Condor and Element79 Reschedule March 2024 Lucero Payment
Condor and Element79 Reschedule March 2024 Lucero Payment
Vancouver, B.C., April 8, 2024 - Condor Resources Inc. - ("Condor" or the "Company") (TSXV:CN) announces
that it has reached agreement with Element79 Gold Corp. (“Element79”) to revise the payment terms on a payment
due March 31, 2024 of US$375,000 with respect to the Lucero project. Element79 are the owner of Calipuy
Resources Inc., (“Calipuy”), and assumed Calipuy’s obligations to acquire the shares of Condor’s subsidiary,
Minas Lucero del Sur S.A.C., the owner of the Lucero project.
Condor and Element79 have agreed to restructure the US$375,000 payment as follows: US$100,000 was paid in
cash on April 2, 2024; US$200,000 will be paid in cash on the closing of Element79’s sale of their Maverick
Springs project, which closing is expected to occur before the end of June 2024, and US$75,000 will be satisfied
by the issuance of units of Element79 at $0.23 Cdn per unit. In consideration of the revised payment schedule,
Element79 will pay an additional US$10,000 now, satisfied by the issuance of units of Element79 at $0.23 Cdn
per unit, and an additional $US20,000 in cash to be paid at the time of the US$200,000 payment.
Condor is an active explorer focused exclusively on Peru, supplemented by a project generator and royalty model
designed to generate exploration capital whilst minimizing shareholder dilution. Our objective in advancing our
portfolio of projects is the discovery of a major new precious metals or base metals deposit in Peru. Project
acquisition and exploration activities are managed by the Company’s 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]
Forward-Looking Statements
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Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”,
“intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or
conditions “may” or “will” occur.
Although the Company believes that the expectations reflected in applicable forward-looking statements are
reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking
statements are subject to risks and uncertainties that may cause actual results, performance or developments to
differ materially from those contained in such statements.
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