VANCOUVER, B.C. – July 3, 2009, Condor Resources Inc. (“Condor” or the “Company”) (TSX.V: CN) announces that it has granted Oretech Resources Inc. (“Oretech”), a Vancouver-based private company, an option to earn a 51% interest in the Becker project in Chile, with a further option to Oretech to increase its interest to 70%.
To earn its 51% interest, Oretech must complete a total of $600,000 in work programs on Becker, issue an aggregate of 300,000 shares to Condor, and make cash payments totaling $165,000 within two years of signing. Upon earning a 51% interest, Oretech may increase its interest in the project to 70% by completing a further $400,000 in work programs, issuing an additional 200,000 shares to Condor, and making an additional cash payment of $100,000 on or before June 29, 2012.
Oretech is intending to complete a business combination with Hedger Capital Inc. (HEC.P) as Hedger’s qualifying transaction under the policies of the Exchange. Condor has been advised by Oretech that a National Instrument 43-101 technical report on the Becker project is currently being prepared by Oretech.
The Becker property is located approximately 250 km. south of Santiago, Chile, and 20 km. west of Talca, within the prolific Pre-Arc precious metals mineralized belt located along the western side of the Central Andes. Comprising 8 mining concessions totaling 20 square km., past exploration in the early 1990s by a Canadian junior resource company discovered a gold-mineralized zone measuring some 1500 metres long by 1200 metres wide, within which occurs a significant quantity of white quartz fragments and boulders up to 4 metres in diameter. Follow-up work exposed a total of six quartz veins with strike lengths of up to 350 metres and widths varying from 0.5 to 4 m. The potential for the discovery of additional gold-bearing veins is considered high. Previous sampling returned anomalous gold values along the entire vein lengths, with peak gold values of 23.5, 37.2, 40.7, 63.5, 70.0 and 79.0 g/t Au, indicative of ‘bonanza-style’ mineralization. The Becker project has never been drilled.
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 business plan offers shareholders access to a growing portfolio of properties, including six 100% owned projects in Chile and six 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 the Company 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.
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