Vancouver, B.C., June 15, 2009 – Condor Resources Inc. – (“Condor” or the “Company”) (TSX.V: CN) is pleased to announce that it has arranged a non-brokered private placement to raise gross proceeds of up to $300,000. The private placement will consist of up to 3,750,000 units at a price of $0.08 per unit, with each unit consisting of one common share and one non-transferable common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.10 for a period of two years from closing.
The net proceeds of this financing will be used for the exploration of the Company’s Austral and Brahma projects in southern Chile and for working capital purposes.
A hole, drilled by a third party on the Austral Property in February 2009, intersected significant copper and gold mineralization. Copper values were in every case anomalous, with numerous individual 1m core samples returning values of 1% to 1.1% Cu, and gold values ranging from negligible to 0.248 g/t Au. Detailed results can be found on the Company website (www.condorresources.com.).
The private placement is subject to acceptance by the TSX Venture Exchange
Condor Resources Inc. was incorporated in 2003 by field exploration specialists focused on the generation of gold and copper 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, including six 100% owned projects in Chile and six in Peru, each providing a unique path to discovery.
ON BEHALF OF THE BOARD
Patrick J. Burns,
President & Chief Executive Officer
For further information please contact the Company at 1-866-642-5707, or by email at: 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.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
