Mariana Resources amend Condor de Oro Project

PUBLISHED: Sep 30 2013 @ 05:38 | Comments (0) |

Mariana Resources (LSE:MARL), an exploration and development company focused in Peru and southern Argentina, is pleased to announce that it has executed the amended Definitive Agreement with Condor Resources Inc. for Area 1 (being the southernmost Pucayacu precious and base metal target) at the Condor de Oro project Department of Cajamarca, northern Peru.

The signing of the original Letter of Intent for the Project was announced on October 4, 2012.

Mariana currently holds an option to acquire 60% of Condor’s 85% option over the issued shares of Exploraciones Aguila Dorada S.A.C. (“EAD”) through a combination of staged work commitments and cash payments to Condor.

EAD holds legal title to five mineral concessions at the Pucayacu target area.

As a result of the delays in the permitting process the parties have agreed to extend the first anniversary date for Area 1 to the 31 January 2014, by which time Mariana must have completed minimum exploration expenditures of $500,000 including 1,500 metres of drilling.

Each of the subsequent annual milestone dates have also been extended to the 31 January of the following respective years. Planning of the initial drill program is now well advanced.

Chief Executive Officer, Glen Parsons commented, “I am excited by the imminent initial exploration drilling program to potentially unlock this company-maker on the agreed basis with Condor and EAD.”

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