|May 28, 2008|
Property Updates - Chile & Argentina
|TSX.V: CN Shares Outstanding: 23,873,691|
Vancouver, B.C., May 28, 2008 - Condor Resources Inc. ("Condor" or the "Company") (TSX.V: CN) is pleased to announce the following changes to its Latin American property portfolio.
ROYAL PROPERTY: Condor has granted Galileo Minerals Ltd. ("Galileo") an option to earn a 65% interest in Condor's Royal property in central Chile. To exercise the option, Galileo must complete work programs aggregating $2 million over the next 48 months, and make cash payments of $475,000 over the next 36 months. Upon earning its 65% interest, Galileo and Condor will enter into a joint venture for further development of the property. The 50 sq km Royal property was acquired by staking and is located approximately 300 km south of Santiago. The property covers a large rock geochemical copper-molybdenum-gold occurrence in quartz-sericite altered sediments, intruded by a quartz-feldspar porphyry intrusive.
Galileo Minerals Ltd. is a private Vancouver-based company with a mandate to build a sustainable mid-tier mining company focused primarily on Chilean copper and copper-gold deposits.
ARGENTINA PROJECTS: Condor has terminated its option agreements on the El Dorado and Milagrito gold projects in Salta Province in northwestern Argentina. Exploration results on both projects did not meet the Company's minimum criteria for further work.
Condor management is presently focused on its Brahma porphyry copper project in Chile, where drilling will commence shortly. In addition, the Company continues to evaluate new opportunities and thus has recently acquired several new copper and gold targets in Peru.
Condor Resources Inc. was incorporated in 2003 by field 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 an attractive portfolio of properties, including six 100% owned projects in Chile and four 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:
Lyle Davis: 1-866-642-5707 or Saf Dhillon: 604-484-2015
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.
You can view the Next News Releases item: Mon Jun 9, 2008, Condor Discovers New Chilean Porphyry Copper Occurrence
You can view the Previous News Releases item: Mon May 26, 2008, Final Drill Results Received for the Ocros Project, Peru
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