Vancouver, B.C., September 25, 2014 – Condor Resources Inc. – (“Condor” or the “Company”) (TSX.V: CN) provides an update on its wholly owned 46 sq km Cristal project in northern Chile, which has been under option to BHP Billiton since October 2012. Cristal is located near the Peruvian border and strategically located along the West Fissure fault system, host to the majority of Chile’s large porphyry copper deposits, including the nearby Collahuasi, Ujina and Quebrada Blanca porphyry copper mines. The property is covered by post-mineral volcanic rocks and represents a poorly explored extension of the prospective West Fissure Fault. Both Anglo American and Rio Tinto are exploring this district.
BHP Billiton has given formal notice that it is terminating the option effective October 4, 2014. Under the original agreement, BHP Billiton have an exclusive first option to earn 65% ownership in the Cristal concessions, by completing cumulative exploration expenditures of US$18.0 million over four years, with minimum annual work expenditures.
During the past two years, BHP Billiton has completed in excess of US$2million of exploration on Cristal, including airborne magnetics, gravity and electromagnetic geophysics, and 1,626 m of diamond drilling in two drill holes spaced five kilometers apart. BHP Billiton has committed to delivering all technical data and drill core to the Company and will be completing all rehabilitation of drill sites and drill roads in the project area.
In addition to the Cristal project in Chile, Condor has a 100% interest in the Becker epithermal gold vein project in the Talca region south of Santiago, and a 100% interest in the Brahma porphyry copper-molybdenum project, also in the Talca region. Condor is currently undertaking a strategic review of all three of its Chile projects.
Condor currently has two 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
For further information please contact the Company at 1-866-642-5707, or by email at info@condorresources.com
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.
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