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

News Releases

#November 12, 2021
Option granted to acquire Condor's interest in the Ocros Project

 Vancouver, B.C., November 12, 2021 - Condor Resources Inc. - ("Condor" or the "Company") (TSXV:CN) is pleased to announce that it has entered into an agreement with Compañia Minera Virgen de la Merced S.A.C. ("Virgen") of Peru, whereby Virgen may acquire Condor's remaining 34% net interest in the Ocros project in Peru. Consideration to be paid by Virgen is US$1million, paid in installments of U$100,000 every three months, with the first payment received on signing.

Virgen has earned a 51% interest in the Ocros project pursuant to an option agreement dated May 2017, which required Virgen to complete 6,000 metres of diamond drilling, and to make staged payments in the aggregate of US$250,000. After Virgen earned its 51% interest, a new company, Minera Eldorado Ocros S.A.C., ("Eldorado") was created to hold the Ocros project. Eldorado is owned by Virgen as to 51%, Condor as to 34%, and the property vendor as to 15%.

Upon receipt of the ten payments of US$100,000 (total US$1,000,000), Condor will transfer its minority share holdings in Eldorado to Virgen.

Since the Company acquired the Ocros project, a total of 9,685m of diamond drilling in seventeen drillholes has been completed by three operators. The exploration work includes seven drillholes by the Company, one by Compania Minera Casapalca SAC, and nine by Virgen. Virgen owns the concessions adjacent and to the south of Ocros, where Virgen has been conducting small scale mining for several years.

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.
 
#September 29, 2021
Updates on the Pucamayo, Cobreorco, Huiñac Punta and Ocros Projects

 Vancouver, B.C., September 29, 2021 - Condor Resources Inc. - ("Condor" or the "Company") (TSXV:CN) is pleased to provide an update on our Pucamayo, Cobreorco, Huiñac Punta, and Ocros projects in Peru.

Pucamayo: The Company is renewing its agreement with the local community regarding community engagement and surface access. The council of the local community filed documents in July to officially register the council with the Peruvian government authorities; we have been notified that the registration process concluded this week. The community council advise they intend to meet with the community members to consider the renewal of our access agreement. Access roads and drill pad construction will resume upon completion of the renewed community access agreement, with the maiden drill program at Pucamayo east scheduled to commence immediately thereafter.

The Company is preparing an application to the Ministerio de Energía y Minas ("MEM") to expand the current area of the Pucamayo east drill permit to the south and to the east. Horizonte Consultores were retained to assist in this application, and have completed their field work.

Cobreorco Project: Cobreorco is a largely unexplored typical gold and copper porphyry with an associated skarn, and exhibits mineralization of gold and copper values from surface samples over a wide area. Limited sampling to date indicates relatively homogenous gold and copper values. Mineralization identified is both skarn and porphyry hosted. The project is located in the las Bambas metallogenic province, controlled by the Abancay deflection, an area that is host to several significant mines. The Cobreorco project currently comprises a contiguous project area of approximately 20 sq km.

Condor completed a geologic sampling program earlier in the year to follow up a drone based magnetic survey completed in 2020. The magnetic survey suggested the presence of two potential mineralized centers that correlate well with exposed surface gold/copper porphyry and skarn outcrops.

Horizonte Consultores have completed the initial baseline water and soil sampling and other studies, required for our Declaración de Impacto Ambiental ("DIA") application to the MEM. During the past year the Company has been assisting the local community with provisions of personal protective equipment during the Covid epidemic. Permits for surface exploration programs are in place with the local community.

Huiñac Punta: The Huiñac Punta project has the potential to host a large, carbonate replacement style silver-dominant polymetallic mineralized body. Based on sampling of existing surface exposures, mineralization includes high-grade Ag and elevated Cu, Zn and Pb values, and the mineralized areas are interpreted as pervasive replacement with disseminated mineralization within the sequences of carbonate rocks. The first phase drill program will target geological and geophysical features that suggest potential for discovery of a bulk tonnage silver base metal deposit.

The Company received its principal permit - the DIA - in 2020, and subsequently filed its 'Autorizacion de Incio de Actividades de Exploración' with the MEM. With no advancement after responding to observations noted by the MEM, a follow up meeting with the MEM in June revealed delays in approval were being hampered by a shortage of personnel at MEM. To expedite, the Company retained Embellie, a consulting firm specializing in community impacts, to research, document, analyze, and report on the identification of any potential indigenous people within the area of our project, and any possible impacts to any community identified. The study and report have been completed, and the Company will be reviewing the reports with officials from MEM via a web meeting scheduled in early October.

Ocros: The Company is currently considering its strategic options at Ocros, including a potential sale of the company's 34% interest in the Ocros project.

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.
 
#August 10, 2021
Dr. Quinton Hennigh transitions to Executive role with Condor Strategic Shareholder

 Vancouver, B.C., August 10, 2021 - Condor Resources Inc. - ("Condor" or the "Company") (TSXV:CN) is pleased to congratulate Dr. Hennigh on his appointment as a full time executive Geologic and Technical Advisor for Crescat Capital LLC. ("Crescat") With Dr. Hennigh's new role at Crescat, a strategic and significant shareholder of Condor Resources, Dr. Hennigh has tendered his resignation from the Condor Board of Directors effective August 6, 2021.

In conjunction with the above, Condor has entered into a Strategic Shareholder Agreement with Crescat under which Dr. Hennigh will continue to provide geologic expertise on exploration activities of the Company's projects.

"It has been a delight to act as director of Condor over the past year," commented Quinton Hennigh. "Condor is uniquely positioned with a portfolio of exceptional Peruvian projects being advanced by a highly skilled exploration team. Crescat and I look forward to remaining supportive shareholders as Condor advances key projects, including Pucamayo's maiden drilling campaign."

Lyle Davis, Condor's President and CEO, noted "I would like to thank Dr. Hennigh for his contributions at the board level over the past year, and am delighted that he has agreed to remain involved as an advisor to Condor via Crescat. Quinton's knowledge and experience has been of great benefit to the Company and its shareholders, and will continue to be in his new role".

Crescat is a global macro asset management firm headquartered in Denver, Colo. Crescat's mission is to grow and protect wealth over the long term by deploying tactical investment themes based on proprietary value-driven equity and macro models. Crescat's goal is industry-leading absolute and risk-adjusted returns over complete business cycles with low correlation to common benchmarks. Crescat's investment process involves a mix of asset classes and strategies to assist with each client's unique needs and objectives, and includes global macro, long/short, large cap and precious metals funds.

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.
 
#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.
 

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