Vancouver, B.C., October 19, 2007 – Condor Resources Inc. – (“Condor” or the “Company”) (TSX.V: CN) is pleased to announce that a Phase I diamond drill program, comprising 8 holes totaling approximately 3000 m, will commence on its Ocros copper project located 180 km NW of Lima, Peru in early November. Drill hole locations are being finalized based on field work completed earlier this month. No prior drilling has been conducted on the Ocros property.
The Ocros property encompasses a large structurally-controlled porphyry copper style system covering an area of approximately 9 sq km, within which occurs a central, NW-trending, highly anomalous Cu-Au-Ag-Pb-Zn core measuring roughly 2 km by 1 km with a minimal 700 metres of vertical relief. The topographic base of this porphyry copper occurrence is characterized by numerous high grade, 50 cm to 1 m wide, Cu-Au-Ag-Pb-Zn veins, exploited by local miners from 1953 to the early 1960’s. Underground workings on some of these vein deposits extend over lengths of up to 500 m and on several levels. Condor management believes that Ocros exhibits significant potential to host an “elephant-sized” copper and precious metals deposit.
Condor has the right to earn a 75% interest in this property by paying the vendor US$875,000 (50% cash and 50% in shares) and incurring exploration expenditures of not less than US$4 million over a 5 year period. Condor also retains a right of first refusal on the vendor’s 25% interest.
Condor Resources Inc. was incorporated in 2003 by field exploration specialists focused on the generation of copper and gold projects in South America, where management has extensive experience and a proven track record of discovery. The Company’s long-term business plan offers shareholders access to a growing portfolio of properties, comprising six 100% owned projects in Chile, two projects in Argentina and three in Peru, each providing a unique path to discovery.
Patrick J. Burns,
President and Chief Executive Officer
For further information please contact:
Bernie Kennedy: 1-877-489-4440
Saf Dhillon: 604-484-2015
email: info@condorresources.com
Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s periodic filings with Canadian securities regulatory authorities. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement. Dr. Richard Culbert, P.Eng., is the Qualified Person for the Company as required by NI 43-101 and has reviewed the contents of this news release.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
