Condor Resources Inc. - ("Condor" or the "Company") is pleased to announce that MMG Chile Exploration SPA ("MMG"), a subsidiary of MMG Limited, has commenced an airborne geophysical survey over Condor's Brahma/Austral porphyry copper project in southern Chile.
The survey is being conducted by New-Sense Geophysics Limited and includes airborne radiometrics and magnetometer surveys utilizing a Eurocopter AS350 B3. Approximately 3000 line-kilometres will be flown at 150m line-spacings, and it is anticipated that the survey will be completed before the end of September.
Condor recently signed an agreement giving MMG a 270 day exclusivity period to conduct a mandatory due diligence program at Brahma/Austral, which due diligence includes the airborne survey, and follow up mapping and sampling. 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.
The Brahma/Austral concessions cover some 186 sq km situated southeast of the city of Talca in southern Chile. The project is located on the southern extension of the West Fissure fault system, the continental scale structure which controls most of the large world class copper deposits located within the central Andes of Chile, 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 Dugald River in northwest Queensland, Australia and the Izok Corridor base metals project in Nunavut, northwest 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 more information visit www.mmg.com.
About Condor:
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
Dr. Richard Culbert is the Qualified Person under NI 43-101 who has approved the technical content of this news release.
Source: http://www.condorresources.com/