Business
Condor Options Becker Gold Project
Condor Options Becker Gold Project
About this update from Condor Resources Inc.
[{"type":"text","content":"\nCondor Options Becker Gold Project\n\n\n Jul. 3, 2009 (TheNewswire.ca) -- TSX.V: CN Shares Outstanding: 24,060,241VANCOUVER, B.C. - July 3, 2009, Condor Resources Inc. (TSXV:CN) (\"Condor\" or the \"Company\")(TSX.V: CN) announces that it has granted Oretech Resources Inc. (\"Oretech\"), a Vancouver-based private company, an option to earn a 51% interest in the Becker project in Chile, with a further option to Oretech to increase its interest to 70%.To earn its 51% interest, Oretech must complete a total of $600,000 in work programs on Becker, issue an aggregate of 300,000 shares to Condor, and make cash payments totaling $165,000 within two years of signing. Upon earning a 51% interest, Oretech may increase its interest in the project to 70% by completing a further $400,000 in work programs, issuing an additional 200,000 shares to Condor, and making an additional cash payment of $100,000 on or before June 29, 2012.Oretech is intending to complete a business combination with Hedger Capital Inc. (TSXV:HEC'P) (HEC.P) as Hedger's qualifying transaction under the policies of the Exchange. Condor has been advised by Oretech that a National Instrument 43-101 technical report on the Becker project is currently being prepared by Oretech.The Becker property is located approximately 250 km. south of Santiago, Chile, and 20 km. west of Talca, within the prolific Pre-Arc precious metals mineralized belt located along the western side of the Central Andes. Comprising 8 mining concessions totaling 20 square km., past exploration in the early 1990s by a Canadian junior resource company discovered a gold-mineralized zone measuring some 1500 metres long by 1200 metres wide, within which occurs a significant quantity of white quartz fragments and boulders up to 4 metres in diameter. Follow-up work exposed a total of six quartz veins with strike lengths of up to 350 metres and widths varying from 0.5 to 4 m. The potential for the discovery of additional gold-bearing veins is considered high. Previous sampling returned anomalous gold values along the entire vein lengths, with peak gold values of 23.5, 37.2, 40.7, 63.5, 70.0 and 79.0 g/t Au, indicative of ‘bonanza-style' mineralization. The Becker project has never been drilled.Condor Resources Inc. was incorporated in 2003 by field exploration specialists focused on the generation of gold ...