TSX.V: CN Shares Outstanding: 24,060,241
Vancouver, B.C., August 12, 2008 – Condor Resources Inc. – (“Condor” or the “Company”) (TSX.V: CN)is extremely pleased to report on encouraging progress made at its 100% owned Brahma project in Chile. The first two diamond drill holes of the scheduled 3500m drill hole program have been completed for a total 801.40 metres of drilling, while a third hole is in progress. Copper mineralization was intersected in all three drill holes and coupled with our recent geophysics, the size of the Brahma porphyry copper target has been increased to approximately six square kilometres.
Drill hole BRA-001, located on the northern edge of the Brahma target, was drilled at -80 degrees at an azimuth of 340 degrees to a total depth of 353.40 metres. The hole confirmed the presence of sporadic chalcopyrite and rare chalcocite mineralization hosted within a predominantly propylitic-altered hornblende feldspar porphyry (HFP) intrusive. A total of 174 split core samples from BRA-001 were sent to ISO-certified Andes Analytical Assay laboratory in Santiago, last week.
Drill hole BRA-002, located approximately 500m SW of BRA-001, was drilled at -70 degrees at an azimuth of 150 degrees to a total depth of 448.00 metres. The hole encountered phyllic-altered HFP with increasing localized copper mineralization in the form of chalcopyrite, chalcocite, covellite and rare bornite as disseminations, in veinlets and coating fracture surfaces. BRA-002 also contained abundant pyrite (5% to 10% by volume) throughout the entire length of the drill hole and local molybdenite was observed coating fractures. Split core samples for this hole are expected to be ready this week for shipment to the laboratory.
Field interpretation of the first two holes resulted in the collaring of drill hole BRA-003 some 500m SE of BRA-002. Currently in progress, BRA-003 is also intersecting copper mineralization in more intensely phyllic-altered HFP. A road cut near BRA-003 has also exposed chalcocite and minor covellite in outcrop.
As a result of these initial drill holes and the geophysical IP survey previously conducted on the project, the following observations can be made:
- The size of the mineralized porphyry copper drill target at Brahma has doubled and now conservatively measures approximately six sq km.
- Copper mineralization occurs below a 20m to 30m thick leached capping zone.
- The extensive pyrite mineralization (5% to 10% by volume) noted in the initial drilling together with the associated IP anomaly suggest a strongly-developed porphyry related hydrothermal system.
- The target appears to be only partially exposed, has undergone very little erosion, and the mineralized quartz-sericite phyllic zone extends to the east under cover and beneath the propylitic alteration exposed on surface.
- Surface mapping and drilling have confirmed the presence of copper enrichment as evidenced by the discovery of chalcocite and covellite mineralization.
In conclusion, evidence obtained from the drilling, IP survey and mapping and sampling to date suggests the possible centre of the large mineralized porphyry copper system at Brahma to be located to the south and east of drill hole BRA-003. Please visit our website for additional information on the Brahma project, as well as selected photos of the drill core.
Condor Resources Inc. was incorporated in 2003 by field 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 seven 100% owned projects in Chile, and four 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:
Joel Warawa: 1-866-642-5707
Saf Dhillon: 604-484-2015
email: 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.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
