Condor Update of Activities
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
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
Condor Resources Inc.
Condor Resources Inc.
Patrick J. Burns
President & Chief Executive Officer
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