Vancouver, B.C., January 20, 2011 – Condor Resources Inc. – (“Condor” or the “Company”) (TSX.V: CN) is pleased to provide an update on the Phase I drill program currently underway on its wholly owned La Libertad porphyry Cu-Mo project located in Ancash Department, Peru, 280 km north of Lima.
A total of three drill holes have been completed to date, and a fourth drill hole was collared on January 19th. The initial three drill holes have all intersected visible copper and base metal mineralization. The Phase I program will comprise approximately 2000m to 2500m of diamond core drilling in 5 to 6 holes.
The drill program is designed to test mineralization within both an outcropping hydrothermal breccia body and a separate target of mineralized porphyry intrusive defined in outcrop along the length of the Quebrada Shemur.
Drill hole LL001 (total depth of 356m, az. 150, -55) was located within a 200m by 200m surface exposure of the breccia body and intersected the breccia at 78 meters core depth beneath a sequence of silicified black shales, and continued in the breccia until the end of the drill hole. Mineralization comprises disseminated pyrrhotite-pyrite-chalcopyrite within the breccia clasts that are hosted in a quartz-sulphide matrix including massive sulphide zones or lenses of pyrrhotite-chalcopyrite-pyrite and sphalerite.
Drill hole LL002 (total depth of 421.5m, az. 240, -75) was collared approximately 800 m northwest of LL001, and was situated to test the La Libertad mineralized porphyry intrusive exposed within the Quebrada Shemur. Drill hole LL003 (total depth of 229.4m, az. 220, -70) is located approximately 300m north of drill hole LL002 within the porphyry target area. Both LL002 and LL003 intersected a leached capping zone of up to 60m in thickness followed by a currently interpreted zone of very finely disseminated secondary copper enrichment (chalcocite-covellite) and a mixed zone of disseminated and vein/veinlet chalcocite-covellite-chalcopyrite which eventually terminates in primary mineralization comprising chalcopyrite and pyrite. Drill hole LL004 is located approximately 300m to the west of drill hole LL002, and is also targeting the porphyry intrusive target.
Split core samples from drill holes LL001 and LL002 have been shipped to the ALS Chemex laboratory in Lima. Samples from drill hole LL003 are now being prepared for shipment.
Condor’s President, Patrick J. Burns, noted “The drilling program at La Libertad is progressing very efficiently, and has been successful at identifying a mineralized copper porphyry and breccia system to significant depth. We anxiously await the analytical results to determine whether this discovery has potential to host encouraging copper grades.”
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) and 385 km southeast of the La Granja deposit (3.2 billion tonnes grading 0.62% Cu). The technical information with respect to the above deposits was obtained through the respective companies’ public disclosure documents available on SEDAR.
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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