Condor Options its Cristal Project in Northern Chile
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/05/12 -- Condor
Resources Inc. ("Condor" or the "Company") (TSX VENTURE:CN) is
pleased to announce that its Chilean subsidiary, Minera Condor
Limitada, has completed a definitive agreement (the "Agreement") with
BHP Billiton regarding Condor's 46 sq km Cristal project in northern
Chile. Cristal is near the Peruvian border and is located along the
West Fissure fault system, host to the majority of Chile's large
porphyry copper deposits, including the nearby Collahuasi, Ujina and
Quebrada Blanca porphyry copper mines.
Under the Agreement, BHP Billiton have an exclusive option to earn
65% ownership of a joint stock company created to hold the Cristal
concessions by completing cumulative exploration expenditures of
US$18.0 million over four years, with defined minimum annual work
expenditures. The Agreement stipulates a mandatory first year work
commitment of US$500,000, which includes an initial cash payment of
BHP Billiton have the option to extend the initial earn-in period by
one year by making a one time cash payment of US$300,000.
Upon earning their initial 65% interest, BHP Billiton have the
additional option to increase their ownership in the joint stock
company to 75%. In order to exercise the second option, BHP Billiton
are required to complete a further US$7.0 million in exploration at
Cristal (for a cumulative exploration expenditure of US$25.0 million)
within two years of acquiring their 65% ownership.
BHP Billiton, at their option, may satisfy any or all of the US$25.0
million exploration expenditure commitments by making cash payments
to Minera Condor Limitada in lieu thereof.
Patrick Burns, President and CEO of Condor said, "We are very pleased
to conclude this Agreement with BHP Billiton, and are delighted that
they will be committing their significant exploration, development
and operating expertise to Cristal. We have always believed in the
potential of this project, and we feel this Agreement validates our
Condor Resources Inc. was incorporated in 2003 by field exploration
specialists focused on the generation of precious and base metals
projects in South America, where management has extensive experience
and a proven track record of discovery. The Company's long term
objective is the discovery of a major new precious/base metals
deposit and its business plan offers shareholders access to an
exciting portfolio of fifteen properties in Peru and Chile, each
offering a unique path to discovery.
ON BEHALF OF THE BOARD
Patrick J. Burns, 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 Corporation 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
Condor Resources Inc.
Patrick J. Burns
President & Chief Executive Officer
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