Vancouver, B.C., January 14th, 2008 – Condor Resources Inc. – (“Condor” or the “Company”) (TSX.V: CN) is pleased to announce that it has entered into an agreement to acquire a 65% interest in the Condoro gold and copper prospect in northern Peru.
Situated along the Peruvian border with Ecuador, the Condoro project comprises 82 sq km in area and lies within the Cordillera del Condor, potentially one of the most significant emerging gold and copper belts in the world. On the Ecuadorian side of the border, the Cordillera del Condor belt is host to Aurelian’s Fruta del Norte gold deposit comprising in excess of 13Moz gold and 22Moz silver, and Corriente Resources’ Mirador Copper District with inferred resources of 1.7Bt grading 0.6% Cu.
Gold-bearing rock outcrop and float was originally discovered on the Condoro property in 2003 and was followed by stream sediment, soil and rock sampling as well as an airborne magnetic geophysical survey. This work, performed by Monterrico Metals plc, is not NI-43-101 compliant and therefore may not be relied upon, reportedly returned highly anomalous gold and base metal geochemical results with a coincident magnetic high over an area of approximately 2 sq km along the western boundary of a large magnetic low. Placer gold has reportedly been panned from the streams draining this target. A second zone of strongly altered hydrothermal breccias and abundant stockwork quartz veins occurs along the northern boundary of the magnetic low and also exhibits a coincident magnetic high.
A mapping and sampling program will commence on the Condoro property in the near future, to attempt to confirm past results. This project has never been drill-tested.
Under the terms of the agreement with a private Peruvian company, Condor has the right to acquire a 65% interest in the property by paying the vendor a total of US$2 million (US$950,000 cash and the remainder in Condor shares) and incurring exploration expenditures of not less than US$4 million over a five year period. Condor also retains a right of first refusal on the vendor’s 35% interest. The agreement is subject to acceptance by the TSX Venture Exchange.
Condor Resources Inc. was incorporated in 2003 by field 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 six 100% owned projects in Chile, two projects in Argentina 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:
Bernie Kennedy: 1-877-489-4440
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.
