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Condor Resources Inc
Symbol CN
Shares Issued 86,063,241
Close 2016-05-26 C$ 0.08
Market Cap C$ 6,885,059
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Condor reaches Chavin development deal with locals

2016-05-27 08:11 ET - News Release

Mr. Lyle Davis reports

CONDOR RESOURCES INC.: COMMUNITY AGREEMENT FOR DEVELOPMENT AT THE CHAVIN PROJECT

Condor Resources Inc. has concluded a long-term exploration and exploitation agreement with the community near its Chavin project, located in Santa province, Ancash department, Peru, approximately 70 kilometres northwest of Barrick's Pierina mine.

In November, 2015, Condor signed a production royalty agreement on the Chavin project, whereby the operator pays Condor Peru a net smelter royalty, subject to annual minimum payments; the operator is also obligated to complete a minimum of 1,000 metres of diamond drilling. With the community agreement in place through Condor's Peruvian subsidiary, the operator has advised it is proceeding with the permitting application and plans to explore for bulk-tonnage and disseminated targets, and develop tunnels along the principal vein.

The Chavin property is host to epithermal polymetallic veins, and the principal vein has been traced for over one kilometre with an average width of two m. There is evidence of previous small-scale mining, including an adit of over 50 m in length.

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