Condor Receives Payment from Element79 Gold Corp

Rhea-AI Summary

Condor Resources Inc. (CNRIF) announced the receipt of a US$200,000 payment from Element79 Gold Corp. as part of their agreement related to the acquisition of shares in Condor's subsidiary, Minas Lucero del Sur S.A.C., which owns the Lucero project in Peru. This payment was made on March 31, 2023, with a subsequent payment scheduled before December 21, 2023. Condor focuses solely on exploring projects in Peru, utilizing a project generator and royalty model to minimize shareholder dilution while seeking to discover significant deposits of precious or base metals.

Positive

• Received US$200,000 payment from Element79 Gold Corp.
• Active exploration focus on Peru minimizes shareholder dilution.
• Project generator and royalty model designed to generate exploration capital.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / April 10, 2023 / Condor Resources Inc. ("Condor" or the "Company") (TSXV:CN) announces that it has received the March 31, 2023 payment of US$200,000 from Element79 Gold Corp. ("Element79"). Element79 became the sole owner of Calipuy Resources Inc., ("Calipuy"), and assumed Calipuy's obligations with respect to Calipuy's agreement to acquire the shares of Condor's subsidiary, Minas Lucero del Sur S.A.C., the owner of the Lucero project, Department of Arequipa, Peru. (see Condor's news release of January 7, 2021)

The next scheduled payment is due on or before December 21, 2023.

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

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 source version on accesswire.com:
https://www.accesswire.com/748298/Condor-Receives-Payment-from-Element79-Gold-Corp

FAQ

What payment did Condor Resources receive from Element79 Gold Corp.?

Condor Resources received a payment of US$200,000 from Element79 Gold Corp. on March 31, 2023.

When is the next payment due for Condor Resources from Element79 Gold Corp.?

The next payment is due on or before December 21, 2023.

What is the focus of Condor Resources' exploration efforts?

Condor Resources focuses exclusively on exploration activities in Peru.

What is the significance of Minas Lucero del Sur S.A.C. for Condor Resources?

Minas Lucero del Sur S.A.C. is a subsidiary of Condor that owns the Lucero project, which is part of their exploration portfolio.

How does Condor Resources aim to minimize shareholder dilution?

Condor uses a project generator and royalty model to minimize shareholder dilution while generating exploration capital.