Element79 Gold Corp and Condor Resources Inc. Reschedule March 2024 Lucero Payment
Element79 Gold Corp and Condor Resources Inc. Reschedule March 2024 Lucero
Payment
Vancouver, B.C., April 8, 2024 – Element79 Gold Corp - ("Element79" or the "Company") ( CSE: ELEM, OTC:
ELMGF, FSE: 7YS0) announces that it has reached agreement with Condor Resources Inc . (TSXV:CN, “Condor”) to
revise the payment terms on a payment due March 31, 2024 of US$375,000 with respect to the Lucero project.
Element79 are the owner of Calipuy Resources Inc., (“Calipuy”), and assumed Calipuy’s obligations to acquire the
shares of Condor’s subsidiary, Minas Lucero del Sur S.A.C., the owner of the Lucero project.
Element79 and Condor have agreed to restructure the U$375,000 payment as follows: US$100,000 was paid in cash
on April 2, 2024; US$85,000 (US $75,000 payment plus US$10,000 bonus) will be satisfied by the issuance of
approximately 499,413 Units of Element79 (per the Company’s current Private Placement each comprising of a 0.23
share and a warrant convertible for one common share of the Company at 0.35 for two years) ; and the balance of
US$200,000 will be paid in cash on t he closing of Element79’s sale of their Maverick Springs project, which sale is
expected to close before the end of June 2024. In consideration of the restructure, Element79 will pay an additional
US$20,000 with the US$200,000 payment.
Element79 CEO and Director James Tworek comments: “We're making solid headway with both the local community
and project development aspects at the Lucero project with a very busy development and mining season gearing up.
We genuinely appreciate the solid support of Condor Resources through these efforts”.
About Condor Resources
Condor is an active explorer focused exclusively on Peru, supplemented by a project generator and royalty model
designed to generate exploration capital whilst minimizing shareholder dilution. Our objective in advancing our
portfolio of projects is the discovery of a major new precious metals or base metals deposit in Peru . Project
acquisition and exploration activities are managed by the Company’s Lima based exploration team.
About Element79 Gold Corp
Element79 Gold Corp is a gold and silver mining company committed to maximizing shareholder value through
responsible mining practices and sustainable development of its projects. Element79 Gold's core focus is on
developing its past-producing, high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the
intent to restart production in 2024.
The Company also holds a portfolio of 5 properties along the Battle Mountain trend in Nevada, with the Clover and
West Whistler projects believed to have significant potential for near-term resource development. Three properties
in the Battle Mountain Port folio are under contract for sale to Valdo Minerals Ltd., with an anticipated closing date
in the first half of 2024. The Company has also signed an Option Agreement to sell the Maverick Springs project, an
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advanced-stage exploratory property with an Inferred Resource of 3.71MMoz AuEq (1.37MMoz Au and 175MMoz
Ag) (see 43-101 technical report titled: Amended Technical Report on the Maverick Springs Project, Nevada, USA, by
Allan Armitage, PhD., P.Geo, and Rohan Millar, B.Sc. P.Geo., dated October 7, 2022, available on SEDAR) and
anticipates completing this sale on or before July 21, 2024.
In British Columbia, Element79 Gold has executed a Letter of Intent and funded a drilling program to acquire a private
company that holds the option to 100% interest of the Snowbird High -Grade Gold Project, which consists of 10
mineral claims located in Central British Columbia, approximately 20km west of Fort St. James.
The Company has an option to acquire a 100% interest in the Dale Property, 90 unpatented mining claims located
approximately 100 km southwest of Timmins, Ontario, and has recently announced that it has transferred this project
to its wholly -owned subsidiary, Synergy Metals Corp, and is advancing through the Plan of Arrangement spin -out
process.
For more information about the company please visit our official website at www.element79.gold
Contact Information
For corporate matters, please contact:
James C. Tworek, Chief Executive Officer and Director
E-mail: [email protected]
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1.403.850.8050
E-mail: [email protected]
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of applicable securities law. Forward-
looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”,
“anticipate”, “estimate” and other similar words, or stat ements that certain events or conditions “may” or “will”
occur.
Although the Company believes that the expectations reflected in applicable forward-looking statements are
reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking
statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ
materially from those contained in such statements.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies
of the CSE Exchange) accepts responsibility for the adequacy or accuracy of this news release.