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VANCOUVER, BC / ACCESSWIRE / January 7, 2021 / Condor Resources Inc. - ("Condor" or the "Company") (TSXV:CN) is pleased to announce that it has concluded an agreement with Calipuy Resources Inc. ("Calipuy") whereby Calipuy will purchase Condor's wholly owned Peruvian subsidiary, Minas Lucero del Sur S.A.C. ("MLDS"). MLDS is a sole purpose company, and the owner of the Lucero project located in the Arequipa Department of Peru.
Consideration is US$3.5 million, payable over five years. Should the price of gold be over US$2,500/ounce at the time of the final payment, total consideration will increase to US$4.0 million; and should the price of gold be over $3,000/ounce at the time of the final payment, the total consideration will increase to US$6.0 million. Calipuy have the option to compress the payment schedule to three years, and in such event, the total consideration will be US$3.0 million. Condor has received the initial payment of US$90,000.