|March 11, 2010|
Warrants Exercised - Consultant Engaged
|Vancouver, B.C., March 11, 2010 - Condor Resources Inc. - ("Condor" or the "Company") (TSX.V: CN) is pleased to provide the following corporate update.|
The 2,010,000 share purchase warrants which were subject to an accelerated expiry date of February 24, 2010 were exercised in full, resulting in net proceeds of $402,000. Condor's President and CEO, Patrick J. Burns, states "These funds, along with the net proceeds from the private placement which closed February 19, 2010, ensures Condor is well funded for its upcoming work programs at Pucamayo and Condor de Oro, Peru."
The Company has also retained the services of Bernie Kennedy Consulting Inc. ("Kennedy") for a minimum term of six months, and in partial consideration thereof, has granted Kennedy 100,000 options pursuant to the Company's stock option plan, at an exercise price of $0.41 per share. The options are subject to vesting over a period of nine months. Kennedy will provide corporate communications services to the Company.
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 objective is the discovery of a major new gold/base metals deposit and its business plan offers shareholders access to an exciting and growing portfolio of properties, including six 100% owned projects in Chile, and seven in Peru, each offering a unique path to discovery.
ON BEHALF OF THE BOARD
Patrick J. Burns,
President & Chief Executive Officer
For further information please contact Carey Lotz at 1-866-642-5707, or by email at: firstname.lastname@example.org
Cautionary Statement Regarding Forward-Looking Information: All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Corporation does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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