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Condor Receives Element79 Payment for Lucero Project

16.05.2024  |  Accesswire

VANCOUVER, May 16, 2024 - Condor Resources Inc. - ("Condor" or the "Company") (TSXV:CN) announces that, further to its press release dated April 8, 2024, it has received the rescheduled payment of US$220,000 from Element79 Gold Corp. ("Element79") with respect to the Lucero project. Element79 are the owner of Calipuy Resources Inc., ("Calipuy"), and assumed Calipuy's obligations to acquire the shares of Condor's subsidiary, Minas Lucero del Sur S.A.C., the owner of the Lucero project.

As previously announced on January 7, 2021, Condor sold its subsidiary company Minas Lucero del Sur S.A.C., the owner of the Lucero project, for consideration of US$3.5 million, payable over five years beginning at that time. The Company can benefit from the currently rising gold price with contingent payments. 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 US$3,000/ounce at the time of the final payment, the total consideration will increase to US$6.0 million. To date, the Company has received US$965,000 of the originally negotiated consideration. The next scheduled payment of US$1,000,000 is due on or before December 21, 2024.

About Condor Resources Inc.

Condor Resources is a precious and base metals exploration company focused on its portfolio of projects in Peru. The company's flagship project, Pucamayo, is an 85 km2 property containing a high sulphidation epithermal system with disseminated precious metals mineralization with a large lithocap alteration visible at surface. The company has optioned several large projects to partners who continue to advance these projects, and has a number of priority and prospective projects warranting further exploration by Condor. The Company's award-winning exploration team in Peru has a long history of success in discovering and advancing high quality exploration projects and managing the social aspects of its exploration activities.

ON BEHALF OF THE BOARD

Chris Buncic,
President & Chief Executive Officer
For further information please contactthe Company at 1-866-642-5707, or by email at info@condorresources.com

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur.

Although the Company believes that the expectations reflected in applicable forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such statements.

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.

SOURCE: Condor Resources Inc.



View the original press release on accesswire.com


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