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

News Releases

#January 07, 2021
Condor sells Lucero Project

 Vancouver, B.C., January 7, 2021 - Condor Resources Inc. - ("Condor" or the "Company") (TSXV:CN) is pleased to announce that it has concluded an agreement with Calipuy Resources Inc. ("Calipuy") whereby Calipuy will purchase Condor's wholly owned Peruvian subsidiary, Minas Lucero del Sur S.A.C. ("MLDS"). MLDS is a sole purpose company, and the owner of the Lucero project located in the Arequipa Department of Peru.

Consideration is US$3.5 million, payable over five years. Should the price of gold be over US$2,500/ounce at the time of the final payment, total consideration will increase to US$4.0 million; and should the price of gold be over $3,000/ounce at the time of the final payment, the total consideration will increase to US$6.0 million. Calipuy have the option to compress the payment schedule to three years, and in such event, the total consideration will be US$3.0 million. Condor has received the initial payment of US$90,000.

Condor has maintained certain back in rights to participate in future Calipuy financings. Should Calipuy be completing a financing, Condor have the option to participate in the financing at a 20% discount to the financing price, by converting part or all of any outstanding payment due from Calipuy. Condor's right to participate in a Calipuy financing is limited to 50% of the financing.

Sandstorm Gold Ltd. hold a 0.5% NSR on the Lucero project, and Sandstorm, Condor, Calipuy and MLDS have executed an NSR assignment agreement with respect to Sandstorm's NSR, with Calipuy assuming the NSR obligations to Sandstorm.

Commented Lyle Davis, Condor President, "Minas Buenaventura operated 3 underground mines at Lucero until circa 2005, several years prior to Condor acquiring the project. Condor leased the project to a Peruvian based mining company in 2015, and when the lease was terminated in late 2019, we made the strategic decision to monetize the project, and concentrate our efforts on four key exploration projects: Pucamayo, Huinac Punta, Cobreorco, and Andrea. Calipuy management have brought two mines into production, and we are confident they will be successful with a re-start at Lucero."

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.
 
#November 27, 2020
Condor and Chakana Amend Soledad Agreement

 Vancouver, B.C., November 27, 2020 - Condor Resources Inc. - ("Condor" or the "Company") (TSXV:CN) is pleased to announce that Condor and Chakana Copper Corp. ("Chakana") have agreed to a four month extension to the April 2017 agreement between their respective Peruvian subsidiaries.

Under the original agreement, the final payment of US$4.625m by Chakana to Condor is due December 23, 2021. By mutual agreement, US$200,000 will be due by December 23, 2021, with the balance of US$4.425m due on or before April 23, 2022. Interim payments of US$150,000 (due December 2020) and US$200,000 (due June 2021) remain unchanged. In addition, Chakana has agreed that COVID-19 will not constitute a force majeure condition under the April 2017 agreement.

Commented Lyle Davis, Condor President, "Our Soledad concessions are part of a larger mineralized complex, and it is important that Chakana complete their assessment on Condor's concessions as well as the surrounding concessions. We remain confident that Chakana's work will result in a decision to complete the 100% purchase of our concessions within the next seventeen months." If Chakana complete the purchase of Condor's Soledad concessions, Condor will retain a 1% NSR on these concessions, and on a two kilometer area of influence. Condor is a significant shareholder of Chakana.

As reported in our September 30, 2020 news release, Chakana resumed drilling in August on the concessions immediately south of, and contiguous to Condor's concessions, and within the area of influence of Condor's agreement with Chakana. Since resumption of drilling Chakana has released results from the Paloma East and Paloma West breccia complexes, and is now drilling on the Huancarama breccia.

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.
 
#November 23, 2020
Condor Resources - Updates for Huiñac Punta and Cobreorco Projects

 Vancouver, B.C., November 23, 2020 - Condor Resources Inc. - ("Condor" or the "Company") (TSXV:CN) is pleased to provide updates on the Huiñac Punta and Cobreorco projects.

