Astorius Renegotiates Condor Option Term and Commits to 1st Q Work Program in Ecuador

- November 28th, 2017

Astorius Resources Ltd. (TSX-V: ASQ, Frankfurt: 47AF) (“Astorius” or the “Company”) is pleased to announce that the Company has renegotiated the option for the property Lateegra Ecuador (“LRG” or the “Optionor”). and has initiated an exploration program in Ecuador aiming to explore the recently optioned Condor properties.

Astorius Resources Ltd. (TSXV:ASQ, Frankfurt: 47AF) (“Astorius” or the “Company”) is pleased to announce that the Company has renegotiated the option for the property Lateegra Ecuador (“LRG” or the “Optionor”). and has initiated an exploration program in Ecuador aiming to explore the recently optioned Condor properties.
 
OPTIONOR HEREBY GRANT TO ASQ THE OPTION ON TERMS DEFINED BELOW;
 

Date Cash Considerations Work Obligations (First Quarter 2018)
On approval by TSX of this Option Agreement or on December 5, 2017 whatever happens first US$ 25,000  
From January 2018 to March 2018   US$ 50,000
On March 15, 2018   Pay annual patent tax of the Claim and file annual Exploration and Audit reports to the Ecuadorian authorities
On March 30, 2018 when the Definite Agreement will be signed US$ 50,000  
TOTAL US$ 75,000 US$ 50,000

 
DEFINITIVE AGREEMENT TERMS:
 
The Definitive Agreement will contain the following terms and conditions:
 

  • Payments in cash of no more than US$ 1,200,000 dollars to be paid in the dates to be agreed by the Parties when signing the Definitive Agreement; and

 

  • Issuance of 4,500,000 (four million five hundred thousand) ASQ shares in favor of Optionor or whoever it will determine for such effect

 
The property consists of two hundred and forty two (242) hectares of mineral rights within 4,000 meters south east of Lundin Gold Inc. (TSX VENTURE: LUG)’ Fruta del Norte (“FDN”) high grade gold discovery and just south of Lundin’s Machinaza target. Condor is also located within the known Ecuadorian Copper Belt, just 6 kilometers south of EcuaCorriente’s Mirador, Panantza and San Carlos copper projects.
 
Lateegra Ecuador S.A. also owns a 69 hectares farm (surface rights) located within the boundaries of Condor concession.
 
Condor Concession is basically the only mining concession within Lundin’s 90,000 group of morning concessions which is not property of Lundin Gold and is surrounded by Duque concession (see: map).
 
The Condor Property was originally purchased by Lateegra Ecuador S.A. from Mr. Freddy Salazar, an Ecuadorian Geologist who spent ten years working as an in-country geologist for Newmont Gold and more later for Aurelian Resources. Mr. Salazar was instrumental in the identification of the land package known as the Fruta del Norte Project held originally by Aurelian Resources Inc., then by Kinross Gold and now by Lundin Gold. The Condor property is within the same geologic unit as Lundin’s Fruta del Norte discovery. Mr. Salazar is President of Salazar Resources, a Canadian public corporation that continues developing world class properties in Ecuador.
 
Condor concession is fully covered by strongly altered and oxidized intrusive rocks with presence of limonite veins and some fully brecciated sections with sericitic alteration, angular alluvial gold in placers covers 70% of the area. The property is underlain by strongly altered intermediate porphyritic intrusive rocks containing weathered sericitic/chloritic alteration. Veins up to 4m in wide of tectonically brecciated crystalline quartz with iron oxides have been intersected in nearby trenches by Aurelian Resources. Additionally, 1m float boulders discovered in the area have assayed up to 6.62g/t Au, with angular alluvial gold covering 70% of the area.
 
The Condor concession also has an important aluvial deposit in the low and mid terraces on both sides of the Machinaza, in an area of 1.2 km by 200 meters by 4 to 8 m depth. Additionally, some mineralized outcrops have been found.
 
There is a complete N.I. 43-101 report on Condor that will be updated with the results obtained during the exploration program.
 
Astorius is re-negotiating a new option agreement to acquire 100% of the shares of Lateegra Ecuador S.A. titleholder of the “Condor” property in South Eastern Ecuador.
 
The technical information within this news release has been reviewed and approved by Clinton Smyth, P. Geo, and Astorius’ Qualified Person as defined in NI 43-101.
 
About Astorius Resources Ltd.
 
Astorius (TSX.V:ASQ Frankfurt: 47AF) is a junior exploration and near term production company focused on high value minerals deposits in North and South America.
 
ON BEHALF OF THE BOARD OF DIRECTORS
/s/ “Arthur Brown
President & Director
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
 
Notice Regarding Forward-Looking Statements
This news release contains “forward-looking statements,” Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, statements regarding the exploration results on the property mining concession.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.
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Source: www.fscwire.com

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