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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 28, 2016) - Condor Resources Inc. ("Condor" or the "Company") (TSX VENTURE:CN) - Further to the Company's news release of February 23, 2015, Compañia Minera Casapalca S.A. ("Casapalca") has advised Condor that a drill rig arrived at the Company's Soledad project in Ancash, Peru, last week, and started operations earlier today. A second rig is currently on site, and is expected to begin drilling in the next few days. Permitting is currently in place for up to eight holes, as a follow up to the initial twelve holes drilled in 2014. Casapalca have contracted with GeoDrill S.A.C. to conduct the program.
Ever Marquez, Condor's VP Exploration is assisting Casapalca in interpreting the geology, and selecting drill-hole locations. The location of the first hole is near Breccia No. 5, in the 'Soledad Central' target area (refer to http://www.condorresources.com/i/maps/Soledad-Feb-2015-news-release-Fig-4-2015-Priority-Dri.jpg). The area between Breccia No. 5 and No. 6 is of high interest as deep penetrating geophysics conducted subsequent to the initial 2014 drill program suggests that Breccias Number 5 and 6 may connect at depth. See http://www.condorresources.com/i/maps/Soledad-Feb-2015-news-release-Fig-5-South-North-Secti.jpg. The location of Breccia No. 6 is approximately 500m due north of No. 5, and about 200m higher in elevation. The second drill rig will be positioned in the area of Breccia No. 6.
The 2014 drill program included 2 drill-holes in Breccia No. 5, and one shallow drill-hole in Breccia No. 6, all with encouraging results. See http://www.condorresources.com/i/maps/SOLEDAD-DRILLHOLES-1-to-12-JULY-21-2014.jpg.
Casapalca has an option to earn up to a 70% interest at Soledad over the next four years by completing 15,500m of diamond drilling and by making a series of cash payments to the Company.
Casapalca is a significant private Peruvian mining company with more than 29 years of local experience, and extensive knowledge of underground mining. Its principal asset is the Americana mine, located in the historic Casapalca mining district, about 100 km east of Lima, where they are currently mining almost 1 km below the surface. Casapalca has been involved in the discovery and development of several mines and joint ventures in Peru.
Condor is a project generator focused exclusively on Peru, and our objective is the discovery of a major new precious metals or base metals deposit. The Company currently has two of its properties under exploration by Casapalca, and has leased two of its properties to third parties under production royalty agreements. Project acquisition and development is managed by our Lima based exploration team.
ON BEHALF OF THE BOARD
Lyle Davis, President & Chief Executive Officer
Cautionary Statement Regarding Forward-Looking Information: All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change. Investors should not place undue reliance on forward-looking 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.
Condor Resources Inc.