Update on the Soledad Project MOU with Chakana Resources S.A.C., Shares for Debt Settlement
Update on the Soledad Project MOU with Chakana Resources S.A.C.,
Shares for Debt Settlement
Vancouver, B.C., April 21, 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 announced on February 24th.
As disclosed in our news release of March 31st, Chakana and the Company agreed to extend the time period to conclude the
comprehensive agreement until April 21, 2017 . While the comprehensive agreement is substantially complete, both parties
have now agreed to a second extension until May 9th, 2017 in order to finalize. 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 Company also wishes to announce that it has reached agreemen t to settle up to $111,180 in accounts payable by the
issuance of up to 1,482,000 shares at $0.075 per share, subject to TSXV approval. Any shares issued will be subject to a
four month hold period.
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. Th e 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.
Neither the TSX Venture Ex change nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this news release.