ACRC announces signing a memorandum of understanding with Kartikay Peruvian Mining Company S.A.C
Updated: Mar 23, 2019
American Condor Resources Corporation (“ACRC” or the “Company”) announces that it has signed a memorandum of understanding with Kartikay Peruvian Mining Company S.A.C. ("KPM") to advance finance and acquisition discussion as well as collaboration.
Christopher Werner, ACRC President and CEO, stated “We have been active in both exploration and continued acquisition of mining projects in Peru since 2013 and KPM offers our Peruvian subsidiary, Gorgona Gold S.A.C., an ideal opportunity to not only commence mining activity and further advance our exploration projects, but also to enhance our management team and prepare for continued growth.”
Kartikay (KPM) has a 5,200 hectare mining concession in an area of dense gold production approximately 500km south of the capital of Lima. The mine started exploitation in August 2016 and has continued since with no stoppage. Over 15,000 metric tons have been processed so far with an average grade of 5 gr/ tn, Au and 0.30%, Cu.
As exploitation continues, new reserves have been found and the operational life
of the mine has systematically been extended beyond the estimated reserves.
However, more comprehensive exploration is needed to determine mid to long