Condor Resources Inc. (TSX-V:CN, OTC:CNRIF) has received a US$220,000 payment in relation to its sale of subsidiary Minas Lucero del Sur S.A.C.
From Element79, the transaction was a scheduled payment in the US$3.5 million sale of the Lucero mining project in Peru, which is owned by Minas.
Condor agreed to sell the project to Element79 subsidiary Calipuy Resources Inc in early 2021, with US$965,000 having been paid so far.
The total consideration of the deal is based on gold prices, with Condor set to receive US$6 million if this sits above US$3,000 per ounce at the time of the final payment.
Were gold to be worth US$2,500 per ounce at the end of the five-year payment payment period, Condor would receive US$4 million for the project.
Condor is due to receive a further US$1 million in the sale by late December.