Condor Resources Inc. - ("Condor" or the "Company") is pleased to announce that the definitive option agreement has been executed with Mariana Resources Ltd. ("Mariana") with respect to the Company's Soledad project, Ancash Department, Peru. Since signing the Letter of Intent in late 2013, Mariana have completed preliminary field work, including detailed planning for their initial drill program, which is expected to begin later this month.
Per the agreement, Mariana can earn a 70% interest in Soledad by completing cumulative exploration work of US$4 million, and making cumulative cash payments of US$1.1 million to Condor, all prior to October 31, 2017. The agreement includes a mandatory drill program of 2,000 metres to be completed prior to Oct 31, 2014.
"We are absolutely thrilled that Soledad is about to be drilled" stated Mr. Davis, Condor President. "There are nine breccia pipes at Soledad, and only breccia number one has been drilled, with impressive results. (www.condorresources.com/i/maps/SOLEDAD_HISTORICAL-DRILLED-MAP.jpg) Our geophysics work readily indentified the nine known breccias, and also indicated a large anomaly at depth, suggesting a possible intrusive related bulk tonnage Au-Ag-Cu system."
The Soledad property is located within the Central Andes tertiary volcanic belt, approximately 35km south of the Barrick Gold's Pierina Mine. The property encompasses a large hydro-magmatic center, which includes a cluster of nine quartz-tourmaline-iron oxide breccias, and an epithermal high sulphidation system at higher elevations.
The Company currently has three 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
Dr. Richard Culbert is the Qualified Person under NI 43-101 who has approved the technical content of this news release.