Feb 19 2014
Condor Resources Inc. - ("Condor" or the "Company") is pleased to provide updates on the Condor de Oro project in northern Peru, and the Brahma project in southern Chile.
Condor has been advised that the contractor of Exploraciones Aguila Dorada S.A.C. ("EAD") who was abducted February 10th, was released unharmed on Sunday February 16th. The situation was, and is, being handled by the local authorities. The Company is relieved with the outcome, and would like to thank the authorities, and the many other people involved, for their prompt resolution of this matter. EAD is the owner of the Condor de Oro mineral concessions in northern Peru, and Condor has an irrevocable option to acquire 85% of the issued shares of EAD. In turn, Condor has granted Mariana Resources Ltd. an option to acquire 60% of Condor's interest. EAD has been conducting mineral exploration at Condor de Oro with the assistance of Mariana Resources, and in cooperation with the community of Los Naranjos.
MMG Chile Exploration SPA ("MMG"), a subsidiary of MMG Limited, have given notice under the Brahma/Austral Exclusivity & Access agreement (refer to the Company's news release of August 16, 2013) that MMG will not be proceeding with the option agreement on the project. Lyle Davis, President, said "We are disappointed with MMG's decision, but on the other hand, Condor will receive the benefit of the extensive due diligence work completed on Brahma/Austral by MMG over the last 6 months. We expect to receive their detailed reports shortly." MMG Limited is a mid-tier global resources company headquartered in Melbourne, Australia, and listed on the Hong Kong Stock Exchange.
ON BEHALF OF THE BOARD
Lyle Davis, President & Chief Executive Officer
Source: http://www.condorresources.com/