Vancouver, B.C., September 14, 2010 – Condor Resources Inc. – (“Condor” or the “Company”) (TSX.V: CN) is pleased to announce that Francisco de Undurraga F. has been appointed to Condor’s board of directors.
Mr. De Undurraga is a businessman and investor resident in Santiago, Chile. He originally graduated as Civil-Industrial Engineer from the Universidad de Chile in Santiago, and subsequently graduated in Nuclear Engineering from the International Atomic Energy Agency (IAEA) in Madrid, Spain. He also graduated from the Stanford Executive Program at Stanford University in California.
Mr. De Undurraga has had an extensive corporate executive career, holding positions as senior executive and CEO in several Chilean based companies that include Enersis and Laboratorio Chile, both with wide international operations in South America and listed in the Santiago Stock Exchange and NYSE as well.
Mr. De Undurraga is currently an investor in, and member of the boards of Sundance Investment LLC and Sub-Andean E&P LLC, both companies controlled by Citigroup Venture Capital International (CVCI), operating in oil exploration in the Peruvian Amazonia since 2006. Sundance Investment, through its former subsidiary Barrett Resources (Peru) LLC, successfully developed and sold to Perenco Oil & Gas Group the Block 67 oil exploration project in the Peruvian Amazonia (350 million barrels of oil reserves), and is currently developing the Block 121 oil exploration project in the same area through its subsidiary Sub-Andean E&P LLC.
Mr. De Undurraga is also the founder of, investor in, and Chairman of FIP Ariston Cima, a private investment fund based in Santiago, Chile, since 2004, and managed by Celfin Capital, one of the most important Chilean investment banks. Ariston Cima manages approximately US$ 20 million in diversified investments in the real estate, oil exploration, forestry and financial sectors.
Condor also announces the grant of an incentive stock option to Mr. De Undurraga entitling him to purchase 200,000 shares in the capital of the Company at an exercise of $0.40 per share for a period of five years.
Mr. De Undurraga will bring valuable and extensive South American business experience to the Board of Condor, as the Company advances its exploration projects in Peru and Chile.
ON BEHALF OF THE BOARD
Patrick J. Burns,
President & Chief Executive Officer
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.
For further information please contact Carey Lotz at 1-866-642-5707, or by email at: info@condorresources.com
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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