Condor Resources ("Condor" or the "Company") is pleased to announce that pursuant to the binding letter of intent with Mariana Resources Ltd. (TSX:MRY) disclosed by news release October 4, 2012, Mariana has completed its fifteen day due diligence process to its satisfaction, and is proceeding with the earn-in at Condor de Oro.
The Condor de Oro project is located in the Cordillera del Condor in northern Peru, approximately 130 km southwest of Kinross's Fruta del Norte project, and comprises some 102 sq km.
Under the terms of the LOI, the Condor de Oro project has been divided into two blocks covering the Pucayacu target and the Yuracyacu target. Condor has received the initial cash payment of US$100,000 with respect to the Pucayacu block, and US$50,000 with respect to the Yuracyacu block. Mariana has until December 31, 2012 to complete its due diligence at Yuracyacu, which includes the mandatory taking of not fewer than 200 rock/soil/stream sediment samples. Providing Mariana is satisfied with the results of its due diligence at Yuracyacu and chooses to proceed, a further US$50,000 payment is due December 31, 2012.
The two target areas are located approximately 8 km apart. The LOI gives Mariana the option to earn a 51% interest in Areas 1 and 2 of the Company's Condor de Oro project upon total cash payments of $US5 million and exploration expenditures totalling $US25 million over a four year period.
Condor Resources Inc. was incorporated in 2003 by field exploration specialists focused on the generation of precious and base metals projects in South America, where management has extensive experience and a proven track record of discovery. The Company's long term objective is the discovery of a major new precious/base metals deposit and its business plan offers shareholders access to an exciting portfolio of fifteen properties in Peru and Chile, each offering a unique path to discovery.
Source: http://www.condorresources.com