Condor Resources Inc. - ("Condor" or the "Company") is pleased to provide an update on the Company's Soledad project, located in the Cordillera Negra metallogenic province approximately 35 km south of Barrick Gold's Pierina mine, Peru.
Mariana Resources Ltd. ("Mariana") has an option to earn a 70% interest in the project by completing US$4.0 million in cumulative exploration work, and making cumulative cash payments of US$1.1 million to the Company. The first year exploration commitments and cash payments have been satisfied, including a US$75,000 payment due October 31, 2014.
Mariana have advised the Company they will be conducting a deep sensing IP/resistivity geophysics survey in November, followed by a phase 2 drill program in early 2015. The phase 1 drill program completed by Mariana during May through June of 2014 consisted of 2,084 metres in 12 holes, with very encouraging results. (see news releases of June 17th, July 3rd, and July 21st.) Condor CEO Lyle Davis noted: "Subsequent to the phase 1 drill program, Mariana's focus has been the compilation, analysis, and modelling of the drill results. Combined with the results from their planned deep penetrating geophysics program, we expect there will be a number of very attractive drill targets for phase 2".
The Company currently has two of its properties under active exploration by third parties, and looks forward to a steady flow of results from these programs. In addition, the Company is actively seeking partners on its other projects, and is reviewing new opportunities identified by its Lima based exploration team.
ON BEHALF OF THE BOARD
Lyle Davis, President & Chief Executive Officer
Source: http://www.condorresources.com/