Business
Comprehensive Agreement Concluded With Compania Minera Casapalca S.A. for Soledad Earn-In; Additions to Advisory Board
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 23, 2016) - Condor Resources Inc. - ("Condor" or the "Company") (TSX VENTURE:CN) Further to the Company's news
About this update from Condor Resources Inc.
[{"type":"text","content":" VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 23, 2016) - Condor Resources Inc. - (\"Condor\" or the \"Company\") (TSX VENTURE:CN) Further to the Company's news release of November 17, 2015, Condor is pleased to announce that it has concluded the comprehensive agreement (the \"Agreement\") with Compañia Minera Casapalca S.A. (\"Casapalca\") on the Soledad project in Ancash, Peru. Under the Agreement, Casapalca may earn a 51% interest in the Soledad project by completing 9,000m of diamond drilling and making cash payments totalling US$375,000, over the next 3 years. Condor received US$15,000 on signing the MOU, and US$35,000 on signing the Agreement. Casapalca has the option to increase their interest at Soledad to 70% by completing an additional 6,500m of diamond drilling (or work equivalent) and by making a further payment of US$350,000 within one year of earning their 51% interest. The Soledad project is fully permitted, and Casapalca have advised they expect to commence drilling operations later this month. A first phase, 12 hole, 2084 metre diamond drill program completed in 2014 produced very encouraging drill results, including 174m of 1.2% copper, 0.7 grams/tonne gold, and 114 grams/tonne silver in hole 9. (see news release of July 3, 2014). In 2014 and 2015, deep penetrating geophysics surveys were undertaken to refine drill-hole locations for the upcoming work. The Company is also pleased to announce the addition of David Moore, P. Geo. and Veljko Brcic to the Company's advisory board. Mr. Moore is the President and CEO of Serengeti Resources Inc., and the 2011 co-recipient of the AME-BC Prospector of the Year Award. Mr. Brcic was born and raised in Peru, and since 2013 has been an associate at Sattva Capital, a boutique investment firm, where his focus has been Vancouver based exploration companies with projects in Peru and Chile. About Casapalca Casapalca is a significant private Peruvian mining company with more than 29 years of local experience, and extensive knowledge of underground mining. Its principal asset is the Americana mine, located in the historic Casapalca mining district, about 100 km east of Lima, where they are currently mining almost 1 km below the surface. Casapalca has been involved in the discovery and development of several mines and joint ventures in Peru. About Condor Condor is a project gen...