Vancouver, B.C., November 24, 2009 - Condor Resources Inc. - (“Condor” or the “Company”) (TSX.V: CN) is pleased to announce results of recent follow up work on the Pucayacu Target on the Condor de Oro project in northern Peru, where the Company has the right to earn an 85% interest.
Additional mapping and sampling on the 4 sq km Pucayacu zone have confirmed the favourable geology and expanded the strong gold and copper geochemical anomaly in outcrop, rock float, soils and stream sediments which occur along with a coincident airborne magnetic geophysical anomaly. The program resulted in the collection of an additional 89 samples, which returned negligible to anomalous results, with peak values of 754 ppb Au, 0.18% Cu, 91 ppm Mo, 0.22% Pb, 0.52% Zn and locally anomalous As, Sb and Hg.
Including the recent sample program, a total of 385 samples have now been collected and analyzed at Pucayacu. The results to date are summarized below.
Rock Outcrop (192 samples):
Cu: Negligible to 0.28% Cu. A total of 143 (74%) have greater than100 ppm Cu.
Rock Float (44 samples):
Cu: Negligible to 1.00% Cu. A total of 40 (91%) have greater than 100 ppm Cu.
Soils (85 samples):
Cu: Negligible to 0.18% Cu. A total of 46 (54%) have greater than 100 ppm Cu.
Stream sediment (64 samples):
Cu: Negligible to 0.11% Cu. A total of 59 (92%) have greater than 100 ppm Cu.
The Pucayacu targets on the Condor de Oro property have never previously been drill tested. As a result of the reported sampling program, the combined geochemical sample density is now considered sufficient to define two immediate drill targets that have approximate plan size of 1.0 and 0.75 square kilometers, respectively. These target areas consist of highly anomalous geochemical Au and Cu values and are located approximately 1500m apart. In these areas, sampling to date has returned peak values of 13.2 g/t Au in a 3m rock chip sample, with values as high as 8.20 g/t, 11.95 g/t and 16 g/t Au from rock float, and soil samples with peak values of 1.56 g/t and 1.98 g/t Au. These targets are also locally anomalous in the gold pathfinder elements (As, Bi, Sb and Hg), with a peripheral Pb-Zn anomaly.
As a result, the Company has initiated plans to request a drill permit to test these two targets at Pucayacu. Some additional detailed soil sampling may be undertaken to better define drill site locations.
The Pucayacu target is characterized by intense quartz-sericite-clay alteration along with abundant disseminated limonites/pyrite and a strong quartz vein stockwork with limonite-pyrite and secondary copper, as well as rhodochrosite, chalcedonic quartz and jasper, hosted within an intrusive complex including a coarse-grained Tertiary quartz-eye porphyry cutting Jurassic andesites. The target remains open to the north and south. Placer gold has been mined from several of the creeks draining Pucayacu and elsewhere on the property since pre-Inca times. Chalcedonic quartz and jasper are also present, these being products of multiphase hydrothermal events related to an island arc environment similar to that at Kinross’ Fruta del Norte project in Ecuador. The Pucayacu project occurs at the intersection of the southwest projection of the newly emerging Cordillera del Condor metallogenic belt and the NW-SE Machala mineralized fault system. Both structural zones contain multi-million ounce gold deposits elsewhere in Ecuador and Peru. (for an area map, see link below)
(http://www.condorresources.com/s/PhotoGallery.asp?ReportID=373600&_Title=Cordillera-del-CondorMachala-Belts)
Incentive Options
Pursuant to the Company’s 2009 Stock Option Plan, it has granted 680,000 incentive stock options with an exercise price of $0.15, and has re-priced 385,000 existing incentive options held by employees and consultants to an exercise price of $0.15, subject to approval of the TSX Venture Exchange.
About Condor
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 Carey Lotz 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. 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.