Huiñac Punta - A detailed ground geophysical survey has been completed at Huiñac Punta, with field work concluding late last week. An Induced Polarization ("IP") survey consisted of approximately 16 line kilometers, comprised of 8 lines, each 2km in length, line spacing at 100m, with polo-dipole spacing of 50m. The IP survey was designed to assist in defining the geometry of a postulated carbonate replacement system ("CRD") system, and to compliment data obtained from a 35 line-km magnetic survey conducted on the project in August. The primary objective of the combined geophysics programs is to prioritize targets for a maiden diamond drill program, scheduled for the first half of 2021. The Company received a Declaración de Impacto Ambiental ("D.I.A.") for this project in July and has filed its Initiation of Activities.

Cobreorco - In early November, Condor applied to INGEMMET (a branch of the Peruvian Ministry Energy & Mines) for an additional 30 sq km of concessions adjoining its core 100% owned concessions. The Company was successful in securing an additional 4 sq km of requested area contiguous to the existing property. In addition, the Company added two other areas, each one square kilometer in size, both of which are separate from each other and from the existing core concessions. The remaining 24 sq km of concessions applied for were subject to applications by others, and ownership will be determined by a sealed bid auction conducted by INGEMMET at some future undetermined date. Preliminary discussions have commenced with the local community. Community acceptance to Condor's proposed work program will be the first step in preparing our D.I.A. (drill permit) application. As noted in the Company's September 30, 2020 news release, a magnetic survey suggests the presence of two potential mineralized centers that correlate well with exposed surface gold/copper porphyry and skarn outcrops at Cobreorco.

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. The Company's objective in advancing its 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.
 
#September 30, 2020
Condor Resources Project Updates

 Vancouver, B.C., September 30, 2020 - Condor Resources Inc. - ("Condor" or the "Company") (TSXV:CN) is pleased to provide updates on project activity amid the ongoing COVID-19 lockdowns in many locations throughout Peru. Condor appreciates that Peru has been hit hard by the pandemic, and the health and safety of our employees and the host communities takes priority.

Pucamayo - The project is located in the Ica Department which is subject to a state of emergency until at least October 31st. Over the past few months, Condor has continued to assist the local Liscay community with contributions of disinfectant and fumigation systems as well as food packages for each family. The Company has also supplied diesel fuel for road improvements and site preparations for constructing a new community centre. To better understand local surface owner rights, Condor recently engaged a firm specializing in researching surface rights histories and titles viz-a-viz community surface rights and ownership. A report is expected to be completed once the state of emergency is lifted and access is allowed to all required government offices. Condor expects this report to be critical in finalizing access agreement(s) in preparation for the commencement of its maiden Pucamayo drill program, already fully permitted including water permits that have been renewed for two years.

Cobreorco - Condor has completed a detailed magnetic survey at Cobreorco using an unmanned aerial vehicle ('UAV'), equipped with a specially designed magnetometer. The survey covered an area of approximately 5 sq km at a 100 m line spacing for a total of 68 line kms. Data from this survey has been processed and Condor is reviewing reports from Deep Sounding, its geophysical contractor. Initial review of magnetic data suggests presence of two potential intrusive systems that correlate well with exposed surface gold/copper porphyry and skarn outcrops. Interpretations will allow design of a targeted diamond drill program. Once designed, Condor will prepare a D.I.A. application to fast-track Cobreorco toward drilling.

Huinac Punta - In August, Condor completed a detailed magnetic survey at Huinac Punta using its UAV described above. This survey covered the area of interest and vicinity with 150 m line spacing for a total of 35 line kms. Data is being processed and a report from the geophysical contractor is awaited. Results from this survey will form part of the basis for developing a maiden targeted diamond drilling at Huinac Punta. IP geophysical survey is also planned at Huiñac Punta but must await for lock-downs to be lifted in this area. The Company received a D.I.A. for this project in July and is currently preparing to file an Initiation of Activities for this project.

Soledad -- Chakana Copper resumed drilling at Soledad in August. Chakana's current drill program is taking place on the concessions immediately south, and contiguous to Condor's concessions, but within the area of influence of Condor's agreement with Chakana.

Condor's annual general meeting of shareholders will be held October 22nd. With the emergence of COVID-19, and in light of limits on larger gatherings and our concern for the health and safety of our employees and shareholders, management of the Company has decided to hold this year's Meeting as a virtual only shareholder meeting with participation by way of telephone conference.

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 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.
 

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