CALGARY, Alberta, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Condor Energies Inc. ("Condor" or the "Company") (TSX: CDR), a Canadian based energy transition company is pleased to announce that the Government of Kazakhstan has awarded the Company a contiguous 37,300-hectare lithium brine mining license in Kazakhstan (the "First Lithium License"). Condor holds the 100% working interest in the First Lithium License for a six-year term.

A prior well drilled in the First Lithium License for hydrocarbon exploration encountered and tested brine deposits with lithium concentrations of 67 milligrams per litre in Carboniferous-aged intervals as reported by the Ministry of Geology of the Republic of Kazakhstan. A 670-meter column of tested and untested brine reservoir has been identified from historical wireline log and core data. This well also penetrated the very top of the Devonian-aged sediments and reservoir sands were encountered but not tested.

Condor previously entered into a binding sale and purchase agreement for a separate lithium brine mining license (the "Second Lithium License") with a state-owned entity (the "Seller") and the Company is awaiting final approval from the Government of Kazakhstan to complete the acquisition. A prior well drilled in the Second Lithium License for hydrocarbon exploration encountered and tested brine deposits with lithium concentrations of up to 130 milligrams per litre in Devonian and Carboniferous-aged intervals as reported by the Ministry of Geology of the Republic of Kazakhstan. A 1000-meter column of tested and untested brine reservoir has been identified from historical wireline log and core data. Condor will hold a 95% working interest in the Second Lithium License and operate and be responsible for funding all activities while the Seller will maintain a 5% carried working interest. The Second Lithium License was originally assigned to the Seller on April 3, 2019, for a six-year term and provides the subsurface exploration rights for solid minerals on a contiguous 6800-hectare area.

The lithium licenses are strategically located between Europe and China, providing direct access to existing and robust lithium markets. The Company intends to produce the lithium by utilizing closed-looped Direct Lithium Extraction ("DLE") technologies. Given that the Company's Lithium Licenses are not associated with legacy oil wells nor any reported presence of hydrogen sulphide, a less complex and capital intensive modular DLE technology is envisioned for the separation of lithium from the brine when compared with lithium extraction projects targeting oilfield brines. By applying proven DLE production technologies, the Company expects to have a much smaller environmental footprint than existing lithium production operations which use open-pit mining or brine evaporation ponds. The Company is also evaluating the construction of a renewable power generation project to achieve net-zero emissions for its lithium production.

The Company's initial development plan over the next twelve months includes drilling and testing two wells to verify deliverability rates, confirm the lateral extension and concentrations of lithium in the tested and untested intervals, conduct preliminary engineering for the production facilities, and prepare a mineral resources or mineral reserves report compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects (the "Mineral Report"). Procurement of long-lead equipment and contracting a drilling rig is underway.

The Company is not treating the historical estimate as current mineral resources or mineral reserves as additional drilling and testing is necessary, and a qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves. It is uncertain if further drilling will result in the area being delineated as a mineral resource or reserve. Readers should similarly not rely on the historical lithium concentration estimate for the Lithium License as indicative of the actual lithium concentration or the likelihood that the Company will be able achieve similar production results.

Readers are invited to review the Company's latest corporate presentation available on the Condor website at "condorenergies.ca".

FORWARD-LOOKING STATEMENTS

Certain statements in this news release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as "anticipate'', "appear", "believe'', "intend", "expect", "plan", "estimate", "budget'', "outlook'', "scheduled", "may", "will", "should", "could", "would", "in the process of" or other similar wording. Forward-looking information in this news release includes, but is not limited to, information concerning: the timing and ability to receive the approval from the Government of Kazakhstan, if at all, and the timing and ability to subsequently complete the Second Lithium License acquisition transaction; the potential for the lithium license areas to contain commercials deposits; the extent to which prior lithium testing results are indicative of future testing results; the ability to identify brine reservoirs from historical wireline log and core data; the timing and ability to access lithium sales markets; the timing and ability to produce lithium by utilizing closed-looped DLE production technologies; the timing and ability to utilize less complex and capital intensive modular DLE technology for lithium separation compared to lithium extraction projects targeting oilfield brines; the timing and ability to have a much smaller environmental footprint than existing lithium production operations which use open-pit mining or brine evaporation ponds; the timing and ability to evaluate the construction of a renewable power generation project to achieve net-zero emissions; the timing and ability to fund, permit and complete the planned activities including drilling and testing two wells to verify deliverability rates, confirm the lateral extension and concentrations of lithium in the tested and untested intervals, conduct preliminary engineering for the production facilities, and prepare the Mineral Report; and the timing and ability to procure long-lead equipment and contract a drilling rig.

Such forward-looking information and statements are based on numerous assumptions, including among others, assumptions regarding the availability (including on terms acceptable to the Company) of drilling and testing equipment and personnel that can be deployed to the lithium licenses, the ability of the Company and its personnel to effectively employ DLE and other lithium extraction technologies on the lithium licenses, near-term commodity prices, financial market conditions and other economic factors. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Important factors that could cause actual results to differ materially from the Company's plans or expectations include the actual lithium concentrations and risks relating to the ability of the Company to obtain accurate test results, the failure of the Company to procure and utilize DLE or other lithium extraction technologies, and the timeliness and receipt of any required regulatory approvals. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The forward‐looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward‐looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.

The TSX does not accept responsibility for the adequacy or accuracy of this news release.

For further information, please contact Don Streu, President and CEO or Sandy Quilty, Vice President of Finance and CFO at 403-201-9694.