Condor Resources Signs MOU with Compania Minera Casapalca S.A.

Condor Resources (TSXV:CN) has signed a memorandum of understanding (MOU) with Compañia Minera Casapalca S.A. for its Soledad and Ocros projects in Peru.
As quoted in the press release:

Under the MOU, Casapalca may earn a 51% interest in each of the projects, with an option to increase their interest to 70%, by the completion of work programs and cash payments. The MOU contemplates completion of separate comprehensive agreements on each project prior to December 21, 2015. In addition, the MOU stipulates the mandatory completion of 3,000m of diamond drilling. On signing the MOU, Condor was paid US$22,500, which will be credited towards the cash payments noted below.
At the Soledad project, Casapalca can earn a 51% interest by completing 9,000m of diamond drilling and making cash payments totalling US$375,000, over the next 3 years. Casapalca has the option to increase their interest to 70% by making a further payment of US$350,000, and completing an additional 6,500m of diamond drilling (or work equivalent).
At the Ocros project, Casapalca can earn a 51% interest by making cash payments totalling US$250,000, and completing 6,000m of diamond drilling (or equivalent) within 3 years of receipt of the initial Ocros drill permit. Casapalca have the option to increase their interest to 70% by making a further payment of US$300,000, and completing an additional 4,000m of drilling.

Condor CEO, Lyle Davis, said:

We are excited to have Casapalca, an experienced and capable local operator, as a strategic partner on the Soledad and Ocros projects. With permits already in place at Soledad, and both parties working to secure permits at Ocros, we are looking forward to an active drill program in 2016.

Click here for the full press release.