Research Pit

[Mr. Zen]

Mariana Resources completes diligence at Condor de Oro

7:48 am by Philip Whiterow

Mariana has pledged to spend US$12.5 million on exploration within four yearsMariana has pledged to spend US$12.5 million on exploration within four years

Mariana Resources (LON:MARL TSE:MRY) will go ahead with its earn-in option for the Condor de Oro project in Northern Peru after due diligence was completed satisfactorily.

The Latin America-focused explorer has been granted options to earn up to 51% of two properties – Pucayacu, which is prospective for gold and copper and the Yuracyacu, where copper and silver are being targeted.

Mariana has pledged to spend US$12.5 million on exploration within four years as well as pay the current holder, Canadian group Condor Resources, US$2.5 million for each property.

The 102 sq km Condor del Oro project is located in the Cordillera del Condor in northern Peru, one of the most significant underexplored gold-copper belts in South America, and approximately 130km southwest of Kinross' Fruta del Norte gold deposit.

Mariana described the option as a potential 'company-maker' when it first announced the deal two weeks ago.