Vancouver, B.C., October 12, 2010 – Condor Resources Inc. – (“Condor” or the “Company”) (TSX.V: CN) is pleased to provide an update on its wholly owned La Libertad porphyry Cu-Mo project, Peru. Recent exploration and channel sampling covering a three square kilometer area has resulted in a significant expansion of the La Libertad porphyry target and the discovery of a mineralized hydrothermal breccia covering a surface area of 200 by 200 meters. The La Libertad project has never been drill tested.
The La Libertad property is located in Ancash Department, northern Peru, 280 km north of Lima. The mineralized system at La Libertad has been expanded through surface exploration by Condor to measure 2 km in diameter. The mineralizing system includes porphyry, breccia and metasomatic hornfels assemblages. The porphyry exhibits a potassic alteration core associated with disseminated native copper and chalcopyrite rich quartz vein stockworks. Surrounding the central potassic alteration zone and topographically above the potassic alteration, mapping has identified a phyllic (quartz-sericite) alteration zone associated with disseminated chalcocite and irregular patches of disseminated chalcopyrite and bornite mineralization. External to the potassic and phyllic alteration zones, hornfelsed, metasomatized, and silicified Cretaceous-aged calcareous sediments have been observed. Peripheral to this zone are multiple quartz veins containing Ag-Pb-Zn mineralization within the surrounding host rocks. Native copper in samples from the leached capping zone within the potassic alteration zone of the porphyry have returned peak values of 8.42% Cu over 2m in a channel sample associated with anomalous silver.
The newly discovered 200 by 200 meter hydrothermal breccia cuts both the altered porphyry and the hornfelsed host rocks. Mineralization in the breccia comprises chalcopyrite, sphalerite, pyrite and pyrrhotite in a silica matrix, with silicified sedimentary clasts also containing limonite and minor copper-zinc mineralization. Channel samples of 2 metre widths of the breccia returned values ranging up to peak highs of 0.57% Cu, 0.61 g/t Au, 45.9 g/t Ag, 4.1% Zn and anomalous lead. The hornfelsed host rock channel samples returned values up to 0.2% Cu, 0.3 g/t Au, 534 g/t Ag, 14.85% Pb and 10.75% Zn over 2m. Peripheral quartz veins returned values up to 0.65 g/t Au, 204 g/t Ag, 9.63% Pb and 9.92% Zn in channel samples of 2 metre widths. A total of 111 two-metre long rock chip channel samples were collected during this program, and all samples were analyzed by ALS Chemex in Lima. Additional results of the recent work program at La Libertad can be viewed at www.condorresources.com.
The La Libertad project is located within the Peruvian porphyry copper belt some 80 km west of the Antamina mine (745Mt grading 1.06% Cu, 11.7 g/t Ag, 0.026% Mo and 0.67% Zn). The technical information with respect to Antamina was obtained through public disclosure documents available on SEDAR.
As reported previously (August 10, 2010), Condor has increased the size of the property to 5 sq km to cover the eastern projection of the La Libertad Cu-Mo porphyry as inferred from results of an earlier IP and resistivity geophysical survey.
Community agreements have been signed and an application for a drill permit has been submitted.
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 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. 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.
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