Condor Resources Inc.: Second Drill Rig Added at San Martin, Geophysics Underway at Soledad
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/04/12 -- Condor Resources Inc. ("Condor" or the "Company") (TSX VENTURE: CN) is pleased to announce that a second diamond drill rig has been mobilized to its San Martin project in southern Peru, and is currently nearing completion of hole SMA-007. The initial rig completed holes SMA-001 through SMA-006, and SMA-008, and commenced drilling of SMA-009 on March 24th. As of March 29th, some 1,661 meters have been completed on the Phase I drill program, the first conducted at San Martin. Encouraging results from the first 3 holes at San Martin were reported in news releases issued on January 18th and February 16th, 2012, and included 15m of 68 g/t Ag at surface.
Results for the remaining holes will be reported in batches of a minimum three holes.
Patrick J. Burns, Condor's President and CEO, states that, "We are pleased to secure a second diamond drill rig. The progress of the initial drill has been slower than anticipated, and reverse circulation rigs are not available. Now that both drills are turning, we expect to complete our initial drill program in April."
The approximate 2,000m Phase I drill program at San Martin is targeting Cretaceous-aged quartzites that have been hydrothermally brecciated and strongly silicified, and are exposed on surface over an area approximately 700m long by 100m wide, and exposed over a 150m vertical extent. The San Martin project is situated in the Orcopampa-Caylloma precious metals belt in the Arequipa district of southern Peru, approximately 7 km southeast of the Orcopampa gold mine.
Following completion of the Phase I drill program at San Martin, drilling will commence at Condor's 100% owned Soledad Au-Ag-Cu property located 30 kilometres southwest of the town of Huaraz in north central Peru. Val d'Or Geophysics of Peru is presently conducting a 20 line-kilometer ground magnetic and IP geophysical survey on the Soledad property.
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 fifteen properties in Peru and Chile, each offering a unique path to discovery.
ON BEHALF OF THE BOARD
Patrick J. Burns, President & Chief Executive Officer
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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Contacts:
Condor Resources Inc.
Timea Carlsen
1-778-998-2473
tcarlsen@condorresources.com
www.condorresources.com