Mr. Lyle Davis reports
CONDOR RESOURCES INC.: UPDATE ON THE SOLEDAD PROJECT MOU WITH CHAKANA RESOURCES S.A.C., SHARES FOR DEBT SETTLEMENT
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 announced on Feb. 24, 2017.
As disclosed in the company's news release of March 31, 2017, Chakana and the company agreed to extend the time period to conclude the comprehensive agreement until April 21, 2017. While the comprehensive agreement is substantially complete, both parties have now agreed to a second extension until May 9, 2017, in order to finalize. 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 (U.S.) and issue 500,000 Chakana shares to Condor.
The company also wishes to announce that it has reached agreement to settle up to $111,180 in accounts payable by the issuance of up to 1,482,000 shares at 7.5 cents per share, subject to TSX Venture Exchange approval. Any shares issued will be subject to a four-month hold period.
Condor is a project generator focused exclusively on Peru, and the company's objective is the discovery of a major new precious metals or base metals deposit.
We seek Safe Harbor.
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