Condor Receives Element79 Payment for Lucero Project

Rhea-AI Summary

Condor has received a rescheduled payment of US$220,000 from Element79 Gold for the Lucero project, part of a US$3.5 million deal payable over five years. Notably, the total consideration could increase to US$4.0 million or US$6.0 million if the gold price exceeds US$2,500 or US$3,000 per ounce, respectively, at the time of the final payment. To date, Condor has received US$965,000, with the next US$1,000,000 payment due by December 21, 2024.

Positive

• Received US$220,000 payment from Element79 Gold.
• Potential increase in total consideration to US$4.0 million or US$6.0 million contingent on gold price.
• Total payments received to date: US$965,000.
• Next scheduled payment of US$1,000,000 due by December 21, 2024.

Negative

• Initial payment rescheduled, indicating possible delays.
• Only US$965,000 received from a US$3.5 million deal since January 2021, showing slow progress.

VANCOUVER, BC / ACCESSWIRE / May 16, 2024 / Condor Resources Inc. - ("Condor" or the "Company") (TSXV:CN) announces that, further to its press release dated April 8, 2024, it has received the rescheduled payment of US$220,000 from Element79 Gold Corp. ("Element79") 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.

As previously announced on January 7, 2021, Condor sold its subsidiary company Minas Lucero del Sur S.A.C., the owner of the Lucero project, for consideration of US$3.5 million, payable over five years beginning at that time. The Company can benefit from the currently rising gold price with contingent payments. Should the price of gold be over US$2,500/ounce at the time of the final payment, total consideration will increase to US$4.0 million; and should the price of gold be over US$3,000/ounce at the time of the final payment, the total consideration will increase to US$6.0 million. To date, the Company has received US$965,000 of the originally negotiated consideration. The next scheduled payment of US$1,000,000 is due on or before December 21, 2024.

About Condor Resources Inc.

Condor Resources is a precious and base metals exploration company focused on its portfolio of projects in Peru. The company's flagship project, Pucamayo, is an 85 km² property containing a high sulphidation epithermal system with disseminated precious metals mineralization with a large lithocap alteration visible at surface. The company has optioned several large projects to partners who continue to advance these projects, and has a number of priority and prospective projects warranting further exploration by Condor. The Company's award-winning exploration team in Peru has a long history of success in discovering and advancing high quality exploration projects and managing the social aspects of its exploration activities.

ON BEHALF OF THE BOARD

Chris Buncic,
President & Chief Executive Officer
For further information please contactthe 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.

View the original press release on accesswire.com

FAQ

What payment did Condor receive from Element79 Gold for the Lucero project?

Condor received a rescheduled payment of US$220,000 from Element79 Gold for the Lucero project.

What is the potential increase in total consideration for the Lucero project based on gold prices?

The total consideration could increase to US$4.0 million if the gold price exceeds US$2,500 per ounce or US$6.0 million if it exceeds US$3,000 per ounce at the time of the final payment.

How much has Condor received to date from the Lucero project deal?

Condor has received US$965,000 to date from the Lucero project deal.

When is the next scheduled payment for the Lucero project due?

The next scheduled payment of US$1,000,000 is due by December 21, 2024.