Vancouver, B.C., January 20th, 2010 – Condor Resources Inc. – (“Condor” or the “Company”) (TSX.V: CN) announces that the Company’s share price has triggered the accelerated expiry of 2,010,000 share purchase warrants with an exercise price of $0.20 per share. The accelerated expiry was triggered by the Company’s share price closing at $0.27 or higher for ten consecutive trading days, such that the expiry date has now been moved forward from July 26, 2010 to February 24, 2010.
Each warrant now entitles the holder to purchase one common share of the Company at a price of $0.20 per share at any time up to 4:30 pm Vancouver time on February 24, 2010. Any warrants that have not been exercised on or before the new warrant expiry date will have been deemed cancelled.
If all the warrants are exercised, the Company will receive $402,000 in net proceeds, which will be allocated to general working capital. Condor’s President and CEO, Patrick J. Burns, states “The early exercise of these warrants strengthens our balance sheet in the short term, and improves our capital structure going forward.”
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 and/or base metal deposit, and its business plan offers shareholders access to an exciting and growing portfolio of discovery stage properties, including six 100% owned projects in Chile, and seven projects 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
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
