Condor Resources Announces Approval of DIA for Cobreorco Project in Peru

Rhea-AI Summary

Condor Resources has received approval for the Declaración de Impacto Ambiental (DIA) from Peru's Ministry of Energy and Mines for its Cobreorco gold-copper project. The project is being advanced through permitting by Teck Resources Limited under an option and joint venture agreement signed in December 2023. Teck can earn a 55% interest by spending US$4 million in exploration and paying US$500,000 over three years. Teck has the option to increase its stake to 75% with an additional US$6 million in exploration spending and US$600,000 in cash payments. The Cobreorco project targets gold-copper skarn and porphyry-style mineralization.

Positive

• DIA environmental approval received, marking key milestone for project advancement
• Partnership with major mining company Teck Resources Limited
• Potential US$10 million in exploration expenditure from Teck
• Up to US$1.1 million in cash payments from Teck

Negative

• None.

VANCOUVER, BC / ACCESS Newswire / June 12, 2025 / Condor Resources Inc. ("Condor" or the "Company") (TSXV:CN) is pleased to announce that the Declaración de Impacto Ambiental ("DIA") for its Cobreorco project has been approved by the Peruvian Ministry of Energy and Mines ("MEM").

The DIA approval marks a key milestone in advancing the Cobreorco project, which is currently being progressed through the permitting process by a subsidiary of Teck Resources Limited ("Teck"). Condor stands to benefit meaningfully from any exploration success at Cobreorco, which targets gold-copper skarn and porphyry-style mineralization.

In December 2023, Condor entered into an option and joint venture agreement with Teck, on the Cobreorco copper-gold project. Under the agreement, Teck has the option to earn a 55% interest in Cobreorco over three years from the Permit Date by incurring US$4 million in exploration expenditures and making US$500,000 in cash payments. Upon exercising this first option, a dedicated holding company will be formed, after which Teck may further increase its stake to 75% by spending an additional US$6 million in exploration and making further cash payments of US$600,000.

Chris Buncic, President and CEO of Condor, commented, "We are very pleased to have reached this important milestone with Teck. Cobreorco has the potential to deliver substantial value to our shareholders. Projects of this scale and quality are exceedingly rare, and we are only at the beginning of what we believe will be an exciting journey with our partner."

About Condor Resources Inc.

Condor Resources is a precious and base metals exploration company focused on its portfolio of projects in Peru. The Company's flagship project, Pucamayo, is an 85 km² property containing a high sulfidation epithermal system with disseminated precious metals mineralization with a large lithocap alteration visible at surface. The Huiñac Punta project, a 7,200 Ha property in Huanuco, Peru, has the potential to host a large carbonate replacement style (CRD) silver-dominant polymetallic mineralized body with the potential for discovery of a bulk tonnage silver and base metals deposit. The Company has optioned several large projects to partners who continue to advance these projects. The Company's award-winning exploration team in Peru has a long history of success in discovering and advancing high quality exploration projects and managing the social aspects of its exploration activities.

For more information, please visit the Company's website at www.condorresources.com.

Follow Condor Resources (@CondorResources) on X and (@condor-resources) on LinkedIn.

ON BEHALF OF THE BOARD

Chris Buncic
President & Chief Executive Officer

For further information please contact the Company at 1-866-642-5707, or by email at info@condorresources.com

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements include, but are not limited to the Company's expectations with respect to the use of proceeds raised under the Offering.

Although the Company believes that the expectations reflected in applicable forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties, including risks associated with the business of mineral exploration and development; continued availability of capital and financing; general political and economic conditions, fluctuations in metal prices and other market-related risks, including any volatility in the Company's share price, that may cause actual results, performance or developments to differ materially from those contained in such statements. Therefore, readers are cautioned not to place undue reliance on forward-looking statements and forward-looking information. Condor does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future or otherwise, except as required by applicable law.

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 the original press release on ACCESS Newswire

FAQ

What is the significance of the DIA approval for Condor Resources (CNRIF)?

The DIA approval is a key environmental permit from Peru's Ministry of Energy and Mines that allows the Cobreorco project to advance through the permitting process, marking an important milestone for development.

What are the terms of Teck's option agreement with Condor Resources for the Cobreorco project?

Teck can earn 55% interest by spending US$4M in exploration and paying US$500K over 3 years, with option to increase to 75% stake with additional US$6M in exploration and US$600K in payments.

What type of mineralization is targeted at Condor Resources' Cobreorco project?

The Cobreorco project targets gold-copper skarn and porphyry-style mineralization.

When did Condor Resources sign the joint venture agreement with Teck for Cobreorco?

Condor Resources signed the option and joint venture agreement with Teck in December 2023.

Where is Condor Resources' Cobreorco project located?

The Cobreorco project is located in Peru.