Community Agreement for Exploration at the Ocros Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 15, 2016) - Condor Resources Inc. - ("Condor" or the "Company") (TSX VENTURE:CN) is pleased to announce that at a general assembly of the local community held June 12, 2016, the community approved a long term exploration and exploitation agreement for the Company's Ocros project, Ancash Department, Peru.
Condor, through its subsidiary, is expected to file its DIA ("Declaración de Impacto Ambiental") application within the next few days.
Per the Company's news release of April 20, 2016, Condor concluded a comprehensive agreement with Compañia Minera Casapalca S.A. ("Casapalca") on the Ocros project, whereby Casapalca may earn a 51% interest, with an option to increase their interest to 70%.
Condor holds an 85% interest in the 20 sq km Ocros project, subject to the earn-in agreement with Casapalca.
The Ocros property is host to the historic underground Eldorado Mine, which operated until the early 1950s, with several access adits with lengths of up to one kilometer. Detailed channel sampling of the 200 Level Adit in 2014 yielded 326m of 0.68% copper over the 326 m length of the adit. Subsequent channel sampling of the 150 Level Adit yielded 325m of 0.56% copper. (http://www.condorresources.com/i/maps/OCROS-model-of-copper-alteration.jpg)
Condor is an explorer and 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
Cautionary Statement Regarding Forward-Looking Information: All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to 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 Company 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.
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