02:19:17 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Condor Resources Inc
Symbol CN
Shares Issued 98,574,908
Close 2017-03-31 C$ 0.09
Market Cap C$ 8,871,742
Recent Sedar Documents

Condor, Chakana extend Soledad MOU to April 21

2017-03-31 15:41 ET - News Release

Mr. Lyle Davis reports

UPDATE ON THE SOLEDAD PROJECT MOU WITH CHAKANA RESOURCES S.A.C.

Condor Resources Inc. has provided an update regarding the memorandum of understanding with Chakana Resources SAC on the company's wholly owned Soledad project in Ancash, Peru.

As disclosed in Condor's news release of Feb. 24, 2017, Chakana was granted an exclusivity period of 45 days to conclude its due diligence and prepare a comprehensive agreement to replace the memorandum of understanding. Chakana has satisfactorily completed its due diligence, and Condor has received the first draft of the comprehensive agreement. In order to conclude the comprehensive agreement in an orderly fashion, both parties have agreed to extend the timeline to complete the comprehensive agreement until April 21, 2017. All other terms remain unchanged.

Pursuant to the memorandum of understanding, Chakana has the option to earn a 100-per-cent interest in Soledad over a period of 4.5 years, subject to a 2-per-cent net smelter return royalty in favour of the company. To earn the 100-per-cent interest, Chakana is required to complete 12,500 metres of drilling (or work equivalent), make cash payments totalling $5,375,000 and issue 500,000 Chakana shares to Condor.

The Soledad gold-copper-silver project is located in the newly emerging Mio-Oligocene copper-gold belt of the Cordillera Negra in north-central Peru. Soledad features a semi-circular cluster of mineralized quartz-tourmaline breccia pipes exposed at surface, with the exposed surface area ranging up to 80 metres in diameter within a zone of interest that is about one kilometre in diameter.

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