Vancouver, B.C., March 3, 2009 – Condor Resources Inc. – (“Condor” or the “Company”) (TSX.V: CN) is pleased to announce results of an exploration reconnaissance program on the Condor de Oro Property, located in the highly prospective Cordillera del Condor gold and copper district in northern Peru, along the border with Ecuador. Condor has agreed to purchase an 85% interest in the Condor de Oro project.
The Condor de Oro project comprises 82.38 sq km and lies within what is arguably one of the most significant unexplored, newly-emerging gold and copper belts in the world. Placer gold has been mined from alluvial deposits on both sides of the border between Ecuador and Peru for hundreds of years, beginning with the Incas and followed by the Spanish Conquistadors.
On the Ecuadorean side of the border, discoveries within the belt include Kinross Gold Corporation’s (Ex-Aurelian Resources) Fruta del Norte gold deposit, located approximately 124 km NE of the Condor de Oroproject, with reserves of 13Moz gold and 22Moz silver, and Corriente Resources’ Mirador Copper District, located north of Fruta del Norte, with an inferred resource of 1.7Bt grading 0.6% Cu. On the Peruvian side of the border, approximately 54 kilometers SW of the Condor de Oro project, Zijin Mining’s Rio Blanco copper-molybdenum porphyry deposit contains reserves of 1.2Bt grading 0.57% copper and 228 ppm molybdenum, making the Rio Blanco deposit one of the largest undeveloped copper resources in the world today.
Gold-bearing rock outcrop and float was originally discovered on the Condor de Oro Property in 2003 within a coarse-grained Tertiary quartz-eye porphyry intrusive cutting Jurassic andesites. Follow up work included stream sediment, soil and rock sampling as well as an airborne magnetic geophysical survey. This earlier work, performed by Monterrico Metals plc, is not NR-43-101 compliant and therefore may not be relied upon, reportedly returned highly anomalous gold and base metal geochemical results with a coincident magnetic high over an area of approximately 4 sq km adjacent to a large magnetic low in the southwestern portion of the property. Placer gold can be panned from streams draining this target, named Puca Yacu. The Condor de OroProperty has never been drill-tested.
The Puca Yacu target is characterized by intense quartz-sericite-clay alteration along with abundant pyrite and limonites and strong quartz vein stockworks with limonite-pyrite and secondary copper. Chalcedonic quartz and jasper are also present, these being products of multiphase hydrothermal events related to an island arc environment similar to that at Fruta del Norte and hosted predominantly in the quartz porphyry and the Jurassic andesites.
A compilation of previous sampling at Puca Yacu, including that conducted by Condor’s Qualified Person, Dr. Richard Culbert (in late 2008) outlines a strongly anomalous Au-Cu zone, open to the north and south.
A total of 117 rock samples from bedrock were collected at Puca Yacu. Of these, 77 samples, or 66%, returned anomalous values in excess of 50 ppb Au, of which 10 ranged from 500 ppb to 999 ppb and 9 returned values in excess of 1 g/t to a peak high of 13.2 g/t Au. Copper values in rock samples, primarily covellite and lesser chalcopyrite, also proved highly anomalous, with 108 samples (92%) returning in excess of 50 ppm Cu, including 26 with values greater than 500 ppm and 9 ranging from 0.1% Cu to 0.28% Cu.
A total of 65 rock float samples were collected and returned 44 that graded >50 ppb Au, including 4 ranging from 500 ppb to 999 ppb and 7 greater than 1 g/t with peak values of 8.20 g/t, 11.95 g/t and 16 g/t Au. Copper values in float samples returned 60 samples with >50 ppm, including 12 at >500 ppm and 5 with values between 0.10% and 1.0% Cu.
Finally, some 84 soil samples were assayed, 60 of which returned values in excess of 50 ppb gold, including 4 > 500 ppb and two grading 1.56 g/t and 1.99 g/t Au. Copper values in soils returned 55 samples at >50 ppm, 6 >500 ppm and one grading 0.18% Cu.
Silver values were also anomalous, ranging from negligible to a high of 41.2 g/t in rock float. Lead and Zinc are similarly anomalous, the latter ranging from negligible to peak highs of 0.54% and 1.0% Zn, and is spatially peripheral to the gold anomalies. Antimony and molybdenum are also locally anomalous and arsenic values are generally negligible.
The second developing target, located to the north of the large magnetic low, exhibits evidence of strong Cu-Pb-Zn mineralization within a hornblende feldspar porphyry intrusive which will be a focus of future exploration. Visible gold is also present in pan concentrates from creeks draining this area.
Dr. Culbert has advised the Company that “Although much of the Condor de Oro Property is unexplored, there can be little doubt that it covers at least one large porphyry gold-copper deposit, with the value of the gold likely to dominate that of copper”. The combined occurrence of coincident stream sediment, soil and rock sample anomalies, along with the large aeromagnetic anomaly, make the Puca Yacu zone one of the most attractive undrilled gold and base metal targets presently known within the Cordillera del Condor. The Company is preparing a follow up program on the Condor de Oro Property based upon Dr. Culbert’s recommendations.
In addition to the Condor de Oro Property, the Company also has an irrevocable right to acquire a 100% interest in each of the Sol de Oro and Kury Intsa projects, giving Condor Resources exploration rights totaling in excess of 200 sq km, one of the largest land packages within the Cordillera del Condor belt in Peru, and covering some of its most attractive and prospective mineral exploration targets.
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 business plan offers shareholders access to an exciting and growing portfolio of properties, including seven 100% owned projects in Chile, and six in Peru, each providing a unique path to discovery.
ON BEHALF OF THE BOARD
Patrick J. Burns,
President & Chief Executive Officer
For further information please contact:
Lyle Davis: 1-866-642-5707
email: 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. 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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