News

 June 29, 2007
Condor Announces Financing

 NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES

Vancouver, B.C., June 29, 2007 -- Condor Resources Inc - ("Condor" or the "Company") (TSX: CN) is pleased to announce that it has negotiated a brokered private placement pursuant to which Pacific International Securities Inc. (the "Agent") has agreed to act as agent for an offering (the "Offering") of Units (the "Units") by Condor in the Provinces of British Columbia, Alberta and Ontario by way of private placement.

The Offering will be for up to 4,000,000 Units at a price of $0.55 per Unit, with each Unit consisting of one common share and one half of one common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to purchase one additional common share of Condor at a price of $0.75 for a period of 18 months from the closing of the financing. The Warrants will be subject to accelerated expiry provisions such that if any time after four months from closing, Condor's shares trade on the TSX Venture Exchange at or above a weighted average trading price of $1.25 per share for 20 consecutive trading days, Condor may give notice that the Warrants will expire 30 days from the date of providing such notice (in writing to Warrant holders and via news release).

The Company has granted to the Agent an over-allotment option (the "Over-Allotment Option"), exercisable at any time prior to the closing, to purchase up to 1,000,000 additional Units. If the Over-Allotment Option is exercised in full, the total gross proceeds raised will be $2,750,000.

The Agent's compensation will be a commission equal to 8% of the gross proceeds of the Offering, including the Over-Allotment Option, payable in cash or in Units at the election of the Agent, and a compensation option (the "Compensation Option") entitling the Agent to purchase up to such number of common shares of the Company as equals 8% of the total number of Units sold through the Offering, for a period of 18 months from the date of the closing of the Offering. Each Agent's Option will be exercisable into one (1) common share of the Issuer at $0.75 per share. The Offering is subject to TSX Venture Exchange approval.

The net proceeds of the Offering will be spent on exploration of the Company's properties, and in particular the newly-discovered porphyry copper mineralized system at the Company's 100%-owned property on the West Fissure in Chile (see the Company's news release dated June 25, 2007).

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 in Chile, Argentina and Peru, 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
email: info@condorresources.com

Condor Resources Inc.
910-885 Dunsmuir Street,
Vancouver, BC V6C 1N5
Tel: 604-484-2015
Fax: 604-688-9895

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as such term is defined in Regulation S under the U. S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
 
 

You can view the Next News Releases item: Thu Jul 26, 2007, Condor Closes $2.75 Million Financing

You can view the Previous News Releases item: Mon Jun 25, 2007, Condor Discovers Large New Porphyry Copper Occurrence in Chile

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