Memorandum of Understanding signed on the Soledad Project
Memorandum of Understanding signed on the Soledad Project
Vancouver, B.C., February 24, 2017 - Condor Resources Inc. - (“Condor” or the “Company”) (TSX.V: CN) is
pleased to announce that it has concluded a Memorandum of Understanding (“MOU ”) with Chakana Resources S.A.C.
(“Chakana”) with respect to the Company’s wholly owned Soledad project in Ancash, Peru.
Under the terms of the MOU, Chakana has been granted an exclusivity period of 45 days to conclude its due diligence, and
prepare a comprehensive agreement to replace the MOU . Pursuant to the MOU, 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 the Company. 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 500,000 shares will be delivered when Chakana “goes
public”. A non-refundable deposit of US$10,000 was received by Condor on signing the MOU.
The Soledad Au -Cu-Ag project is located in the newly emerging Mio -Oligocene copper-gold belt of the Cordillera Negra,
in north central Peru. Soledad features a semicircular cluster of mineralized quartz -tourmaline breccia pipes exposed at
surface, with the exposed surface area ranging up to 80m diameter, within a zone of interest that is about one kilom etre in
diameter.
Prior drilling at Soledad in 2016 produced compelling results, including a 1 19m interval from surface of 2.1 g/t AuEq
(SDH-013: 1.30 g/t Au, 27.1 g/t Ag, 0.32% Cu ), a 164m interval from surface of 1.5 g/t AuEq (SDH-014: 0.42 g/t Au,70.0
g/t Ag, 0.13% Cu ), and a 490m interval from surface of 1.6 g/t AuEq (SDH -016: 0.74 g/t Au, 30.3 g/t Ag, 0.39% Cu ).
AuEq assumes US$1200/oz gold, US$16/oz silver, US$2.10/lb copper, and 100% recovery.
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", " estimate", "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 and 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. T he 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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