Comprehensive Agreement concluded with Chakana Resources S.A.C. on the Soledad Project, Peru
Comprehensive Agreement concluded with Chakana Resources S.A.C.
on the Soledad Project, Peru
Vancouver, B.C., April 25, 2017 - Condor Resources Inc. - (“Condor” or the “Company”) (TSX.V: CN) is pleased to
announce that it has concluded the Comprehensive Agreement (the “Agreement) with Chakana Resources S.A.C.
(“Chakana”) on the Company’s wholly owned Soledad project in Ancash, Peru.
The Agreement replaces the Memorandum of Understanding announced February 24th, with no material changes. Pursuant
to the Agreement, Chakana has the option to earn a 100% interest in Soledad, over a period of 4.5 years, subject to a 2% net
smelter return royalty in favour of Co ndor’s Peruvian subsidiary . To earn the 100% interest, Chakana is required to
complete 12,500m of drilling (or work equivalent), make cash payments totaling US$5.375 million, and issue 500,000
Chakana shares to Condor. The Agreement stipulates a mandatory diamond drilling program of 3,000m to be completed
within eighteen months. Should Chakana exercise the option, Chakana retain s the right to re -purchase 50% of the NSR
royalty by payment of US$2million. Condor received US$10,000 on signing the MOU, and US$15,000 on signing the
Agreement.
“We are very pleased to conclude the Agreement with Chakana , and look forward to their involvement at Soledad ,” stated
Condor President, Lyle Davis. “We anticipate a very disciplined and professional approach from their team.”
About Chakana
Chakana is a private Peruvian mining company focused on acquiring and exploring base and precious metal projects with
high potential to host economic deposits.
About Condor
Condor is a project generat or focused exclusively on Peru, and our objective is the discovery of a major new precious
metals or base metals deposit. Project acquisition and development is managed by our Lima based exploration team.
ON BEHALF OF THE BOARD
Lyle Davis,
President & Chief Executive Officer
For further information please contact the Company at 1-866-642-5707, or by email at [email protected]
Cautionary Statement Regarding Forward-Looking Information: All statements, trend analysis and other information contained in
this press release relative to markets about anticipated future events or results constitute forward -looking statements. Forward-looking
statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "e stimate", "expect"
and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and othe r similar
expressions. Forward-looking statements are subject to business and economic risks and uncertainties a nd other factors that could cause
actual results of operations to differ materially from those contained in the forward -looking statements. Forward-looking statements are
based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to
update forward-looking statements even if circumstances or management's estimates or opinions should change. Investors should not
place undue reliance on forward-looking statements.
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Exchange) accepts responsibility for the adequacy or accuracy of this news release.