Business
Condor Signs Amending Agreement for Three Properties in Peru
(via Thenewswire.ca)
About this update from Condor Resources Inc.
[{"type":"text","content":"Condor Signs Amending Agreement for Three Properties in Peru\n\n(via Thenewswire.ca)\nTSX.V: CN Shares Outstanding: 24,060,241\n\nVancouver, B.C., February 24, 2009 - Condor Resources Inc. - (\"Condor\" or the \"Company\") (TSX.V: CN) is pleased to announce that it has entered into an agreement to amend the terms of the acquisition of interests of three significant properties in Peru.\n\nIn 2007, Condor entered into two separate agreements with a private Peruvian company to acquire a 75% interest in each of the Ocros Property and the Pucamayo Property. In January, 2008, Condor entered into a third agreement with the same vendor to acquire a 65% interest in the Condoro Property, strategically situated in the Cordillera del Condor mineralized belt close to the Ecuadorean border.\n\nCondor has now entered into an agreement which amends the terms for the acquisition of interests in all three properties. The Company will now purchase an 85% interest in all of the three properties in consideration of the aggregate payment of US$400,000 in cash (US$75,000 of which has been paid) and 2,000,000 shares in the capital of the Company. The property vendor will retain a 1% net smelter return royalty in each property, which royalty can be purchased by Condor at any time for US$2,000,000 per property. The vendor will also receive an additional 1,000,000 shares of the Company per property on the completion of a positive feasibility on the subject property. The vendor's 15% interest will be carried to the commencement of commercial production, and thereafter the carried costs will be repaid to Condor out of the vendor's share of production revenues.\n\nThe revised terms for the acquisitions reflect current conditions in the South American mining industry, and confirm the long-term relationship developing between the vendor and the Company. The amending agreement is subject to acceptance by the TSX Venture Exchange.\n\nCondor Resources Inc. was incorporated in 2003 by field exploration specialists focused on the generation of gold and copper projects in South America, where management has extensive experience and a proven track record of discovery. The Company's long-term business plan offers shareholders access to a growing portfolio of properties, including seven 100% owned projects in Chile and six in Peru, each providing a unique path to disco...