Retransmission: Condor Options its Cristal Project in Northern Chile
VANCOUVER, BRITISH COLUMBIA, Oct 09, 2012 (Menafn - MARKETWIRE via COMTEX) --Condor Resources Inc. ("Condor" or the "Company") is pleased to announce that its Chilean subsidiary, Minera CondorLimitada, has completed a definitive agreement (the "Agreement") withBHP Billiton regarding Condor's 46 sq km Cristal project in northernChile. Cristal is near the Peruvian border and is located along theWest Fissure fault system, host to the majority of Chile's largeporphyry copper deposits, including the nearby Collahuasi, Ujina andQuebrada Blanca porphyry copper mines.
Under the Agreement, BHP Billiton have an exclusive option to earn65% ownership of a joint stock company created to hold the Cristalconcessions by completing cumulative exploration expenditures ofUS18.0 million over four years, with defined minimum annual workexpenditures. The Agreement stipulates a mandatory first year workcommitment of US500,000, which includes an initial cash payment ofUS60,000.
BHP Billiton have the option to extend the initial earn-in period byone year by making a one time cash payment of US300,000.
Upon earning their initial 65% interest, BHP Billiton have theadditional option to increase their ownership in the joint stockcompany to 75%. In order to exercise the second option, BHP Billitonare required to complete a further US7.0 million in exploration atCristal (for a cumulative exploration expenditure of US25.0 million)within two years of acquiring their 65% ownership.
BHP Billiton, at their option, may satisfy any or all of the US25.0million exploration expenditure commitments by making cash paymentsto Minera Condor Limitada in lieu thereof.
Patrick Burns, President and CEO of Condor said, "We are very pleasedto conclude this Agreement with BHP Billiton, and are delighted thatthey will be committing their significant exploration, developmentand operating expertise to Cristal. We have always believed in thepotential of this project, and we feel this Agreement validates ourbelief."
Condor Resources Inc. was incorporated in 2003 by field explorationspecialists focused on the generation of precious and base metalsprojects in South America, where management has extensive experienceand a proven track record of discovery. The Company's long termobjective is the discovery of a major new precious/base metalsdeposit and its business plan offers shareholders access to anexciting portfolio of fifteen properties in Peru and Chile, eachoffering a unique path to discovery.
ON BEHALF OF THE BOARD
Patrick J. Burns, President & Chief Executive Officer
Cautionary Statement Regarding Forward-Looking Information: Allstatements, trend analysis and other information contained in thispress release relative to markets about anticipated future events orresults constitute forward-looking statements. Forward-lookingstatements are often, but not always, identified by the use of wordssuch 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 similarexpressions. Forward-looking statements are subject to business andeconomic risks and uncertainties and other factors that could causeactual results of operations to differ materially from thosecontained in the forward-looking statements. Forward-lookingstatements are based on estimates and opinions of management at thedate the statements are made. The Corporation does not undertake anyobligation to update forward-looking statements even if circumstancesor management's estimates or opinions should change. Investors shouldnot place undue reliance on forward-looking statements.
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Condor Resources Inc.
Patrick J. Burns
President & Chief Executive Officer
SOURCE: Condor Resources Inc.
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