Condor Options the Pucamayo Gold-Silver Project in Southern Peru
Vancouver, B.C., September 11, 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 Pucamayo epithermal gold-silver project in Peru.
The Pucamayo property is located 180 km SE of Lima at an elevation of 4200 m and within the same precious metals belt as the multi-million ounce Yanacocha, Alto Chicama, and Peirina Au-Ag deposits. The 36 sq km property covers two epithermal precious metals targets: a low sulphidation, ‘bonanza-potential’ vein system within an area covering approximately 4 sq km, and a high sulphidation, potential disseminated bulk tonnage system over an area of 1 sq km.
A total of three structures have so far been discovered within the low sulphidation target in an area of rhyodacite domes associated with an eroded volcanic centre. The main ‘Pucamayo’ vein has been followed for more than 1300 m along strike, with average widths of 15 to 25 m. The other two recently-discovered veins have so far been traced for more than 100 m on surface, and range in widths from 0.50 m to 5 m, before disappearing under cover. All veins remain open for extension along strike and down-dip, and there is no evidence of any prior sampling or past mining of these structures.
Condor geologists recently collected a total of 147 rock chip samples over widths of 1 to 5 metres across the veins, with 123 samples taken on the main Pucamayo structure. ALS Chemex conducted the ICP and geochemical gold analyses. Results returned highly anomalous Au/Ag values along with associated pathfinder elements and Cu/Mo/Pb/Zn values. For example, the main Pucamayo vein returned 49 samples (40%) with >100 ppb Au, including 15 samples >500 ppb and 6 samples >1 g/t Au; a total of 20 samples (16%) assayed >20 g/t Ag, including 7 >100 g/t Ag.
Under the terms of the agreement, Condor has the right to acquire a 75% interest in the property by paying the vendor US$500,000 (50% cash and 50% in shares) and incurring exploration expenditures of not less than US$1 million over a 5 year period. Condor also retains a right of first refusal on the vendor’s 25% interest. The vendor is a private Peruvian company controlled by Ever Marquez, the Company’s Vice President, Exploration, which company is also the vendor of the Ocros Property (see the Company’s news release dated September 4, 2007). The agreement is subject to acceptance by the TSX Venture Exchange.
Infrastructure and communication facilities in the area were disrupted by the recent earthquake in southern Peru. Exploration by Condor’s field crew will resume once access is re-established, and will include additional sampling and mapping on the low-sulphidation ‘bonanza-potential’ vein system as well as the high sulphidation disseminated bulk-tonnage target located to the east.
Condor Resources Inc. was incorporated in 2003 by exploration specialists focused on the generation of Copper and Gold projects in Latin 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 along with interests in two projects in Argentina, plus three newly- acquired properties 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:
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.