Updates on the Ocros and Soledad Projects
Updates on the Ocros and Soledad Projects
Vancouver, B.C., January 30, 2017 - Condor Resources Inc. - (“Condor” or the “Company”) (TSXV:CN) is pleased
to provide the following updates on their Ocros and Soledad projects in Peru.
Compañia Minera Casapalca S.A . (“Casapalca”) has given formal termination notice on their earn -in option on both the
Ocros and Soledad projects, effective February 3, 2017. Casapalc a recently completed DDH-001 at Ocros to a depth of
500m, and earlier in 2016 had completed 2,807m in four drillholes at Soledad . Under their earn-in options, Casapalca were
obligated to complete a n aggregate of 3,000m of diamond drilling over the two projects , and this obligation has been
completed.
“We believe Casapalca’s decision was driven by a change in corporate strategy and a desire to work on their wholly owned
projects” noted Lyle Davis, Condor’s president. At this time only parti al assay results have been received for DDH -001;
complete assay results will be announced when received.
At the Ocros project, Condor is pleased to advise it has signed a Memorandum of Understanding (“MOU”) with Compa ñia
Minera Virgen de la Merced S.A.C. ( “Merced”), subject to the termination of Casapalca’s rights and receipt of clear title of
the Ocros concessions. Under the MOU, Merced will have the option to earn up to a 70% interest in the Ocros concessions
over four years, by making cash payments total ing US$550,000, and completing 10,000m of drilling . The MOU includes a
payment of US$75,000 on signing the comprehensive agreement, and a mandatory first year work program of 2,000m of
drilling.
Merced is the owner of the mineral concessions adjacent and to the south of Ocros, and is operating a small mining
operation on the Merced concessions. Under an agreement signed with Merced in 2015, Merced had access to a limited area
of the Ocros concessions, and had re-opened several of the old adits.
Condor is an explorer and 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 mana ged 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", "estima te", "expect"
and "intend" and statements that an event or result "may", "will", "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 could cause
actual results of operations to differ materially from those contain ed 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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