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Enter Symbol
or Name
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CA



Condor Resources Inc
Symbol CN
Shares Issued 98,574,908
Close 2017-04-24 C$ 0.11
Market Cap C$ 10,843,240
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Condor Res, Chakana conclude Soledad comprehensive deal

2017-04-25 13:09 ET - News Release

Mr. Lyle Davis reports

CONDOR RESOURCES INC.: COMPREHENSIVE AGREEMENT CONCLUDED WITH CHAKANA RESOURCES S.A.C. ON THE SOLEDAD PROJECT, PERU

Condor Resources Inc. has concluded the comprehensive agreement with Chakana Resources SAC on the company's wholly owned Soledad project in Ancash, Peru.

The agreement replaces the memorandum of understanding announced Feb. 24, 2017, with no material changes. Pursuant to the agreement, 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 Condor's Peruvian subsidiary. 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 (U.S.) and issue 500,000 Chakana shares to Condor. The agreement stipulates a mandatory diamond drilling program of 3,000 metres to be completed within 18 months. Should Chakana exercise the option, Chakana retains the right to repurchase 50 per cent of the net smelter return royalty by payment of $2-million (U.S.). Condor received $10,000 (U.S.) on signing the memorandum of understanding and $15,000 (U.S.) on signing the agreement.

"We are very pleased to conclude the agreement with Chakana, and look forward to their involvement at Soledad," stated Condor's president, Lyle Davis. "We anticipate a very disciplined and professional approach from their team."

About Condor Resources Inc.

Condor is a project generator focused exclusively on Peru, and the company's objective is the discovery of a major new precious metal or base metal deposit.

We seek Safe Harbor.

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