CONDOR RESOURCES INC. : http://www.condorresources.com/ : QwikReport

News Releases

#July 27, 2020
Condor Announces Update on COVID-19 Related Postponement of Financial Statements

 Vancouver, B.C., July 27, 2020 - Condor Resources Inc. - ("Condor" or the "Company") (TSXV:CN) announces that COVID-19 lockdowns and related delays at our Peruvian exploration offices have resulted in a delay in the finalization and filing of: (i) the Company's audited annual financial statements for the fiscal year ended February 29, 2020 and the related management's discussion and analysis (collectively, the "Annual Filings"); and (ii) the Company's interim financial statements for the quarter ended May 31, 2020 and the related management's discussion and analysis (collectively the "First Quarter Filings"), all as required by Part 4 and Part 5 of National Instrument 51-102: Continuous Disclosure Obligations.

This news release is being issued in accordance with the required update under the provisions of the blanket relief of a 45-day extension, provided by Canadian Securities Administrators and BC Instrument 51-517: Temporary Exemption from Certain Corporate Finance Requirements, for periodic filings normally required to be made by issuers during the period from June 2, 2020 to August 31, 2020.

The Company's board of directors and its management confirm that they are continuing to work expeditiously to meet the Company's obligations relating to the filing of the Annual Filings and the First Quarter Filings. At this time, the Company anticipates being able to complete the Annual Filings by August 12, 2020 and the First Quarter Filings by September 13, 2020.

The health and safety of the Condor's employees and the communities surrounding its projects is a paramount priority for the Company. The Company's Lima exploration office has now reopened under strict protocols set out by Peru's national government which protocols will be followed by the Company.

As announced on June 18, 2020, the Company closed a non brokered private placement to raise gross proceeds of $990,000 and appointed Dr. Quinton Hennigh to Condor's board of directors. As announced July 15, 2020, the Company received written confirmation of the Declaración de Impacto Ambiental, or a "DIA", from the Peruvian Ministry of Energy and Mines, for the Huiñac Punta high-grade silver polymetallic project. The DIA is the primary environmental permit required to allow drilling programs to proceed. There have not been any other material business developments since the date of the last interim financial reports of the Company that were filed.

As a result of the postponement, the Company confirms that its management and other insiders are subject to an insider trading black-out policy that reflects the principles in section 9 of National Policy 11-207: Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions, such that they are in a black-out period until the end of the second trading day after the Annual Filings have been disclosed by way of a news release.

Condor is an active explorer focused exclusively on Peru, supplemented by a project generator and royalty model designed to generate exploration capital whilst minimizing shareholder dilution. Our objective in advancing our portfolio of projects is the discovery of a major new precious metals or base metals deposit in Peru. Project acquisition and exploration activities are managed by the Company's Lima based exploration team.

ON BEHALF OF THE BOARD

Lyle Davis,
President & Chief Executive Officer

For further information please contact the Company at 1-866-642-5707, or by email at info@condorresources.com

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.
 
#July 15, 2020
Condor Receives Declaración de Impacto Ambiental, or "DIA" for Huiñac Punta

 Vancouver, B.C., July 15, 2020 - Condor Resources Inc. - ("Condor" or the "Company") (TSXV:CN) is pleased to announce that it has received written confirmation of their Declaración de Impacto Ambiental, or a "DIA", from the Peruvian Ministry of Energy and Mines, for its Huiñac Punta high-grade silver polymetallic project. The DIA is the primary environmental permit required to allow drilling programs to proceed.

The 100% owned Huiñac Punta high-grade silver polymetallic project covers an area of twenty sq kms and is located approximately 260 km north-northeast of Lima in the Department of Huanuco, Peru. Elevations at Huiñac Punta range from 3800m to 4400m. The Huiñac Punta project is within the eastern flank of the Mesozoic-aged carbonate-hosted polymetallic mineral belt in north-central Peru about 65 km south-east of the Antamina mine, and about 90 km east of the Company's Soledad project.

