Condor Receives Payment from Element79 Gold Corp.

Rhea-AI Summary

Condor Resources Inc. has received a payment of US$100,000 from Element79 Gold Corp. as of January 31, 2023. This payment pertains to Element79's acquisition of Calipuy Resources Inc., which involves obligations related to the purchase of Condor's subsidiary, Minas Lucero del Sur S.A.C., owner of the Lucero project in Peru. A subsequent payment of US$200,000 is scheduled on or before March 31, 2023. Condor focuses on exploring potential precious and base metals deposits in Peru and employs a project generator and royalty model to minimize shareholder dilution.

Positive

• Received US$100,000 payment from Element79 Gold Corp.
• Next payment of US$200,000 due on or before March 31, 2023.
• Focused on major metals deposit discovery in Peru.
• Utilizes project generator and royalty model to reduce shareholder dilution.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / February 2, 2023 / Condor Resources Inc. - ("Condor" or the "Company") (TSXV:CN) announces that it has received the January 31, 2023 payment of US$100,000 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.

The next scheduled payment of US$200,000 is due on or before March 31, 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/737937/Condor-Receives-Payment-from-Element79-Gold-Corp

FAQ

What was the recent payment received by Condor Resources from Element79 Gold Corp?

Condor Resources received a payment of US$100,000 from Element79 Gold Corp on January 31, 2023.

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

The next payment of US$200,000 is due on or before March 31, 2023.

What is the focus of Condor Resources Inc. in Peru?

Condor Resources focuses on the discovery of major new precious and base metals deposits in Peru.