Vancouver, B.C., February 18, 2009 – Condor Resources Inc. – (“Condor” or the “Company”) (TSX.V: CN)is pleased to announce results of a recent unsolicited drill hole on its wholly-owned Austral porphyry copper project in Chile. The Austral property adjoins Condor’s Brahma property located in southern Chile southeast of the city of Talca.
The 321m inclined diamond drill hole was completed by a major international mining company without the knowledge or consent of Condor. The drill hole was collared within an adjacent mineral claim and terminated in claims staked and owned 100% by Condor. Subsequent to drilling and assaying of the hole by the major company, the drill hole location and assay results were voluntarily forwarded to Condor and, subject to confirmation by Condor, indicate the presence of significant amounts of copper and gold mineralization. Condor geologists intend to examine and re-log the drill core. No commercial relationship currently exists between this undisclosed major company and Condor. Discussions between the major company and Condor are continuing in a spirit of amicable cooperation.
Copper values in the hole were anomalous, with numerous individual 1m core samples returning values of 1% to 1.1% Cu, and gold values ranging from negligible to 0.248 g/t Au. A cumulative 56 meters of core assayed more than 0.5% copper equivalent. Condor is advised the assaying was carried out by ALS Chemex, Chile. Detailed results can be found on the Company website (www.condorresources.com).
*PRELIMINARY INTERVALS – TO BE CONFIRMED
| Drill Hole | From (m) | To (m) | Width (m) | Cu% | *AuEq (Cu%) | *CuEq (%) |
|---|---|---|---|---|---|---|
| DDH-001 | 55.00 | 321.00 | 266.00 | 0.25 | ||
| includes | 56.00 | 175.25 | 119.25 | 0.36 | ||
| and | 56.00 | 64.00 | 8.00 | 0.50 | 0.07 | 0.57 |
| and | 73.00 | 77.00 | 4.00 | 0.53 | 0.14 | 0.67 |
| and | 82.00 | 102.50 | 20.50 | 0.59 | 0.10 | 0.69 |
| and | 114.60 | 132.50 | 17.90 | 0.46 | 0.08 | 0.54 |
(*Copper equivalency assumes US$1.55/lb copper, and US$900/oz gold).
Condor’s President, Mr. Patrick J. Burns, stated that “Although the drilling was unsolicited by Condor, these results confirm the discovery of a second, potentially large, porphyry copper-gold system within the Company’s 270 sq km, 100%-owned and adjoining Brahma and Austral properties. Further drilling will be necessary at Austral in order to determine the size and grade of the mineralized system, which measures 1500m long by 500m wide at surface”. He concluded by saying that “This second mineralized system goes a long way to confirm our suspicions that Condor has discovered a new and developing cluster of porphyry copper-gold deposits that represent the discovery of a significant new copper district in southern Chile”.
In addition to a re-evaluation of the adjacent Brahma Project, several other targets remain to be tested within the Company’s large land holdings at Brahma/Austral.
Condor is currently seeking joint venture partners for its property holdings in Chile and Peru.
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 a 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 the Company at 1-866-642-5707, or by email at: 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.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
