Comprehensive Agreement concluded with Chakana Resources S.A.C. on Soledad Project
Vancouver, B.C., April 25, 2017 - Condor Resources Inc. - (“Condor” or the “Company”) (TSX.V: CN) is pleased to announce that it has concluded the Comprehensive Agreement (the “Agreement) with Chakana Resources S.A.C. (“Chakana”) on the Company’s wholly owned Soledad project in Ancash, Peru.
The Agreement replaces the Memorandum of Understanding announced February 24th, with no material changes. Pursuant to the Agreement, Chakana has the option to earn a 100% interest in Soledad, over a period of 4.5 years, subject to a 2% net smelter return royalty in favour of Condor’s Peruvian subsidiary. To earn the 100% interest, Chakana is required to complete 12,500m of drilling (or work equivalent), make cash payments totaling US$5.375 million, and issue 500,000 Chakana shares to Condor. The Agreement stipulates a mandatory diamond drilling program of 3,000m to be completed within eighteen months. Should Chakana exercise the option, Chakana retains the right to re-purchase 50% of the NSR royalty by payment of US$2million. Condor received US$10,000 on signing the MOU, and US$15,000 on signing the Agreement.
“We are very pleased to conclude the Agreement with Chakana, and look forward to their involvement at Soledad” stated Condor President, Lyle Davis. “We anticipate a very disciplined and professional approach from their team”.
Chakana is a private Peruvian mining company focused on acquiring and exploring base and precious metal projects with high potential to host economic deposits.
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
President & Chief Executive Officer
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