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Re: News Releases - Tuesday, September 22, 2009
Field Crews Mobilized to Condor de Oro
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Vancouver, B.C., September 22, 2009, Condor Resources Inc. ("Condor" or
the "Company") is pleased to announce that field exploration crews have
been mobilized to the Company's Condor de Oro property in northern
Peru.
The Condor de Oro project covers an area of 82.38 sq km within the
Cordillera Del Condor, one of the most significant newly emerging and
under explored gold and copper belts remaining in the world. Placer
gold has been mined from alluvial deposits in this belt on both sides
of the border between Ecuador and Peru since pre-Incan time. Condor
has agreed to purchase an 85% interest in the Condor de Oro Property.
Condor's follow up program is designed to prepare for drilling on the
large Pucayacu gold and base metals target, where combined geochemical
and airborne geophysical surveys have outlined coincident anomalies
covering an area of 4 sq km within a coarse-grained Tertiary quartz-eye
porphyry intrusive cutting Jurassic andesites. The target remains open
to the north and south. Historically, placer gold has been mined from
several of the creeks draining this anomaly. Details of past
exploration were reported in a Condor news release dated March 3, 2009.
The earlier geochemical program returned peak values of 13.2 g/t Au in
rock chip samples, values as high as 8.20 g/t, 11.95 g/t and 16 g/t Au
from rock float, and soil samples with peak values of 1.56 g/t and 1.99
g/t Au.
The Pucayacu target is characterized by intense quartz-sericite-clay
alteration along with abundant disseminated pyrite (plus limonite) and
strong quartz vein stockworks with limonite-pyrite and secondary
copper. Chalcedonic quartz and jasper are also present, these being
products of multiphase hydrothermal events related to an island arc
environment similar to that at Kinross' Fruta del Norte property in
Ecuador.
In addition, prospecting and sampling will be carried out on a second
developing geochemical gold and base metals anomaly, Yuracyacu, located
approximately 8 km to the northeast of Pucayacu, where visible gold is
also present in pan concentrates from streams draining an area of
approximately 3 to 4 sq km, and previous prospecting encountered a
float boulder which assayed 9 g/t Au .
The Company also has the right to acquire a 100% interest in each of
the Sol de Oro and Kury Intsa projects, giving Condor mineral
exploration rights totaling in excess of 200 sq km within the Peruvian
side of the Cordillera del Condor gold and copper belt.
On the Ecuadorean side of the border, recent discoveries within the
belt include Kinross Gold Corporation's (Ex-Aurelian Resources) Fruta
del Norte gold deposit, located approximately 124 km NE of the Condor
de Oro project, with reserves of 13.7Moz gold (grading 7.23 g/t Au) and
22Moz silver, and Corriente Resources' Mirador Copper District, located
north of Fruta del Norte, with an inferred resource of 1.7Bt grading
0.6% Cu. On the Peruvian side of the border, approximately 54
kilometers SW of the Condor de Oro project, Zijin Mining's Rio Blanco
copper-molybdenum porphyry deposit contains reserves of 1.2Bt grading
0.57% copper and 228 ppm molybdenum, making the Rio Blanco deposit one
of the largest undeveloped copper resources in the world today.
There has been very little modern-day exploration carried out to date
along the Peruvian side of the border due largely to geopolitical
events and restrictions imposed by the Peruvian government. Prior to
1992, for example, mineral exploration was not permitted along Peru's
border regions. The mining code was revised in 1992 to permit mining
in the frontier regions but a border dispute broke out between Peru and
Ecuador shortly thereafter and was not resolved until 1999.
A major staking rush has occurred within the Cordillera del Condor
since the Fruta del Norte discovery in 2006 and it is now estimated
that claims totaling some 500,000 hectares (+1.2M acres) have been
staked covering virtually all of the belt on both sides of the border.
Major players, such as Iamgold Corporation, Barrick Gold Corporation,
Kinross Gold Corporation, Franco-Nevada Corporation and Zijin Mining
Group Company, have taken up land positions within this newly-emerging
and under-explored metallogenic belt.
Dr. Richard Culbert, Condor's Qualified Person, has advised the Company
that "Although much of the Condor de Oro Property is unexplored, there
can be little doubt that it covers at least one large porphyry
gold-copper deposit, with the value of the gold likely to dominate that
of copper". The combined occurrence of coincident stream sediment, soil
and rock sample anomalies, along with the large aeromagnetic anomaly,
make the Pucayacu zone one of the most attractive undrilled gold and
base metal targets within the Cordillera del Condor.
Condor Resources Inc. was incorporated in 2003 by field exploration
specialists focused on the generation of copper and gold projects in
Latin America, where management has extensive experience and a proven
track record of discovery. The Company's long term business plan offers
shareholders access to a growing portfolio of properties, including six
100% owned projects in Chile, and seven in Peru, each providing a
unique path to discovery.
ON BEHALF OF THE BOARD
Patrick J. Burns,
President & Chief Executive Officer
For further information please contact the Company at 1-866-642-5707,
or by email at: info@condorresources.com
Forward-Looking Statements: Statements in this release that are
forward-looking statements are subject to various risks and
uncertainties concerning the specific factors disclosed under the
heading "Risk Factors" and elsewhere in the Company's periodic filings
with Canadian securities regulatory authorities. Such information
contained herein represents management's best judgment as of the date
hereof based on information currently available. The Company does not
assume the obligation to update any forward-looking statement. 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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Copyright (c) 2009 CONDOR RESOURCES INC. (CN) All rights reserved.
For more information visit our website at
http://www.condorresources.com/ or send mailto:news@condorresources.com
Message sent on Tue Sep 22, 2009 at 10:26:29 AM Pacific Time
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Condor Resources Inc.
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EXPLORATION STAGE |
CODE : CN.V |
ISIN : CA20676U1049 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Condor Res. is a silver and gold exploration company based in Canada. Condor Res. holds various exploration projects in Argentina, in Chile and in Peru. Its main exploration properties are CONDOR DE ORO, CHAVIN, LA LIBERTAD, PUCAMAYO, CONDORO and OCROS in Peru and EL DORADO ARGENTINA SALTA in Argentina. Condor Res. is listed in Canada and in United Kingdom. Its market capitalisation is CA$ 19.9 millions as of today (US$ 14.7 millions, € 13.2 millions). Its stock quote reached its highest recent level on February 04, 2011 at CA$ 3.70, and its lowest recent point on February 05, 2016 at CA$ 0.02. Condor Res. has 102 060 000 shares outstanding. |