Vancouver, B.C., November 2, 2010 – Condor Resources Inc. – (“Condor” or the “Company”) (TSX.V: CN) is pleased to announce that continued exploration on the Yuracyacu intrusive-hosted gold and base metals target within its Condor de Oro property located in the Cordillera del Condor in northern Peru have increased the size and tenor of mineralization on the second large target explored on this 102 square kilometer property. The results from the first gold-copper target on Condor de Oro (Pucayacu) are summarized in press release dated March 3, 2009. Neither the Pucayacu or Yuracyacu Au-Cu targets have ever been drill tested.
Discovered in late 2009, Yuracyacu was found by prospecting combined with the follow up of stream sediment anomalies and the reinterpretation of a previous geophysical survey over the northeastern portion of the Condor de Oro property. This earlier geophysical survey identified an elongated aeromagnetic anomaly, measuring approximately 1500m to 2000m long in an east-west direction by 500m to 800m north-south, located some 8km NE of the Pucayacu Au-Cu prospect. Samples collected from outcrop and float at Yuracyacu returned anomalous gold and base metals mineralization over an area covering approximately 4 sq km.
The precious metal enriched polymetallic mineralization remains open in all directions and is currently interpreted to be related to a hydrothermally altered intrusive complex which includes quartz feldspar porphyry (QFP) and feldspar hornblende porphyry (FHP), and granodiorite with related quartz stockwork veining intruding volcanic andesites and fine grained clastic sedimentary rocks. Results of this latest program are posted on the Company’s website.
In the current program, 165 samples were collected at Yuracyacu with the majority of the samples being continuous 2m rock chip samples. Most of the samples collected returned anomalous values for Au, Ag, Cu, Pb and Zn, with localized anomalous Mo and As values. Elevated Hg and Bi occur associated with mineralized quartz veins. Individual 2m continuous rock chip samples returned peak gold highs of 465 ppb, 1,145 ppb and 5,490 ppb Au, with silver values up to 15.1 g/t, 17.4 g/t, 18.9 g/t, 21.8 g/t, 22.7 g/t, 32.7 g/t, 34 g/t, and 51.9 g/t Ag. The majority of the copper samples (121 or 73%) returned anomalous values ranging from 50 ppm Cu to highs of up to 0.21%, 0.23%, 0.26%, 0.27%, 0.30%, 0.40% and 0.71% Cu. Lead and zinc values were also predominantly anomalous, with highs of 1.45% Pb, 2.03% Pb, 2.65% Pb, 2.84% Pb and 5.16% Pb related to vein mineralization, predominantly galena, with associated sphalerite returning high zinc values of 3.14%, 3.22%, 3.45%, 5.44%, 5.89%, 7.72%, 12.70% and 16.55% Zn. Continuous rock chip samples across a 4m wide 040/85NW interval of banded milky quartz veins cutting strong phyllic altered (quartz-sericite) FHP returned copper highs of 0.74%, 0.80%, 1.15%, 1.59% and 2.03% Cu with associated Ag, Pb, Zn, Hg (to 9004 ppm Hg) and Bi.
The nature and distribution of the pervasive phyllic alteration and anomalous associated geochemical values at Yuracyacu, particularly the widespread and highly anomalous zinc values (137 samples or 83% returned values >100ppm Zn), suggest proximity to a gold and copper rich centre which has yet to be discovered. Follow up prospecting, mapping and sampling of steam sediments, soils, rock outcrop/float is scheduled to continue during November.
A long-term community agreement was signed earlier this year and an environmental impact study is underway as part of the requirements towards obtaining a drill permit for the Condor de Oro project.
The Company has the right to purchase an 85% interest in the Condor de Oro Property, and to acquire a 100% interest in the 49 sq km Sol de Oro and 70 sq km Kury Intsa projects located immediately to the north, bringing its total mineral exploration rights to 221 sq km on the Peruvian side of the newly emerging and under-explored Cordillera del Condor gold and base metals belt.
Brief History of the Cordillera del Condor district
The Cordillera del Condor district extends for approximately 200 kilometers along the border separating Peru and Ecuador and has been a source of gold production dating back to pre-Inca times from small but high grade vein and placer mining operations. Accurate records are lacking but estimates of past gold production from the Cordillera del Condor district suggest approximately of 100,000 ounces per annum.
The Cordillera del Condor is likely one of the world’s last remaining unexplored mineral belts. In recent years, exploration activity on the Ecuadorian side of the border has resulted in the discovery of several significant gold and base metal deposits, including Kinross Gold Corporation’s Fruta del Norte Gold deposit (inferred resource of 13.6 million contained ounces of gold averaging 7.23 g/t Au), the Mirador Copper-Gold porphyry deposit (recently purchased by CRCC-Tongguan Investment (Canada) Co. Ltd. from Corriente Resources Inc., with measured and indicated resources of 438 million tonnes grading 0.61% Cu and 0.19 g/t Au along with inferred resources of 235 million tonnes grading 0.52% Cu and 0.17 g/t Au), the Mirador Norte Copper-Gold porphyry deposit (indicated resource of 171 million tonnes grading 0.51% Cu and 0.09 g/t Au along with an inferred 46 million tonnes grading 0.51% Cu and 0.07 g/t Au) and Dynasty Metals & Mining Inc.’s Jerusalem Gold deposit in the Chinapintza district (with measured and indicated resources of 580,000 contained ounces of gold grading 12.4 g/t Au along with an inferred resource of 710,000 ounces grading 11.5 g/t Au). The technical information with respect to the above deposits was obtained through the respective companies’ public disclosure documents available on SEDAR.
Modern-day exploration is only now commencing on the Peruvian portion of this important new and poorly understood mineral belt. Condor Resources, as one of the earliest players on the scene, has been able to acquire the rights to some of the most highly prospective ground within the belt. Its three projects, Condor de Oro, Kury Intsa and Sol de Oro, comprise a combined total of 221 sq km, representing one of the largest land positions within the Cordillera del Condor. All three projects exhibit evidence of gold and copper mineralization in outcrop and/or stream sediments and also cover historic placer gold workings.
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/base metals deposit and its business plan offers shareholders access to an exciting and growing portfolio of properties, including six 100% owned projects in Chile, and seven 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 the Company 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.
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