VANCOUVER, B.C. – July 21, 2009, Condor Resources Inc. (“Condor” or the “Company”) (TSX.V: CN) announces that further to its news release of July 10, 2009 it has closed the private placement and received gross proceeds of $590,000. The private placement consisted of 7,375,000 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. Each warrant entitles the holder to purchase one additional common share of the Company at a price of $0.10 for a period of two years. Finder’s fees in the aggregate amount of $27,200 cash were paid. The common shares issued as part of the units and any common shares that may be issued upon the exercise of the warrants are subject to a hold period expiring November 21, 2009.
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.
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.
