Condor Resources Inc.: Definitive Agreement Signed on Soledad Project, Peru
April 07 2014 - 8:00AM
Marketwired
Condor Resources Inc.: Definitive Agreement Signed on Soledad
Project, Peru
Drilling expected to start in April
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 7, 2014) -
Condor Resources Inc. - ("Condor" or the "Company")
(TSX-VENTURE:CN) is pleased to announce that the definitive option
agreement has been executed with Mariana Resources Ltd. ("Mariana")
with respect to the Company's Soledad project, Ancash Department,
Peru. Since signing the Letter of Intent in late 2013, Mariana have
completed preliminary field work, including detailed planning for
their initial drill program, which is expected to begin later this
month.
Per the agreement, Mariana can earn a 70% interest in Soledad by
completing cumulative exploration work of US$4 million, and making
cumulative cash payments of US$1.1 million to Condor, all prior to
October 31, 2017. The agreement includes a mandatory drill program
of 2,000 metres to be completed prior to Oct 31, 2014.
"We are absolutely thrilled that Soledad is about to be drilled"
stated Mr. Davis, Condor President. "There are nine breccia pipes
at Soledad, and only breccia number one has been drilled, with
impressive results.
(www.condorresources.com/i/maps/SOLEDAD_HISTORICAL-DRILLED-MAP.jpg)
Our geophysics work readily indentified the nine known breccias,
and also indicated a large anomaly at depth, suggesting a possible
intrusive related bulk tonnage Au-Ag-Cu system."
The Soledad property is located within the Central Andes
tertiary volcanic belt, approximately 35km south of the Barrick
Gold's Pierina Mine. The property encompasses a large
hydro-magmatic center, which includes a cluster of nine
quartz-tourmaline-iron oxide breccias, and an epithermal high
sulphidation system at higher elevations.
The Company currently has three of its properties under active
exploration by third parties, and looks forward to a steady flow of
results from these programs. In addition, the Company is actively
seeking partners on its other projects, and is reviewing new
opportunities identified by its Lima based exploration team.
ON BEHALF OF THE BOARD
Lyle Davis, President & Chief Executive Officer
Dr. Richard Culbert is the Qualified Person under NI 43-101 who
has approved the technical content of this news release.
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.1-866-642-5707info@condorresources.com
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