Vancouver, B.C., February 16, 2012 – Condor Resources Inc. – (“Condor” or the “Company”) (TSX.V: CN) is pleased to announce that results of the second and third diamond drill hole at the Company’s wholly-owned San Martin project in southern Peru have been received. Hole SMA-002 was located approximately 80m north of SMA-001 (see news release dated January 18, 2012), and as was the case with SMA-001, targeted the depth continuity of encouraging silver assays encountered in surface chip-channel samples. The assay highlights from the second drill hole are summarized below:
| DEPTH, m | Interval | Silver | Gold |
|---|---|---|---|
| From 0.90m to 7.05m | 6.15m | 25.04g/t | 0.54g/t |
| From 43.90m to 56.05m | 12.15m | 63.89g/t | 0.12g/t |
SMA-002 was drilled at azimuth 065°, dip -70°, to a depth of 163m, and went from the mineralized hydrothermal breccia into pervasive silica altered intercalated quartzites-shales and crackle breccias with anomalous silver values.
SMA-003, located approximately 50m west of SMA-001, was drilled to a depth of 143m. Continuous silver mineralization was encountered from 2.30m to 82.6m, with the 80.3m interval grading 6.80 g/t Ag. Included within this 80.3m interval were intercepts of 10.5m of 11.35g/t Ag, and 6.2m of 21.96 g/t Ag.
The initial three drill holes at San Martin were designed to test areas of highly anomalous silver values obtained in the surface sample program and to confirm the existence of anomalous silver values and local gold assays up to 1.49 g/t Au over 1.80m, in fluidization channels within the pervasively silicified and brecciated quartzites and shales. These initial holes were situated on the margins of the geophysical IP anomaly, the centre of which is currently being tested in holes SMA-004 and SMA-005.
Hole SMA-004 was completed to a depth of 289m on February 4th and is located approximately 425m east of SMA-001. Hole SMA-005 was commenced February 6th, and is located over half a kilometre to the west of SMA-004. Assay results for these holes are pending.
The approximately 3000m Phase I drill program is targeting Cretaceous-aged quartzites that have been hydrothermally brecciated and strongly silicified, and are exposed on surface over an area approximately 700m long by 100 wide and exposed over a 150m vertical extent. The San Martin project is situated in the Orcopampa–Caylloma precious metals belt in the Arequipa district of southern Peru, approximately 7 km southeast of the Orcopampa gold mine.
Condor Resources Inc. was incorporated in 2003 by field exploration specialists focused on the generation of precious and base metals 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 precious/base metals deposit and its business plan offers shareholders access to an exciting portfolio of fifteen properties in Peru and Chile, 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 778-998-2473, or by email at: tcarlsen@condorresources.com
Dr. Richard Culbert is the Qualified Person under NI 43-101 who has approved the technical content of this news release.
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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