VANCOUVER, BC / ACCESSWIRE / April 8, 2024 / Condor Resources Inc. - ("Condor" or the "Company") (TSXV:CN) announces that it has reached agreement with Element79 Gold Corp. ("Element79") to revise the payment terms on a payment due March 31, 2024 of US$375,000 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.
Condor and Element79 have agreed to restructure the US$375,000 payment as follows: US$100,000 was paid in cash on April 2, 2024; US$200,000 will be paid in cash on the closing of Element79's sale of their Maverick Springs project, which closing is expected to occur before the end of June 2024, and US$75,000 will be satisfied by the issuance of units of Element79 at $0.23 Cdn per unit. In consideration of the revised payment schedule, Element79 will pay an additional US$10,000 now, satisfied by the issuance of units of Element79 at $0.23 Cdn per unit, and an additional $US20,000 in cash to be paid at the time of the US$200,000 payment.
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
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.
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