When you look at the Condor tenements and options the picture is just not clear ...
With no update there is no way to know if the options in the Turkey project even exist any longer. the initial payment (to ex-Chairman Pierre Richard's company) only gave a 6 month right to participate int he trial mining. A further payment of AUD200,000 would extend this for 1 year.
Also the tenements in Chile require exploration if they are to be retained. With nothing happening for the last 2 or more year is anyone sure they haven't been returned to the government as would be the case in Australia ?
As I said before you have to consider this company a shell with no tangible assets. If you look under a rock and find something that is worth a penny then consider yourself lucky.
Condor Blanco Mines breathes new life with lead-zinc-silver project purchase
The three step process provide Condor with binding rights to mine the project, and lower risk, earn-in investment approach with the ability to acquire up to 75% of the license.
Stage 1: Trial Mining (6 month trial mining with binding option to mine): Condor will pay US$100,000 to Anatolian Madencilik to fund trial mining operations. At the time of such payment, Condor will also pay an option payment in the sum of US$50,000 or shares in Condor equivalent to that amount at an issue price equal to the average of Condor’s shares over the last five days immediately prior to their issue or such other price as agreed by the parties, at its election, to Anatolian Madencilik.
This payment will give rights to Condor to participate in the Project for 6 months. Any revenues from trial mining to be split 50:50 between Condor and Anatolian Madencilik.
Stage 2: Full-scale Mining (2 years mining rights with binding option): If results meet Condor’s expectations, Condor will, prior to the end of Stage 1 and if satisfied it wants to proceed with the Project, advance a further US$400,000 to facilitate commercial scale mine production at the Uludere Project.
In addition to this payment, Condor shall before the end of Stage 1 also pay a further option payment of US$200,000 to Anatolian Madencilik, should Condor wish to continue to proceed with the Project.
As consideration, Condor will gain the exclusive right to mine the Tenement for a period of 2-years from the date of such payment with a right to acquire 75% of the Tenement during the Acquisition Period.
Condor can extend this period by further 1 year in consideration for a further payment of US$200,000 to Anatolian Madencilik.
CDB Price at posting:
2.4¢ Sentiment: Sell Disclosure: Held
