Condor Options the Ocros Porphyry Copper - Silver Project in Northern Peru
Vancouver, B.C., September 4, 2007 – Condor Resources Inc. - (“Condor” or the “Company”) (TSX.V: CN) is pleased to announce that it has entered into an agreement to acquire a 75% interest in the Ocros porphyry copper project in northern Peru. The agreement is subject to the approval of the TSX Venture Exchange.
The Ocros property is located 180 km NW of Lima at elevations ranging between 2250 m and 3550 m and on the continental-scale West Fissure fault system, host to the majority of South America’s most significant copper resources. The 46 sq km property covers an intensely altered, copper-mineralized target measuring 6 sq km in area, with mineralization presently exposed over a vertical extent of more than 700 m. The copper porphyry target has never been drill-tested.
A due diligence field examination conducted by Condor in July, 2007, comprised detailed mapping and the collection of 128 surface rock chip samples. The sampling returned widespread and highly anomalous Cu, Au, Ag, Mo, Pb and Zn assays within the present target area. A total of 118 of the 128 samples collected (92%) returned values in excess of 100 ppm Cu, including 76 samples (59%) in excess of 500 ppm, 51 samples (40%) in excess of 1000 ppm, 18 samples in excess of 0.5% Cu and 11 samples (9%) assaying more than 1% Cu. High grade “exotic” copper mineralization, comprising secondary copper-rich chrysocolla cementing gravels at the bedrock-gravel interface is also extensively present, representing a second separate high-grade copper exploration target.
Past production history includes the mining in the 1970’s of several high-grade Cu-Au-Ag-Zn veins peripheral to the large copper-rich system.
Under the terms of the agreement, Condor has the right to acquire a 75% interest in the 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.
A follow-up detailed mapping, grid soil and rock sampling program is currently underway at Ocros in preparation for a Phase I drilling program to commence in November.
Condor management believes that, along with the recently announced Brahma and La Libertad projects, Ocros exhibits significant near-term potential to host yet another “elephant-sized” copper and precious metals discovery.
ON BEHALF OF THE BOARD
Patrick J. Burns,
President & Chief Executive Office
For further information please contact:
Bernie Kennedy: 1-877-489-4440
Saf Dhillon: 604-484-2015
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.