VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 4, 2013) - Condor Resources Inc. - ("Condor" or the "Company") (TSX VENTURE:CN) is pleased to announce that it has executed the Definitive Agreement with Mariana Resources Ltd. ("Mariana") for Area 1 (the southernmost Pucayacu precious and base metal target) at the Condor de Oro project, Department of Cajamarca, northern Peru. Area 1 comprises 34 sq km of the 102 sq km. The signing of the original binding Letter of Intent ("LOI") for the Cordillera de Oro Project was announced on October 4, 2012.
The Agreement grants Mariana an option to acquire 60% of Condor's option to acquire 85% of the issued shares of Exploraciones Aguila Dorada S.A.C. ("EAD"), through a combination of staged work commitments and cash payments to Condor (see news release of October 4, 2012). EAD holds legal title to the five mineral concessions at Area 1.
The commercial terms outlined in the LOI are all embodied in the definitive agreement, and to allow for delays in the permitting process, the dates for completion of work and cash payments have been extended 120 days. Mariana must incur minimum exploration expenditures of $500,000 by January 31, 2014.
Condor was incorporated in 2003 by field exploration specialists focused on the generation of precious and base metals projects in South America, where management has extensive experience and a proven track record. 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 & Chief Executive Officer
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