Huiñac Punta is interpreted to host potential for discovery of a large, high-grade carbonate replacement style silver-dominant polymetallic mineralization. Based on existing surface exposures, mineralization, which includes high-grade Ag and elevated Cu, Zn and Pb values, is interpreted to have both blanket-like and pipe-like characteristics. Condor is continuing to work on community consultation to secure access and water use permits that will allow for a diamond drill program to proceed on this compelling, never before drilled target. To better define the drill targets, the Company will soon complete geophysical surveys including induced polarization and ground based magnetic surveys.

Condor has previously conducted two sampling and mapping programs at Huiñac Punta with 171 samples collected and analyzed. Both sampling programs recorded impressive silver values, including four samples (2m rock chip samples) that tested over 1000 g/t Ag.

Ever Marquez, Condor's VP Exploration noted: "In our lower limestone sequence, mineralization has replaced certain limestone beds in contact with a granitic intrusion to form stratabound zones of pervasive silicification associated with high percentages of disseminated dark sulphides and oxides. In our upper limestone sequence, we have observed brecciation and decalcification associated with sporadic silicification, sulphides and oxides. I consider Huiñac Punta the next emerging discovery in the prolific Mesozoic polymetallic carbonate hosted mineral belt of Central Peru. Huiñac Punta displays excellent potential for discovery of significant bulk tonnage high-grade silver polymetallic mineralization."

Dr. Quinton Hennigh, director of Condor stated: "Ever Marquez has an exceptional ability to identify high potential opportunities such as Huiñac Punta. At Huiñac Punta, he has clearly identified one of the most prospective new, previously undrilled targets in the prolific Mesozoic polymetallic carbonate hosted mineral belt of Central Peru. We are delighted to see this project quickly advance toward drill readiness. As stated in a recent Company news release, Condor is focussing its efforts on advancing four of its highest quality exploration assets during this emerging precious metal bull market. We have an exceptional opportunity to unlock considerable value as these projects become queued up for drilling. Huiñac Punta will soon be ready for its maiden test."

Condor is an active explorer focused exclusively on Peru, supplemented by a project generator and royalty model designed to generate exploration capital whilst minimizing shareholder dilution. Our objective in advancing our portfolio of projects is the discovery of a major new precious metals or base metals deposit in Peru. Project acquisition and exploration activities are managed by the Company's Lima based exploration team.

ON BEHALF OF THE BOARD

Lyle Davis,
President & Chief Executive Officer

For further information please contact the Company at 1-866-642-5707, or by email at info@condorresources.com

Dr. Quinton Hennigh, P.Geo, is the Qualified Person under NI 43-101 who has approved the scientific and technical content of this news release.

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.
 
#July 03, 2020
Condor Provides Project and COVID-19 Updates

 Vancouver, B.C., July 3, 2020 - Condor Resources Inc. - ("Condor" or the "Company") (TSXV:CN) is pleased to provide the following updates regarding its planned exploration activities on its four (4) highest priority exploration projects, with an initial update on COVID-19 impact to exploration.

COVID-19 Update:

Effective July 1st, Peru eased COVID-19 related lock down restrictions in all but seven of its regions. With the eased restrictions in Lima, Condor Exploration Peru's Lima office will reopen immediately with government approved health and safety protocols. In the interest of the health and safety of Condor's personnel, office attendance is expected to be staggered and alternated for the time being, complimented by continued work from home.

On June 26th, the State of National Emergency in Peru was extended in certain cities within seven regions of the country until July 31, 2020. Although Condor has projects within these seven regions, the projects fall outside of restricted cities and towns. The Company is currently developing protocols and guidelines for staff to operate on its exploration tenure while adhering to national and local legal restrictions and guidelines.

