Vancouver, B.C., December 20, 2022 - Condor Resources Inc. - (“Condor” or the “Company”) (TSXV:CN) announces that it has reached agreement with Element79 Gold Corp. (“Element79”) to revise the next payment date with respect to the Lucero project. In June 2022, Element79 became the sole owner of Calipuy Resources Inc., (“Calipuy”), and assumed Calipuy’s obligations with respect to Calipuy’s agreement to acquire the shares of Condor’s subsidiary, Minas Lucero del Sur S.A.C., the owner of the Lucero project. (see Condor’s news release of January 7, 2021).
Condor and Element79 have agreed to reschedule the U$300,000 payment due December 21, 2022 into two payments. The first payment of US$100,000 is now due on or before January 31, 2023, and the balance of US$200,000 is due on or before March 31, 2023. As consideration for the rescheduled payments, Element79 will issue 250,000 shares to Condor. All other terms of the sale of Minas Lucero del Sur S.A.C. remain unchanged.
Condor is an active explorer focused exclusively on Peru, supplemented by a project generator and royalty model designed to generate exploration capital whilst minimizing shareholder dilution. Our objective in advancing our portfolio of projects is the discovery of a major new precious metals or base metals deposit in Peru. Project acquisition and exploration activities are managed by the Company’s Lima based exploration team.
ON BEHALF OF THE BOARD
President & Chief Executive Officer
For further information please contact the Company at 1-866-642-5707, or by email at email@example.com
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