
Brahma/Austral by MMG over the last 6 months. We expect to receive
their detailed reports shortly." MMG Limited is a mid-tier global
resources company headquartered in Melbourne, Australia, and listed
on the Hong Kong Stock Exchange.
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.
Condor Resources Inc.Lyle DavisPresident & Chief Executive
Officer1-866-642-5707info@condorresources.com
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