|November 15, 2011|
Drill Rig Mobilized to the San Martin Gold-Silver project, Peru
|Vancouver, B.C., November 15th, 2011. Condor Resources Inc. ("Condor" or the "Company") (TSX.V: CN) is pleased to announce that all of the required permitting has been completed and a diamond drill rig has been mobilized to the Company's 100% owned San Martin Au-Ag project situated in the Orcopampa--Caylloma epithermal precious metals belt in the Arequipa district of south-central Peru. Drilling is expected to commence soon.|
The planned 2500m drill program will target the gold-silver mineralized and silicified hydrothermal quartzite breccias of Lower Cretaceous age that are exposed in surface outcrop over an area of approximately 700m long by 100m wide and at least 100m thick.
The silicified hydrothermal breccia body is characterized by quartz-iron oxide and sulphide clasts in a similar matrix along with locally-abundant barite. The breccia is largely oxidized but local patches of finely disseminated grey sulphides have been preserved. As reported on September 7th and 12th, 2011, chip samples from two separate locations within the breccia include peak highs of 3.1 g/t Au and 3490 g/t Ag over 2m and 1.97 g/t Au and 3240 g/t Ag over 4m. This new discovery has never been previously drill tested despite evidence in the district of numerous narrow precious metal vein mines dating back over hundreds of years.
An induced polarization (IP) geophysical survey was recently completed and encountered very strong coincident chargeability and resistivity anomalies associated with the elevated surface gold-silver and pathfinder element rock sample values within the breccia body.
Patrick J. Burns, Condor's President and CEO, states that "The Orcopampa-Caylloma precious metals belt has been mined since Colonial times as evidenced by the presence of several former historic precious metals vein workings on and near our San Martin property. We believe that the large mineralized breccia zone at San Martin is the centre of this broader mineralized vein system and are very excited about the prospect of testing this exciting new potential bulk tonnage discovery. In addition, we owe much of our progress at San Martin to the cooperation received from the local community, which has been of tremendous assistance to us in fast-tracking this exciting new project to the drill stage."
Condor Resources Inc. was incorporated in 2003 by field exploration specialists focused on the generation of precious and base metals 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 precious/base metals deposit and its business plan offers shareholders access to an exciting portfolio of fourteen properties in Peru and Chile, each offering a unique path to discovery.
ON BEHALF OF THE BOARD
Patrick J. Burns,
President & Chief Executive Officer
For further information please contact Timea Carlsen at 778-998-2473, or by email at: email@example.com
Dr. Richard Culbert is the Qualified Person under NI 43-101 who has approved the technical content of this news release.
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.
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