VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/12/12 -- Condor Resources Inc. ("Condor" or the "Company") (TSX VENTURE: CN) is pleased to provide an update on ongoing work on the Company's projects.
Cristal - BHP Billiton recently commenced an airborne geophysical survey that encompasses all of the Company's 46 sq km Cristal project located in northern Chile. BHP Billiton can earn a 65% interest at Cristal with the expenditure of US$18 million over 4 years. Subject to interpretation of the geophysical data, BHP Billiton have informed the Company that drilling is scheduled for the first quarter of 2013. This area of the Chilean porphyry copper belt has been an area of increased competitor activity recently. A review of the mineral concession records shows both BHP Billiton and Anglo American have mineral claims immediately contiguous to the Company's Cristal Property. Furthermore, the Company understands that a drill program is underway on Rio Tinto PLC concessions located a few kilometres to the southwest of the Cristal project.
Condor de Oro - Mariana Resources Ltd. recently completed a reconnaissance sampling program on the large Yuracyacu precious and base metals target in the northeast portion of the Company's Condor de Oro project in northern Peru, where approximately 230 rock and soil samples were collected. The samples have been sent to ALS Chemex laboratory in Lima, and results are anticipated within the next 30 days. The sampling program is part of Mariana's due diligence on Area 2 of Condor de Oro, where Mariana have an exclusivity period until January 1, 2013. Mariana previously elected to proceed with an option on Area 1 of Condor de Oro, and anticipate drilling the four square kilometre Pucayacu target during the first half of 2013. Mariana can earn a 51% interest in Area 1 of Condor de Oro with cash and work commitments of US$15 million over 4 years.
Soledad - The Company has applied for and is awaiting the issuance of a drill permit for its wholly owned Soledad Au-Ag-Cu project in Peru. Agreements are in place with surface land owners and the surrounding communities. Recent changes to the permitting process in Peru have caused delays in the government approval process and once the drill permit is received the Company will contract for approximately a 2500m drill program. Drilling will target mineralization encountered in Breccia #1 during a 1996 drill program, where three holes returned significant mineralization, as reported earlier. The program will also test several other newly discovered breccias at Soledad, and the high sulphidation epithermal system discovered in the northeastern sector of the property.
Additional Activities - The Company is continuing its efforts to joint venture a number of its projects in Chile and Peru, and will provide details if and when agreements are reached.
Patrick Burns, President and CEO of Condor said, "This has been an extremely difficult year for the junior resource sector, and we thank our investors and shareholders for their patience. In the meantime our strategy is to continue low cost exploration, focus our efforts on great exploration targets, through Company funded activities, or by optioning the project to others. The agreements with BHP Billiton and Mariana, and the recent acquisition of the Lucero project by staking, are examples of this strategy."
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 sixteen properties in Peru and Chile, each offering a unique path to discovery.
ON BEHALF OF THE BOARD
Patrick J. Burns, President & Chief Executive Officer
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.
Condor Resources Inc.
Condor Resources Inc.
Patrick J. Burns
President & Chief Executive Officer
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