Mariana Resources Ltd. to Proceed with Option on Soledad Project, Peru
05 November 2013 - 4:42AM
Marketwired Canada
Condor Resources Inc. - ("Condor" or the "Company") (TSX VENTURE:CN) Further to
the Company's news release of September 16th, Condor is pleased to announce that
Mariana Resources Ltd. ("Mariana") has successfully completed their due
diligence on Condor's 100% owned Soledad project in west central Peru, and has
given notice they wish to proceed with the definitive option agreement. Mariana
and Condor are now finalizing the option agreement outlined in the previously
signed Letter of Intent ("LOI").
Per the LOI, Mariana can earn a 70% interest at Soledad by completing cumulative
exploration work of US$4 million, and making cumulative cash payments of US$1.1
million, over a four year term. Mariana will be obligated to complete an
exploration program during the first year, which includes 2000m of drilling.
Condor was paid US$25,000 on signing the LOI, and will be paid US$50,000 on
signing the definitive agreement.
In July, Condor received Directoral Resolution No. 189-2013 from the Ministry of
Energy and Mines Peru, approving exploration activities and up to 20 drill holes
at the Soledad project.
The Soledad property is located within the Central Andes tertiary volcanic belt,
approximately 35km south of the 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.
About Mariana:
Mariana Resources Ltd is an AIM quoted exploration and development company with
an extensive portfolio of gold, silver and copper projects in South America. In
Peru, Mariana has an option to earn a 51% interest in highly prospective
copper-gold and copper-silver porphyry targets in the Cordillera del Condor of
northern Peru. In southern Argentina, Mariana's core gold-silver projects are
Las Calandrias (100%), Sierra Blanca (100%), Los Cisnes (100%), Bozal (100%) and
Los Amigos JV (30%). These projects are part of a 200,000+ Ha land package in
the Deseado Massif epithermal gold-silver district in mining-friendly Santa Cruz
Province.
About Condor:
Condor was incorporated in 2003 by field exploration specialists focused on the
generation of precious and base metals projects in South America. 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, President and CEO
Dr. Richard Culbert is the Qualified Person under NI 43-101 who has approved the
technical content of this news release.
Cautionary Statement Regarding Forward-Looking Information: All statements,
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markets about anticipated future events or results constitute forward-looking
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Forward-looking statements are subject to business and economic risks and
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differ materially from those contained in the forward-looking statements.
Forward-looking statements are based on estimates and opinions of management at
the date the statements are made. The Corporation does not undertake any
obligation to update forward-looking statements even if circumstances or
management's estimates or opinions should change. Investors should not place
undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Condor Resources Inc.
1-866-642-5707
info@condorresources.com
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