Mariana Resources Ltd. to Proceed with Option on Soledad Project, Peru
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 4, 2013) - 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.
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