Condor Gold Regulatory News (CNR)

3 Sep 2008 07:00

Condor Resources PLC 03 September 2008 Stock Exchange Announcement 3 September 2008 For release at 07:00 hours Condor Resources Plc Changes to the Board Condor Resources Plc ('Condor' or the 'Company') announces that Nigel Fergusonwill step down from the Board and the position of Chief Executive Officer with immediateeffect. He will remain as a consultant to the Company until January 2009. Commenting on the change, Mark Child, Non-executive Chairman, said: 'I would like to thank Nigel for the significant contribution he has made to theCompany since 2003; managing the admission of Condor to AIM in 2006 and directingCondor's operations which resulted in the significant increase in the Company'sresource base by some 151% to 891,000 ounces of gold and by 22% to 22.4 million ouncesof silver. 'I am pleased that Nigel has agreed to provide consulting services until January2009 as Condor continues to drill existing resources in Nicaragua. The recent £2million placement allows Condor to drill the more promising projects in Nicaraguaand seek a broader geographical diversification of its operations so as to mitigatethe impact of the uncertainty surrounding the operations in El Salvador. 'Condor's technical operations in both El Salvador and Nicaragua will be managedby Country Exploration Manager, Dr. Luc English, a qualified geologist, who is familiarwith activities in both countries. Dr. English will be ably supported by the Company'sGeneral Manager, Jose Mario Gonzalez. Dr. English will report directly to the Boardof Condor. Currently, there are no plans to seek a new Chief Executive for the business;however, the Company intends to enhance the strength of the Board in due course,as appropriate'. - ends - For further information contact: Condor Resources plc Mark Child, Chairman +44 (0) 20 7408 1067 Nabarro Wells & Co Limited Hugh Oram +44 (0) 20 7634 4705 Farm Street Media Simon Robinson +44 (0) 7887 985 671 About Condor Resources Plc: Condor Resources plc is an AIM listed exploration company focussed on developingnatural resource projects in Central America. The Company was Admitted to AIM on31st May 2006 raising £4.9m to prove up JORC Resources in Nicaragua and El Salvador.Condor has four 100% owned licences and the option to earn an 80% interest in a furtherfour licences contained within four project areas within Nicaragua. In El Salvador,Condor has 100% ownership of four licences in two project areas. Since Admission to AIM, Condor has increased its JORC compliant resources from 354,500ounces of gold and 18.3 million ounces of silver to 891,000 ounces of gold and 22.4million ounces of silver. The Resource calculations are compiled by independent geologistsRavensgate and Geosure. Condor's objective is to prove a commercial resource. Condor raised £2,000,000 before expenses in July 2008, which will allow the Companyto continue developing its existing gold and silver projects in Central America andidentify opportunities in the natural resource sector in other geographical locations.