Condor Resources Inc. - ("Condor" or the "Company") is pleased to advise that it has signed an Exclusivity & Access agreement with MMG Chile Exploration SPA ("MMG"), a subsidiary of MMG Limited, regarding Condor's Brahma/Austral project in southern Chile.
The agreement gives MMG an exclusivity period of 270 days to conduct a mandatory due diligence program at Brahma/Austral, which is expected to include an airborne magnetics survey, and follow up mapping and sampling. Three months prior to the expiry of the exclusivity period, MMG are required to declare if they intend to proceed with an option agreement on the project.
If MMG decide to proceed with an option agreement, they will be required to complete cumulative exploration expenditures of US$7 million, and complete a Preliminary Economic Assessment, both within 6 years of execution of the option agreement, in order to earn a 70% interest in Brahma/Austral.
Patrick Burns, President, said "We are very pleased to see a company of MMG's standing make a commitment to conduct further exploration at Brahma. The large area covered by the concessions and the size of the multiple porphyry copper targets make MMG an ideal partner".
The Brahma/Austral concessions cover some 186 sq km situated southeast of the city of Talca in southern Chile. It is located on southern extensions of the prolific West Fissure fault system, the continental scale structure which controls most of the large world class copper deposits within the central Andes, including the El Teniente mine located 200 km to the north.
About MMG:
MMG Limited is a mid-tier global resources company which explores, develops and mines base metal projects around the world. It is headquartered in Melbourne, Australia and listed on the Hong Kong Stock Exchange. MMG owns and operates the Century, Golden Grove and Rosebery mines in Australia, the Kinsevere mine in the Democratic Republic of Congo and the LXML Sepon mine in Laos. Its major development projects include the Dugald River and Izok Corridor base metals project in Nunavut, north-west Canada. MMG also has significant exploration projects and partnerships in Australia, Africa and the Americas. It is one of the world's largest producers of zinc and also produces significant amounts of copper, lead, gold and silver. For further information visit www.mmg.com
About Condor Resources Inc.:
Condor 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. The Company's long term objective is the discovery of a major precious/base metals deposit through its portfolio of properties in Peru and Chile.
ON BEHALF OF THE BOARD
Lyle Davis,
Chief Executive Officer
Source: http://www.condorresources.com/