|April 12, 2010|
Condor options Chavin Property, Peru, to Golden Minerals Company
|Vancouver, B.C., April 12, 2010 -- Condor Resources Inc. - ("Condor" or the "Company") (TSX.V: CN) is pleased to announce that it has entered into an agreement with Silex Peru SRL, the Peru subsidiary of Golden Minerals Company ("Golden") (TSX: AUM; NYSE AMEX: AUMN) granting Golden the option to acquire a 65% interest in Condor's Chavin (formerly called "Pucarima") Property in Peru. Condor has a 100% interest in the Chavin property, which it acquired by staking.|
Golden can acquire a 65% interest in the Property by incurring exploration expenditures of US$1,400,000 and by paying Condor a minimum of US$130,000 in cash over three years. If the option is exercised, the Property title will be transferred into a single-purpose company in which Condor and Golden will have 35% and 65% shareholdings respectively. If Condor elects to not contribute to the costs of a pre-feasibility study and a feasibility study, Golden can increase its shareholding up to 75%.
The Chavin project covers an area of six square kilometres within the central Andes mineral belt in northern Peru, and is host to a polymetallic vein system. Chavin is located 45 km. NW of the Pierina gold mine operated by Barrick Gold Corporation and 10 km. SW of the Pashpap Cu-Mo porphyry project.
The property covers silicified and potassic altered sediments and a quartz-feldspar porphyry intrusive cut by a number of subparallel epithermal polymetallic veins. The main vein identified to date has been traced over 1000 metres averaging 2 to 5 metres in width. Preliminary channel samples over a length of 3 to 5 metres across this vein have returned polymetallic values from negligible to a maximum of 13.9 g/t Au, 1,645 g/t Ag, 25.7% Pb, 10.7% Zn and 0.2% Cu. These results indicate potential for the discovery of high grade 'bonanza-style' mineralization within this vein system.
Previous small mining activity on the principal vein is evident by a 50 metre long tunnel dating from the 1970's. In the 1990's, a small drill program resulted in three short holes being drilled, two of which missed the structure completely. The third hole appears to have been drilled primarily within the hanging wall of the vein and from surface averaged 1.14 g/t Au, 26 g/t Ag, 2% Pb and 1% Zn over 14.1 metres, before exiting the mineralization. This work was not NI-43-101 compliant and therefore may not be relied upon.
About Condor Resources Inc.
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 and/or base metal deposit, and its business plan offers shareholders access to an exciting and growing portfolio of discovery stage properties, including six 100% owned projects in Chile, and seven projects 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. 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.
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.
You can view the Next News Releases item: Tue Apr 20, 2010, Large High Sulphidation Alteration Zone Discovered at Pucamayo, Peru
You can view the Previous News Releases item: Thu Apr 8, 2010, Geophysics defines 700 by 350 metre target at the Pucamayo Project, Peru; May drilling planned
You can return to the main News Releases page, or press the Back button on your browser.