|November 14, 2006|
Geophysics in Progress on Cristal Project
|Vancouver, B.C., November 14, 2006 - Condor Resources Inc - ("Condor" or the "Company") announces that a deep-penetrating geophysical induced polarization (IP) survey is currently being conducted on the Cristal porphyry copper project located in northern Chile by joint venture partner Peregrine Metals Limited ("Peregrine"). Peregrine is a private, well-funded, Vancouver-based Canadian company exploring for base metals throughout Chile, Peru, Argentina and Mexico. Under terms of the agreement, Peregrine has been granted a First Option to acquire a 51% interest in the property over a 4 year period by incurring expenditures of not less than US$2,500,000, making cash payments to Condor totaling US$1,500,000 and issuing 500,000 common shares of Peregrine. Upon exercise of the First Option, Peregrine may elect to increase its interest to 60% by completing a Feasibility Study on the property and incurring additional expenditures totaling US$1,250,000 over a 5 year period. Condor recently increased its land holdings at Cristal from 28 to 46 sq km as a result of continuing exploration and geological interpretation.|
The Cristal project covers a classic porphyry copper target in northern Chile near the border with Peru and 70 km northwest of the port city of Arica. It is located on the well-known West Fissure fault system, a continental-scale structure which hosts the majority of Chile's largest supergene-enriched porphyry copper deposits. The West Fissure undergoes an abrupt change in direction from N-S to N45W under the Cristal claims, precisely where it is intersected by a NE-SW regional structure. Condor geologists believe that the intersection of these deep-seated structures controls the emplacement of the majority of Chile's Atacama Desert porphyry copper deposits (eg. Chuquicamata, Escondida, Collahuasi-Ujina). At Escondida, mining commenced with an average grade of 3% Cu at the top of the supergene enrichment zone.
Condor management, based on more than 25 years of Chilean porphyry copper experience and discovery success, strongly believes that the Cristal property, as well as Condor's 100%-owned Escudo project (where drilling is scheduled to commence at the beginning of December), represent two of the best untested targets in Chile for the potential discovery of a multi-billion tonne supergene-enriched high grade porphyry copper deposit. Condor Resources Inc. was incorporated in 2003 by exploration specialists focused on the generation of copper and gold projects in Latin 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 five 100%-owned projects in Chile along with two recently-acquired projects in Argentina, each providing a unique path to discovery.
On behalf of the Board of Directors,
Signed "Pat Burns"
Patrick J. Burns,
President & Chief Executive Officer
For further information please contact:
Bernie Kennedy: 604-495-6330
Saf Dhillon: 604-484-2015
Condor Resources Inc.
910-885 Dunsmuir Street,
Vancouver, BC V6C 1N5
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
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
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