Condor Signs Agreement with MMG Limited on Brahma/Austral Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/16/13 -- Condor
Resources Inc. - ("Condor" or the "Company") (TSX VENTURE:CN) is
pleased to advise that it has signed an Exclusivity & Access
agreement with MMG Chile Exploration SPA ("MMG"), a subsidiary of MMG
Limited, regarding Condor's Brahma/Austral project in southern Chile.
The agreement gives MMG an exclusivity period of 270 days to conduct
a mandatory due diligence program at Brahma/Austral, which is
expected to include an airborne magnetics survey, and follow up
mapping and sampling. Three months prior to the expiry of the
exclusivity period, MMG are required to declare if they intend to
proceed with an option agreement on the project.
If MMG decide to proceed with an option agreement, they will be
required to complete cumulative exploration expenditures of US$7
million, and complete a Preliminary Economic Assessment, both within
6 years of execution of the option agreement, in order to earn a 70%
interest in Brahma/Austral.
Patrick Burns, President, said, "We are very pleased to see a company
of MMG's standing make a commitment to conduct further exploration at
Brahma. The large area covered by the concessions and the size of the
multiple porphyry copper targets make MMG an ideal partner."
The Brahma/Austral concessions cover some 186 sq km situated
southeast of the city of Talca in southern Chile. It is located on
southern extensions of the prolific West Fissure fault system, the
continental scale structure which controls most of the large world
class copper deposits within the central Andes, including the El
Teniente mine located 200 km to the north.
MMG Limited is a mid-tier global resources company which explores,
develops and mines base metal projects around the world. It is
headquartered in Melbourne, Australia and listed on the Hong Kong
Stock Exchange. MMG owns and operates the Century, Golden Grove and
Rosebery mines in Australia, the Kinsevere mine in the Democratic
Republic of Congo and the LXML Sepon mine in Laos. Its major
development projects include the Dugald River and Izok Corridor base
metals project in Nunavut, north-west Canada. MMG also has
significant exploration projects and partnerships in
Africa and the Americas. It is one of the world's largest producers
of zinc and also produces significant amounts of copper, lead, gold
and silver. For further information visit www.mmg.com.
About Condor Resources Inc.:
Condor 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. The Company's long term objective is the discovery of a
major precious/base metals deposit through its portfolio of
properties in Peru and Chile.
ON BEHALF OF THE BOARD
Lyle Davis, 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
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such as "seek", "anticipate", "believe", "plan", "estimate", "expect"
and "intend" and statements that an event or result "may", "will",
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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.
Chief Executive Officer
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