05:13 PM EDT, 10/07/2024 (MT Newswires) -- Condor Resources ( CNRIF ) on Monday said it terminated an option agreement which would have seen Chakana Copper take up to a 100% stake in its Soledad concessions in Peru.

The company said Chakana failed to make a US$1-million payment due on the property and the two companies "have not been able to reach alternative terms acceptable to both parties".

"Chakana has completed a large amount of exploration work on the Soledad project over the years, defining a NI43-101 compliant Resource, the majority of which underlies Condor's concessions ... Coming to revised terms with Chakana to the benefit of Condor's shareholders has been very challenging, but with the project again in our hands, we have a vision for value enhancement for our shareholders," chief executive Chris Buncic said.

Condor shares last traded Friday, closing at $0.165 on the TSX Venture Exchange.