Project Updates:

Soledad:
The US$100,000 payment due from Chakana Copper on June 23, 2020 was received on schedule. Under the Soledad purchase agreement, Chakana must make three additional payments totalling US$4.975 million over the next 18 months to acquire the Soledad project, at which point the Company will retain a 1.0% NSR on Soledad and on a 2 kilometer Area of Interest. This payment, along with the recently completed private placement, provides funding to commence Condor's near-term activities on our priority projects.

Pucamayo:
Pucamayo is a highly prospective high sulfidation gold system located approximately 180 km southeast of Lima. Condor considers the project to be the highest priority among its portfolio of high-quality exploration properties. Condor has a valid drill permit, or "DIA," and a signed agreement with the local community of Liscay. The community is supportive of the Company's efforts to obtain a signed access agreement from the local land holder. At the start of the COVID-19 pandemic, Condor assisted Liscay by coordinating distribution of hand sanitizer dispensers and fumigation bombs to the village. Condor has also made arrangements to deliver a shipment of food, masks and other personal protective equipment to meet the needs of the local population. Condor anticipates finalizing necessary access agreements once the COVID-19 lock down restrictions have eased within this region, and then commence its Phase I drilling program. The highest priority target is a sub-horizontal blanket-like body of vuggy silica mineralization approximately 800 m long, 500 m wide and 150 m thick associated with significantly elevated gold and silver values in an exposed breccia that is interpreted to source from this blanket-like body. Condor plans to drill a series of at least ten steeply inclined diamond drill holes scattered across the footprint of the target area. Each of these holes is expected to achieve a depth of at least 300 m, and some of these holes will be extended to depths of approximately 600 m to adequately test an underlying porphyry style target believe to be the hydrothermal driver of the high sulfidation system.

Huinac Punta:
Huinac Punta is located approximately 260 km north-east of Lima and host to a large, potentially high-grade sedimentary carbonate replacement style silver-rich mineralizing system with anomalous values of Cu, Zn, and Pb. Mineralization is both blanket-like and pipe-like in nature. Final documentation supporting a DIA application has been submitted to the Ministerio de Energia y Minas. In anticipation of receipt of its DIA approval, Condor is working on community consultation to secure access and water use permits that will allow it to diamond drill this important project. In the meantime, to better define drill targets, the Company will complete geophysical surveys, including an induced polarization and a ground based magnetic survey.

Cobreorco:
The company's newest project, Cobreorco, is a porphyry-skarn system situated approximately 460 km south-east of Lima, and was acquired through staking by Condor's exploration team. No prior drilling has been conducted on this intriguing new property although there are numerous small mine type workings in the skarn prospects. Recent exploration by the Company has included alteration mapping and sampling. This evaluation indicates the presence of a copper-gold porphyry system with roof-pendant style mineralized skarn, which itself is a potentially significant exploration target. Most encouraging surface rock sample results range between 0.57 and 4.4 g/t gold over 2 meter channels and between 0.12 and 1.8% copper over 2 meter channels collected from outcrops of leached porphyry-style mineralization. Given its strong potential, Condor plans to fast track Cobreorco to drill readiness. This includes aggressive field work as well as initiating the DIA application process and community consultation, and other related activity necessary for Phase I drilling.

Andrea:
Like Pucamayo, Andrea is a large, largely untested high sulfidation gold project. Situated approximately 480 km south-east of Lima and just 15 km north of the Breapampa high sulfidation gold mine, the property hosts an extensive alteration system measuring approximately 3 km in diameter. Spot rock chip samples of hydrothermal and vuggy silica mineralization returned values up to 4.19 gpt Au. Like Cobreorco, Condor sees Andrea as a new, high-priority project and we plan to fast track it to drill readiness. This includes aggressive field work as well the DIA application process, initiating community consultation and other related activity necessary for Phase I drilling.

Condor is an active explorer focused exclusively on Peru, supplemented by a project generator and royalty model designed to generate exploration capital whilst minimizing shareholder dilution. Our objective in advancing our portfolio of projects is the discovery of a major new precious metals or base metals deposit in Peru. Project acquisition and exploration activities are managed by the Company's Lima based exploration team.

