|August 10, 2010|
Peruvian Properties Progress Report
|Vancouver, B.C., August 10, 2010 -- Condor Resources Inc. - ("Condor" or the "Company") (TSX.V: CN) is pleased to provide an update on its Pucamayo gold-silver project and other projects in Peru.|
Pucamayo: Condor has a policy of engaging and consulting with local communities prior to initiating advanced exploration activities on any of its properties. This can be a time-consuming process, but in Condor's view, is an integral part of good exploration practice. Condor anticipated starting a Phase I drill program of up to 3,000 metres at Pucamayo in mid May, and had contracted with a drilling company to do so. However, although Condor Exploration Peru has been working with the three communities located within the Pucamayo project area for the past several months, the timing of the meetings and consultation has been largely dictated by the local communities. To date, the communities have not raised any objections to the upcoming drill program, rather, it is a matter of providing the community representatives with all the pertinent information on Condor's plans, and the inclusion of as many of the local inhabitants as possible during our presentations. Condor anticipates that agreements will be signed with all three communities within the next few weeks. Once completed, we will commence drilling on the Pucamayo project as quickly as possible.
While the community discussions were underway, Dr. Richard Culbert, Condor's qualified person, visited the project and completed a 43-101 compliant technical report on the Pucamayo project, including the recently acquired Tinco concession. The report states that "Despite limited outcrop, sampling of siliceous breccias exposed along structures has yielded significant gold and silver values, and the induced polarization data suggest that the visible outcrops are part of much larger epithermal systems, especially in the Eastern Zone." Dr. Culbert's report can be viewed on the Company's website.
Condor de Oro: The Company has reached an agreement with the local community in the Condor de Oro project area allowing the Company to conduct mineral exploration, including drilling, for several years. This is one of the first such agreements obtained with a community in the Peruvian Cordillera del Condor and we believe is testament to Condor's ongoing commitment to develop and maintain close working relationships with the communities in which we conduct mineral exploration.
Additional exploration on the Condor de Oro project is currently underway. The program calls for the establishment of a base camp located at the Pucayacu zone, and a prospecting, mapping and sampling program on the other large target named Yuracyacu, located some 8 km northeast of the Pucayacu target. Approximately 15 members of a nearby village have been contracted to assist in this program.
La Libertad: The Company recently acquired through staking a 100% interest in ground east of, and contiguous to, the main La Libertad project, increasing the project area to 5 sq km. The new claim covers an altered and mineralized hydrothermal breccia with surface dimensions of approximately 200 m by 200 m and some 100 m of vertical exposure. Additional mapping and sampling on the new claim indicates that the La Libertad porphyry continues eastward, and that the hydrothermal breccia is a part of the overall mineralized system, cutting the porphyry. The extension of the La Libertad mineralized porphyry to the east was inferred earlier by the IP and resistivity geophysical surveys, which showed that the anomalies were open in this direction. A total of 116 rock samples have been collected from the new Antash concession, and results will be released when they are available.
A community agreement is in place at La Libertad and this project is now drill-ready.
Chavin (formerly Pucarima): Silex Peru SLR ("Silex"), the Peruvian subsidiary of Golden Minerals Company, Condor's joint venture partner at the Chavin polymetallic vein property in the Ancash region, has completed the construction of a base camp on the property and is constructing an access road to this former small mine. Approximately one km remains to complete the road access, and we understand Silex have a Phase I exploration program of approximately $200,000. Silex can acquire a 65% interest in the Chavin 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. (see April 12, 2010 news release).
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: email@example.com
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.
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