Marketwire
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 31, 2013) - Condor Resources Inc. - ("Condor" or the "Company") (TSX VENTURE:CN) Further to the Company's news release of October 15, 2013, we have been advised by Mariana Resources Ltd. ("Mariana") that the initial drill program is now underway at Condor de Oro in northern Peru. Under the terms of the definitive agreement with Mariana, Mariana are obligated to complete 1500m of drilling at Area 1 of Condor de Oro prior to January 31, 2014.
Hole 1 (CDOYE 001) has been completed to a depth of 282m. Hole 2, approximately 400m to the northwest, is now underway. The drill program is designed to test a target area approximately 2km x 2km which Condor believes has potential to host a gold-copper mineralized system related to quartz-feldspar-porphyry intrusions.
The drilling contractor is utilising a portable drill rig with plans to complete 30 to 40m of HQ core per day. The proposed drill program consists of five holes at approximately 300m each, with completion scheduled by mid December. Mariana have advised they will release assay results in batches, with the first results expected in three to four weeks.
The Condor de Oro concessions are owned by Exploraciones Aguila Dorada S.A.C. ("EAD"). EAD has approval for up to 20 drill holes, on three of EAD's twelve concessions. Condor has an irrevocable option to acquire 85% of the issued shares of EAD, and in turn, Condor has granted Mariana an option to acquire 60% of Condor's shareholding interest, being an overall 51% interest. Mariana is assisting EAD with the drill program under the terms of the option agreement with Condor.
ON BEHALF OF THE BOARD
Lyle Davis, President & Chief Executive Officer
Mariana Resources Ltd.'s news release can be found at http://www.marianaresources.com/pdf/2013/131031_Mariana_news.pdf.
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