ON BEHALF OF THE BOARD

Lyle Davis,
President & Chief Executive Officer

For further information please contact the Company at 1-866-642-5707, or by email at info@condorresources.com

Dr. Quinton Hennigh, P.Geo, is the Qualified Person under NI 43-101 who has approved the scientific and technical content of this news release.

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.
 
#June 26, 2020
Condor Announces COVID-19 Related Postponement of Financial Statements

 Vancouver, B.C., June 26, 2020 - Condor Resources Inc. - ("Condor" or the "Company") (TSXV:CN) announces that as a result of COVID-19 lockdowns and related delays at our Peruvian exploration offices the filing deadline of June 29, 2020 for the Company's audited annual financial statements for the fiscal year ended February 29, 2020 and the related management's discussion and analysis, as required by Part 4 and Part 5 of National Instrument 51-102: Continuous Disclosure Obligations (collectively, the "Annual Filings") will be delayed.

Thus in accordance with the blanket relief of a 45-day extension, provided by Canadian Securities Administrators and BC Instrument 51-517: Temporary Exemption from Certain Corporate Finance Requirements with Deadlines during the period from June 2, 2020 to August 31, 2020, the Company is issuing this release as notification.

The health and safety of the Condor's employees and the communities surrounding its projects is a paramount priority for the Company. The resulting challenges posed by COVID-19 have resulted in a delay in the finalization and filing of the Annual Filings, since the Company's Lima exploration office has remained closed since March but is expected to reopen in the near future under strict protocols set out by Peru's national government which protocols will be followed the Company. The Company's board of directors and management confirm that they are working expeditiously to meet the Company's obligations relating to the filing of the Annual Filings. At this time, the Company anticipates being able to complete the Annual Filings by August 12, 2020.

As announced on June 18, 2020, the Company closed a non brokered private placement to raise gross proceeds of $990,000 and appointed Dr. Quinton Hennigh to Condor's board of directors. There have not been any other material business developments since the date of the last interim financial reports of the Company that were filed.

As a result of the postponement, the Company confirms that its management and other insiders are subject to an insider trading black-out policy that reflects the principles in section 9 of National Policy 11-207: Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions, such that they are in a black-out period until the end of the second trading day after the Annual Filings have been disclosed by way of a news release.

Condor is an active explorer focused exclusively on Peru, supplemented by a project generator and royalty model designed to generate exploration capital whilst minimizing shareholder dilution. Our objective in advancing our portfolio of projects is the discovery of a major new precious metals or base metals deposit in Peru. Project acquisition and exploration activities are managed by the Company's Lima based exploration team.

ON BEHALF OF THE BOARD

Lyle Davis,
President & Chief Executive Officer

For further information please contact the Company at 1-866-642-5707, or by email at info@condorresources.com

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.
 
#June 19, 2020
Condor Closes $990,000 Private Placement Financing, Dr. Quinton Hennigh appointed Director, Options Granted

 Vancouver, B.C., June 19, 2020 - Condor Resources Inc. - ("Condor" or the "Company") (TSXV:CN) is pleased to announce that it has closed the non brokered private placement to raise gross proceeds of $990,000, as announced in our June 2, 2020 news release.

The private placement consisted of 13.2 million units priced at $0.075 per unit, with each unit consisting of one common share and one share purchase warrant. Each warrant will be exercisable into one common share for a period of three years, at an exercise price of $0.115 per share during the first year, and thereafter at an exercise price of $0.15. No commissions or finder's fees are payable on the private placement. All the securities issued pursuant to this private placement will be subject to a four month hold period. Insiders of the Company purchased 600,000 units of the private placement. Proceeds will be used to drill the Company's Pucamayo gold-silver-copper project in Peru, and for working capital.

