Mr. Lyle Davis reports

CONDOR RESOURCES INC.: MOU SIGNED WITH COMPANIA MINERA CASAPALCA S.A.

Condor Resources Inc. has signed a memorandum of understanding with Compania Minera Casapalca SA, based in Lima, with respect to the company's Soledad and Ocros projects in Peru. Under the memorandum of understanding, Casapalca may earn a 51-per-cent interest in each of the projects, with an option to increase its interest to 70 per cent, by the completion of work programs and cash payments. The memorandum of understanding contemplates completion of separate comprehensive agreements on each project prior to Dec. 21, 2015. In addition, the memorandum of understanding stipulates the mandatory completion of 3,000 metres of diamond drilling. On signing the memorandum of understanding, Condor was paid $22,500 (U.S.), which will be credited toward the cash payments noted as follows.

At the Soledad project, Casapalca can earn a 51-per-cent interest by completing 9,000 metres of diamond drilling and making cash payments totalling $375,000 (U.S.) over the next three years. Casapalca has the option to increase its interest to 70 per cent by making a further payment of $350,000 (U.S.) and completing an additional 6,500 metres of diamond drilling (or work equivalent).

At the Ocros project, Casapalca can earn a 51-per-cent interest by making cash payments totalling $250,000 (U.S.) and completing 6,000 metres of diamond drilling (or equivalent) within three years of receipt of the initial Ocros drill permit. Casapalca has the option to increase its interest to 70 per cent by making a further payment of $300,000 (U.S.) and completing an additional 4,000 metres of drilling.

"We are excited to have Casapalca, an experienced and capable local operator, as a strategic partner on the Soledad and Ocros projects. With permits already in place at Soledad and both parties working to secure permits at Ocros, we are looking forward to an active drill program in 2016," noted chief executive officer Lyle Davis.

Commenting on the agreement, Carlos Gubbins, chairman and chief executive officer of Casapalca, said: "We are very pleased to join a fantastic exploration team with great assets and huge potential. We expect some very exciting drill intercepts in the near future."

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 kilometres east of Lima, where it is currently mining almost one kilometre below the surface. Casapalca has been involved in the discovery and development of several mines and joint ventures in Peru.

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