|March 13, 2006|
Condor Resources - Update
|Patrick J. Burns, the President of Condor Resources Inc. ("Condor" or the "Company") is pleased to announce that the Company's common shares have been trading since March 3, 2006 on the TSX Venture Exchange under the symbol "CN".|
The Condor Initial Public Offering ("IPO") was conducted by Bolder Investment Partners through the offering of 5,000,000 shares at a price of $0.40 per share. The net proceeds of approximately $1.8 million will be used to advance the Company's projects in Chile, beginning with fill-in IP geophysics on the 98 sq km Escudo porphyry copper target. The original 1 km line-spacing IP and Resistivity survey conducted by Quantec Geophysics ("Quantec") at Escudo in 2004, delineated a more than 20 sq km IP phase anomaly located under alluvial fill within the West Fissure fault system, at the intersection with the Culampaja regional linear which crosses into Chile from northern Argentina. The West Fissure is host to the majority of Chile's large (+1 billion tonne) porphyry copper mines, and the Escudo property is located between BHP Billiton's Escondida and Codelco's El Salvador deposits. The Bajo de la Alumbrera porphyry copper deposit, owned Wheaton River Minerals and Xstrata, is located on the Culampaja linear, making the intersection of these two deep-seated regional structures a prime target area for the emplacement of a porphyry copper deposit.
At the time of the IP survey, Quantec conducted a comparison of the Escudo IP data with the geophysical response over Falconbridge's Collahuasi-Ujina operating mine located further to the north, and concluded that "The similarity of the Escudo IP data and the Collahuasi District IP data suggests that the data from Escudo are consistent with anomalies expected over a porphyry system" and that "IP anomalies under cover within the porphyry belt of northern Chile are scarce. We are not aware of any other large, undrilled IP anomalies similar to Escudo within the northern copper porphyry belt."
The fill-in IP survey will attempt to prioritize drill targets within the large anomalous zone. This program will be initiated within the next several weeks, and be followed by drilling in the near future.
Funds will also be used for initial follow-up exploration on the Company's four additional projects, Corona, Cristal, Royal, and Becker. Negotiations are currently underway on one of these projects with a potential joint venture partner, and further property acquisitions are anticipated on several newly-identified opportunities. Condor Resources was incorporated in 2003 to capitalize on management's broad incountry experience in Chile and project opportunities which were identified at the time of low metal prices and negligible exploration.
Management's philosophy is to continue generating attractive large "elephant-sized" gold and copper targets within Chile and elsewhere in South America, and to test certain selected priority targets, while preparing others for joint venture participation. We are confident that this philosophy will increase the odds of making Condor the next exploration success story in the region.
For further information please contact:
Condor Resources Inc.
Patrick J. Burns, President
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 forwardlooking 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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