Vancouver, B.C., January 24, 2011 – Condor Resources Inc. – (“Condor” or the “Company”) (TSX.V: CN) is pleased to announce that community agreements have been signed and all required permits have been granted for the Company to commence its planned drilling program on the West Zone of the Pucamayo project, Peru. Logistics are being finalized, a drill contract has been signed, and it is expected a bulldozer will be on site shortly to commence road and drill platform construction.
In addition, negotiations are nearing completion with the local community near the East Zone at Pucamayo and it is anticipated that an agreement will be reached and signed soon, enabling the drilling to continue onto this target on completion of the West Zone drilling.
As announced previously, Dr. Richard Culbert, Condor’s qualified person, visited Pucamayo and completed a 43-101 compliant technical report on the project, including the adjoining Tinco concession, acquired in 2010. The report states that “Despite limited outcrop, sampling of siliceous breccias exposed along structures has yielded significant gold and silver values, and the induced polarization data suggest that the visible outcrops are part of much larger epithermal systems, especially in the Eastern Zone.” Dr. Culbert’s report can be viewed on the Company’s website.
The upcoming drill program is designed to test the numerous geochemical and geophysical anomalies discovered on the property. The 42 sq km Pucamayo property has never been drill tested.
Pucamayo – West Zone
The West Zone at Pucamayo comprises a total of five NW and NE trending low to intermediate sulphidation multi-phase quartz-carbonate veins, the largest of which has been traced for 1500m along strike with an average width of over 15m. Channel samples within this area returned values up to 86.6 g/t Au and 84.8 g/t Ag over 3m, 5.85 g/t Au and 1.69 g/t Ag over 10m, and 1.34 g/t Au and 624 g/t Ag over a 2m width. Numerous geophysical resistivity and chargeability anomalies exist coincident with the main NNW-striking vein. The drill program will test the main vein at several locations and depths along strike, as well as the secondary structures which returned encouraging surface results.
Pucamayo – East Zone
The East Zone at Pucamayo, located approximately 8km east of the West Zone, comprises a high sulphidation epithermal system with disseminated precious metals mineralization covering an area approximately 1,200m long by 200m to 700m in width. This sector includes an erosion window exposing hydrothermal breccias in outcrop over an area of 350m by 100m within an area largely hidden by recent glacial fluvial cover. Channel samples within the breccias returned values of up to 0.95 g/t Au and 343 g/t Ag over 5m, 0.93 g/t Au and 394 g/t Ag over 5m, and 0.53 g/t Au and 216 g/t Ag over 4m. Drilling is required on this breccia target and is also required to test a series of at least seven quartz-carbonate epithermal veins, where values up to 0.36 g/t Au, 554 g/t Ag, 1.40% Cu, 29.20% Pb and 21.20% Zn were obtained from surface sampling. A geophysical survey over the East Zone breccia target outlined a broad NNE trending and vertically continuous chargeability anomaly measuring approximately 700m long by 350m wide, with a coincident moderate resistivity anomaly within the breccia exposures. This large anomaly is coincident with the favourable geology, alteration and precious metal values as determined by field mapping and sampling, and confirms the depth potential of this large epithermal precious metals target.
About Condor Resources Inc.
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 and/or base metal deposit, and its business plan offers shareholders access to an exciting and growing portfolio of discovery stage properties, including six 100% owned projects in Chile, and seven projects 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.
