Vancouver, B.C., April 26, 2012 – Condor Resources Inc. – (“Condor” or the “Company”) (TSX.V: CN) is pleased to announce that the Phase I drill program has been completed at its San Martin project in southern Peru. A total of 10 diamond holes totaling 2,001m were completed. Summary results for holes SMA-004 to SMA-008 are reported below, and include near surface intervals of 7.9m grading 71.97 g/t Ag in SMA-006, 12.6m grading 48.57 g/t Ag in SMA-007, and 9.30m grading 64.66 g/t Ag in SMA-008. Encouraging results from the first 3 holes were reported in news releases issued on January 18th and February 16th, 2012, and included a near surface intercept of 14.9m grading 68.73 g/t Ag. Results for the last two drill holes are still pending, and will be reported when received.
| SMA-004 | From (m) | To (m) | Interval (m) | Ag (g/t) | Au (g/t) |
|---|---|---|---|---|---|
| including | 6.10 6.10 | 9.40 7.70 | 3.30 1.60 | 16.37 24.10 | – – |
| 85.50 | 92.00 | 6.50 | 11.76 | 0.10 | |
| including | 113.10 118.50 | 119.60 119.60 | 6.50 1.10 | 6.78 13.45 | 0.15 0.14 |
| 147.50 | 150.00 | 2.50 | 26.12 | – | |
| SMA-005 | From (m) | To (m) | Interval (m) | Ag (g/t) | Au (g/t) |
| including | 7.60 7.60 | 13.00 9.60 | 5.40 2.00 | 24.09 51.40 | – 0.18 |
| including | 56.80 56.80 | 63.20 58.10 | 6.40 1.30 | 18.53 37.00 | – – |
| including | 131.60 131.60 | 134.70 133.20 | 3.10 1.60 | 15.07 26.20 | 0.17 0.22 |
| SMA-006 | From (m) | To (m) | Interval (m) | Ag (g/t) | Au (g/t) |
| including | 2.90 7.70 | 10.80 8.80 | 7.90 1.10 | 71.97 253.00 | – – |
| including | 43.20 47.80 | 48.70 48.70 | 5.50 0.90 | 10.76 28.40 | – – |
| 65.85 | 67.90 | 2.05 | 31.94 | – | |
| 133.00 | 144.65 | 11.65 | – | 0.13 | |
| 169.30 | 171.90 | 2.60 | 15.47 | – | |
| SMA-007 | From (m) | To (m) | Interval (m) | Ag (g/t) | Au (g/t) |
| including | 8.60 14.15 | 21.20 18.30 | 12.60 4.15 | 48.57 95.95 | – – |
| 62.65 | 65.80 | 3.15 | – | 0.28 | |
| 107.65 | 108.05 | 0.40 | 167.00 | 1.17 | |
| 153.40 | 156.20 | 2.80 | 16.41 | – | |
| 237.20 | 241.05 | 3.85 | – | 0.33 | |
| SMA-008 | From (m) | To (m) | Interval (m) | Ag (g/t) | Au (g/t) |
| including | 0.00 3.60 | 9.30 6.50 | 9.30 2.90 | 64.66 127.90 | – 0.16 |
| 113.00 | 115.00 | 2.00 | 13.35 | 0.14 | |
Drilling confirmed the presence of a large silicified alteration system which has been extended to approximately 800m long by 150m wide at surface and to a vertical depth of 400m, comprising hydrothermal breccias. The silicified alteration system remains open in all directions and at depth. Within the silicified breccias silver values range up to highs of 1,595 g/t Ag over 0.20m. Partially due to drilling limitations, eight of the ten holes reached only shallow down-hole depths ranging from 136m to 182m; however, four of these drillholes intersected a near surface, sub-horizontal zone of mineralized hydrothermal breccias varying from 7.9m to 14.9m in thickness, with silver grades ranging from 63.89 g/t Ag to 71.97 g/t Ag.
A second phase of drilling is in the planning stage. Goals of additional drilling will be to further define the extent of the silver mineralization and anomalous gold values in this large system, to test for possible extensions under gravel cover to the south, and to test for high grade lenses and feeders at depth.
Condor Resources Inc. was incorporated in 2003 by field exploration specialists focused on the generation of precious and base metals 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 precious/base metals deposit and its business plan offers shareholders access to an exciting portfolio of fifteen properties in Peru and Chile, each offering a unique path to discovery.
ON BEHALF OF THE BOARD
Patrick J. Burns,
President & Chief Executive Officer
For further information please contact Timea Carlsen at 1-778-998-2473, or by email at: tcarlsen@condorresources.com
Dr. Richard Culbert is the Qualified Person under NI 43-101 who has approved the technical content of this news release.
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.
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