Update on the Soledad Project MOU with Chakana Resources S.A.C.
Update on the Soledad Project MOU with Chakana Resources S.A.C.
Vancouver, B.C., March 31, 2017 - Condor Resources Inc. - (“Condor” or the “Company”) (TSX.V: CN) is pleased
to provide an update regarding the Memorandum of Understanding (“MOU ”) with Chakana Resources S.A.C. (“Chakana”)
on the Company’s wholly owned Soledad project in Ancash, Peru.
As disclosed in our news release of February 24 th, Chakana was granted an exclusivity period of 45 days to conclude its due
diligence, and prepare a comprehensive agreement to replace the MOU . Chakana ha s satisfactorily completed their due
diligence, and Condor has received the first draft of the comprehensive agreement. In order to conclude th e comprehensive
agreement in an orderly fashion, both parties have agreed to extend the timeline to complete the comprehensive agreement
until April 21, 2017. All other terms remain unchanged.
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 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 kilometre in
diameter.
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", "estim ate", "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 o ther 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 Co mpany 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.