Crescat Capital LLC subscribed for 12 million units of the placement, and upon closing became a significant shareholder of the Company. Crescat is a global macro asset management firm headquartered in Denver, Colorado, deploying tactical investment themes based on proprietary value-driven equity and macro models. Crescat's investment goals are to provide industry leading absolute and risk-adjusted returns over complete business cycles.

Regarding Crescat's investment in Condor, Chief Investment Officer, Kevin Smith explained: "We are taking friendly activist positions in a select portfolio of precious metals exploration companies around the globe today. It is one of Crescat's most timely and important macro themes. Each of our portfolio companies has been carefully vetted and controls a potentially large and highly economic discovery. We are bringing capital and expertise to the table to advance these world class deposits."

As a condition of Crescat's participation, Crescat and Condor have agreed to the appointment of Dr. Quinton Hennigh to Condor's board of directors, and Quinton's participation in the private placement.

Dr. Hennigh is an internationally known economic geologist, with over 25 years of exploration experience and expertise with major gold mining companies such as Homestake Mining Company, Newcrest Mining Limited, and Newmont Mining Corporation. He is currently Chairman of Novo Resources Corp. which is actively exploring for gold in Western Australia. Dr. Hennigh is credited with the discovery of the Springpole alkaline gold deposit near Red Lake, Ontario, for Gold Canyon Resources, and the Rattlesnake Hills gold project in Wyoming for Evolving Gold. He holds a Bachelor of Science from the University of Missouri, and an M.Sc. and a Ph.D. in geology and geochemistry from the Colorado School of Mines.

"I am delighted to join Condor as director," commented Dr. Hennigh. "I have worked with Ever Marquez, Condor's Vice President of Exploration, on two occasions, at Newcrest Mining during the 1990's and at Newmont Mining during the 2000's, and find him to be an exceptional explorer credited with discovering the Breapampa high sulfidation gold deposit in southern Peru and the Rio Blanco copper porphyry deposit in northern Peru. Mr. Marquez is particularly knowledgeable about high sulfidation gold systems. When Ever and I recently visited Pucamayo, I instantly recognized he has discovered what is arguably one of the best untested high sulfidation systems left in Peru. High level, vapour-phase alteration underlies an area of at least six square kilometers indicating presence of a very large hydrothermal system. Within a small erosional window through this high level alteration, Ever and his team discovered outcropping vuggy silica and silica breccias carrying appreciable gold and silver that appears to conform to the level of the paleo-water table, a common control on formation of such mineralization in high sulfidation systems. Electrical resistivity data clearly indicates the presence of a blanket like resistive zone thought to be a layer of such silicified rock with a thickness of approximately 120 meters and extending continuously under an area of at least one square kilometer. This feature is open to the east, northeast and southeast. Indications of an underlying porphyry are also present. In short, the target is clear, very extensive and ready to drill. I am very happy to see this project move toward what will hopefully prove to be a significant new discovery in Peru."

"I am delighted to welcome both Crescat Capital and Dr. Hennigh as value added shareholders, and Dr. Hennigh to the board of directors" said Lyle Davis, Condor's President and CEO. "Quinton's knowledge and experience will be of great benefit to the Company and its shareholders, especially as we prepare to drill Pucamayo".

Subject to regulatory approval and vesting provisions, and pursuant to its Stock Option Plan, Condor has granted stock options to certain directors, employees and consultants to purchase an aggregate of 3,475,000 common shares of the Company at the price of $0.10 per share.

Condor is an active explorer focused exclusively on Peru, supplemented by a project generator and royalty model designed to generate exploration capital whilst minimizing shareholder dilution. Our objective in advancing our portfolio of projects is the discovery of a major new precious metals or base metals deposit in Peru. Project acquisition and exploration activities are managed by the Company's Lima based exploration team.

ON BEHALF OF THE BOARD

Lyle Davis,
President & Chief Executive Officer

For further information please contact the Company at 1-866-642-5707, or by email at

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.
 

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