Vancouver, B.C., January 18, 2012 – Condor Resources Inc. – (“Condor” or the “Company”) (TSX.V: CN)is pleased to announce that results of the first diamond drill hole at the Company’s wholly-owned San Martin project in southern Peru have been received. Hole SMA-001 targeted the depth continuity of encouraging silver assays encountered in surface chip-channel samples (see news releases dated September 7th and 12th, 2011). The assay highlights from the first drill hole are summarized below:
| DEPTH, m | Interval | Silver | Gold |
|---|---|---|---|
| From 1.50m to 16.40m | 14.90m | 68.73g/t | 0.09g/t |
| Including | |||
| From 5.80m to 11.30m | 5.50m | 135.10g/t | 0.15g/t |
SMA-001 was drilled at azimuth 25°, dip -75°, to a depth of 136m, and went from the mineralized hydrothermal breccia into pervasive silica altered intercalated quartzites-shales and crackle breccias with anomalous silver values. The initial interpretation of this near-surface hydrothermal breccia mineralization is that it represents channels emanating from a mineralized source at depth.
Assay results from two additional San Martin drill holes completed prior to Christmas are still pending. Diamond drilling resumed after the Christmas/New Years recess with the start of SMA-004 on January 6th, and is currently at a depth of approximately 185m. Hole SMA-004 is the first to test the large chargeability and resistivity anomaly detected in the geophysical IP survey conducted by Val D’Or Geofisica Peru S.A., whereas hole SMA-001 was located along the northern fringe of this anomaly.
Prior to the shutdown, the first three holes, totalling approximately 442m, were completed and samples delivered to the ALS Chemex laboratory in Lima. Samples from hole SMA-001 were delivered in late November. Assay results from Peruvian analytical laboratories are taking longer than normal due to the increased mineral exploration activity underway within the country. As a result, Condor is departing from its normal practice of releasing drill results from a group of drill-holes, and is releasing the results from SMA-001 as an individual hole.
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 fourteen 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
