Condor Sells Chilean Subsidiary, 100% Focus on Peru
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 30, 2015) - Condor Resources Inc. ("Condor" or the "Company") (TSX VENTURE:CN) is pleased to advise it has sold its 99.99% owned Chilean subsidiary, Minera Condor Limitada, to a private Chilean company, for gross proceeds of approximately US$44,000.
In 2014, both the Brahma and the Cristal projects in Chile were returned by our partners, who had been working the projects under joint venture or other agreements. Due to the ongoing cost to maintain mineral concessions in Chile, along with difficulties in attracting new partners in today's economic climate, the Company made the strategic decision to focus its efforts in Peru, where it maintains an exploration office in Lima, managed by Ever Marquez.
In Peru, we await a start date for the Phase II drill program at the Soledad project from our partner, Mariana Resources Ltd. At our Ocros project, we are gaining information on a regular basis as more of the workings from the historic Eldorado mine are opened by a local small scale miner. At the Pucamayo East project, the recently received DIA has paved the way for a drill permit application, currently underway. At the Lucero project, site of the former Shila mine, public production records are available for the years 1998 through 2004, and during this period the average reported gold and silver grades were 14 g/t, and 375 g/t, respectively. Discussions with a number of interested parties, including toll millers, are underway.
Condor is a project generator focused exclusively on Peru, and our objective is the discovery of a major new precious metals or base metals deposit. Project acquisition and development is managed by our Lima based exploration team.
ON BEHALF OF THE BOARD
Lyle Davis, President & Chief Executive Officer
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