Vancouver, B.C., March 2, 2011 – Condor Resources Inc. – (“Condor” or the “Company”) (TSX.V: CN) is pleased to announce it has completed drilling and received results from the drill program on its wholly owned La Libertad porphyry Cu-Mo project located in Ancash Department, Peru, 280 km north of Lima.
Six diamond drill holes totalling 1,937 metres were completed on the property during the period December 17, 2010 to February 11, 2011. Split core samples were shipped to the ALS Chemex laboratory in Lima for analyses. The drill program was designed primarily to test mineralization within a mineralized porphyry intrusive target defined in outcrop along the length of the Quebrada Shemur, as well as an outcropping hydrothermal breccia body.
The drill program confirmed the presence of low-grade copper and molybdenum mineralization along with abundant disseminated and vein pyrite in all six drill holes in a large and complex phyllic to propylitic altered intrusive porphyry copper system. The best results came from hole LL-005, which returned 0.13%Cu over 90m from 48m to 138m hole depth, including 10m of 0.23%Cu from 58m to 68m. A second interval of 46m from 352m to 398m hole depth assayed 0.11%Cu. Molybdenum was present throughout this hole, grading 0.02%Mo over its 400m length, including 40m of 0.032%Mo from 6m to 46m hole depth and 14m of 0.033%Mo from 350m to 364m hole depth. A drill hole location map and summarized assay intervals for all the holes can be found on the Company’s website (www.condorresources.com/s/ProjectMaps.asp?ReportID=416188).
Condor geologists have completed their review of the results, and believe the drilling program succeeded in gaining an initial understanding of the three dimensional alteration system associated with La Libertad but has not yet located the interpreted centre of the porphyry copper system where better grades may be expected. A more thorough review of the data, along with additional drilling, is warranted to locate the porphyry centre.
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 Timea Carlsen 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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