Vancouver, B.C., October 2, 2006 – Condor Resources Inc – (“Condor” or the “Company”) is pleased to announce the results of a fill-in Induced Polarization (IP) and resistivity survey conducted on its 100% wholly owned 98 sq km Escudo porphyry copper project located in Chile’s Region II.
IP anomalies are observed on all geophysical lines. Escudo is a buried porphyry copper target and many of the anomalies are relatively deep. As a result, the only perfectly definitive method of identifying the source of the anomalies is drilling. Initial drill targets have been selected to test the anomalies on the property, and arrangements are now being made for immediate drilling.
One of the targets is within a broad zone of very low resistivities and very high IP values, both of which extend to depth. This anomaly, which occurs near the intersection of a branch of the NNE-trending West Fissure fault system and the NW-trending Culampaja fault, is characteristic of the broad anomalies associated with Escondida and Collahuasi.
The Escudo property was staked in 2003, and in early 2004 the Company contracted Quantec Geophysics to conduct an IP and resistivity survey over the property, comprising 43 line kilometers. This initial survey resulted in the discovery of a large broad IP anomaly under gravel fill, covering an area of approximately 25 sq km. In order to better define and prioritize specific drill targets at Escudo, Argali Geofisica EIRL was contracted to carry out an infill survey comprising an additional 43.3 line kilometers within the area of the original anomaly.
The Escudo project is located within the West Fissure fault system, along which occur most of the large porphyry copper deposits in northern Chile, such as Collahuasi/Ujina, Escondida and El Salvador. A number of smaller mines and advanced projects occur in the vicinity of the Escudo project; all are associated with hydrothermal alteration and significant sulphide mineralization that would cause an IP anomaly.
Condor Resources Inc. was incorporated in 2003 by exploration specialists focused on the generation of copper and gold projects in South 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 five 100% owned projects in Chile along with the recently-acquired El Dorado and Milagrito gold projects in Argentina, each providing a unique path to discovery.
For further information please contact:
Condor Resources Inc.
910-885 Dunsmuir Street
Vancouver, BC V6C 1N5
Tel: 604-484-2015
Patrick J. Burns, President
Saf Dhillon, Investor Relations
saf@condorresources.com
www.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
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