08:34:19 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Condor Resources Inc
Symbol CN
Shares Issued 81,203,241
Close 2014-09-24 C$ 0.07
Market Cap C$ 5,684,227
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Condor Resources optionee cancels Cristal option

2014-09-25 16:19 ET - News Release

Mr. Lyle Davis reports

CONDOR REGAINS 100% INTEREST IN THE CRISTAL PROJECT, NORTHERN CHILE

Condor Resources Inc. is providing an update on its wholly owned 46-square-kilometre Cristal project in northern Chile, which has been under option to BHP Billiton since October, 2012. Cristal is located near the Peruvian border and is 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 postmineral 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 Oct. 4, 2014. Under the original agreement, BHP Billiton has an exclusive first option to earn 65-per-cent ownership in the Cristal concessions by completing cumulative exploration expenditures of $18-million (U.S.) over four years, with minimum annual work expenditures.

During the past two years, BHP Billiton has completed in excess of $2-million (U.S.) of exploration on Cristal, including airborne magnetics, gravity and electromagnetic geophysics, and 1,626 metres of diamond drilling in two drill holes spaced five kilometres 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-per-cent interest in the Becker epithermal gold vein project in the Talca region south of Santiago and a 100-per-cent 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.

We seek Safe Harbor.

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