Condor concludes Comprehensive Agreement on the Ocros Project
Condor concludes Comprehensive Agreement on the Ocros Project
Vancouver, B.C., May 17, 2017 - Condor Resources Inc. - (“Condor” or the “Company”) (TSXV:CN) is pleased to
announce that it has concluded the Comprehensive Agreement (the “Agreement) with Compañ ia Minera Virgen de la
Merced S.A.C. (“Merced”) on the Company’s Ocros project in Ancash, Peru.
The Agreement replaces the Memorandum of Understanding anno unced January 30, 2017 with no material changes to the
terms. Pursuant to the Agreement, Merced has the option to earn a 70% interest in Ocros, over a period of 4 years. To earn
the 70% interest, Merced is required to complete 10,000m of drilling, including a mandatory 2,000m during the first year,
and make cash payments totaling US$550,000. Condor received the initial US$75,000 on signing the Agreement.
The Ocros project is fully permitted, and Merced have advised they expect to commence their drill program within the next
few weeks.
“We are very pleased to conclude the Agreement with Merced , and look forward to the start of their drill program at
Ocros,” stated Condor’s V.P. Exploration, Ever Marquez. “The Ocros project hosts a porphyry system with similar age to
the large copper porphyry/skarn projects and mines in the Eocene/Oligocene belt which extends into northern Peru.”
About Merced
Merced is a private Peruvian company, and the owner of the mineral concessions adjacent and to the south of Ocros, where
Merced already has a small mining operation.
Condor is a project generator 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] OR
Renmark Financial Communications Inc.
Barry Mire: [email protected]
Tel: (416) 644-2020 or (514) 939-3989
www.renmarkfinancial.com
Cautionary Statement Regarding Forward-Looking Information: All statements, trend analysis a nd other information contained in
this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forwar d-looking
statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate ", "expect"
and "intend" and statements that an event or result "may", "w ill", "should", "could" or "might" occur or be achieved and other similar
expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that cou ld 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 obligatio n to
update forward-looking statements even if circumstances or mana gement's estimates or opinions should change. Investors should n ot
place undue reliance on forward-looking statements.
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