Condor Resources Announces Sale Intent for Soledad Project

Condor Resources Inc.'s Peruvian subsidiary, Condor Exploration Perú S.A.C., has signed a non-binding Letter of Intent (LOI) to sell its Soledad project in Ancash, Peru. The agreement grants a Peruvian company an exclusive option to buy the three mineral concessions over a 36-month period.

Under the LOI, the purchaser agrees to pay US$3,000,000 in total, with payments structured as follows: US$100,000 upon signing the LOI, US$500,000 upon the Mining Assignment and Option Agreement, and US$2,400,000 in twelve quarterly payments. Exploration can begin immediately, though product extraction is contingent on option exercise.

Condor Peru will receive a 1% NSR royalty once the option is exercised, alongside an existing 1% royalty to Chakana Resources S.A.C. Chris Buncic, CEO, states this transaction allows Condor to focus on its key projects at Pucamayo and Huinac Punta.

The sale is subject to due diligence and regulatory approvals. Definitive Agreement signing is anticipated within 75 days.