Vancouver, B.C., November 15, 2010 – Condor Resources Inc. – (“Condor” or the “Company”) (TSX.V: CN) is pleased to announce that it has received an encouraging progress report on its 100% owned Chavin polymetallic property from joint venture partner Minera Silex Peru SRL (“Silex”), a subsidiary of Golden Minerals Company (“Golden”) (TSX: AUM; NYSE Amex: AUMN).
Silex plans to conduct a 12 hole diamond drill program totalling 2,650m to test the main vein and additional anomalous silicified and oxidized structures for continuity at depth.
Underground channel sample results by Silex from an historically mined 60m long adit on the property returned grades as high as 849 g/t Ag, 19.45% Pb and 7.92% Zn over 0.60m, 785 g/t Ag, 17.95% Pb and 9.56% Zn over 0.55m and 579 g/t Ag, 12.65% Pb and 6.02% Zn over 1.20m. Surface channel samples assayed as high as 616 g/t Ag, 12.05% Pb and 6.25% Zn over 1.00m, 561 g/t Ag, 10.35% Pb and 5.44% Zn over 1.00m. The highest gold value obtained was 5.57 g/t Au over 1.10m.
Since optioning the Chavin property in April, 2010, Silex has engaged the local community, contracted for an environmental impact study to cover the property, constructed 6.5 km of access road to the project and an additional 1.5 km within the property boundary, and built a base camp. In addition, Silex has carried out 1:1000 scale geological mapping, a topographical survey for control and collected and analyzed a total of 369 surface samples from the main vein and surrounding silicified and oxidized structures, as well as taking 25 samples from the existing 60m long adit. Surface samples from the main vein were cut with a portable diamond saw at 25m intervals perpendicular to the vein. Secondary structures were also sampled at 25m intervals and peripheral silicified and oxidized structures were sampled at 50m intervals along strike. Each sample, of varying length, was cut 20cm wide by 10cm deep and averaged 3 to 4 kg in weight. ALS Chemex conducted the geochemical analyses.
Some 3.3 km of vein length have now been measured, including 1.5 km of the main vein. The main vein trends 140/50-70SW, ranges from 50cm to 4.50m wide and comprises quartz-carbonate with sphalerite-galena-chalcopyrite-pyrite-pyrrhotite and gold mineralization with associated banded, drusy and bladed textures. The Chavin polymetallic vein system is located within the Central Andes mineral belt in northern Peru, 45 km NW of the Pierina gold mine operated by Barrick and 10 km SW of the Pashpap Cu-Mo porphyry project. The Chavin property has been increased from 6 sq km in size to approximately 8 sq km.
Condor currently owns a 100% interest in the property. Silex can acquire a 65% interest in the Property by incurring exploration expenditures of US$1,400,000 and by paying Condor a minimum of US$130,000 in cash over three years. If the option is exercised, the Property title will be transferred into a single-purpose company in which Condor and Silex will have 35% and 65% shareholdings respectively. If Condor elects to not contribute to the costs of a pre-feasibility study and a feasibility study, Silex can increase its shareholding up to 75%.
Condor also advises, that further to our November 12, 2010 news release regarding the retention of Ticar Consulting Corp., (“Ticar”), to provide investor relations, the Company will be paying Ticar $3,000 per month compensation, in addition to the incentive option previously disclosed.
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 objective is the discovery of a major new gold/base metals deposit and its business plan offers shareholders access to an exciting and growing portfolio of properties, including six 100% owned projects in Chile, and seven in Peru, each offering a unique path to discovery.
ON BEHALF OF THE BOARD
Patrick J. Burns,
President & Chief Executive Officer
For further information please contact Timea Carlsen at 1-866-642-5707, or by email at: info@condorresources.com
Cautionary Statement Regarding Forward-Looking Information: All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Corporation does not undertake any obligation to update forward-looking statements even if circumstances or management’s estimates or opinions should change. Investors should not place undue reliance on forward-looking statements. 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
