Last checked at 7 Apr 2011 07:00
Condor Resources Plc 7th Floor 39 St. James's Street London SW1A 1JD Telephone +44 020 74081067 Fax: +44 020 74938633 |
7th April 2011
Condor Resources Plc
(''Condor'' or ''the Company'')
Second Drilling Rig to Commence on La India Project, Nicaragua
Condor (AIM: CNR) is pleased to announce that a second diamond core drill rig has been contracted and will commence drilling on the La India Concession in Nicaragua towards the end of April. The addition of a second drilling rig will speed up the definition of gold mineralisation and the increase in the existing JORC Compliant Inferred Mineral Resource of 909,000 oz gold @ 5.0g/t in the La India Mining District. Condor has contracted Canadian drilling company Energold Drilling to undertake a 1,500 metres drilling programme using a man portable all-hydraulic drill rig capable of drilling to depths of 300 to 350 metres. The advantage of this type of drilling rig is that it can be broken down into units light enough to be carried by a team of ten porters between drill sites, negating the need to clear tracks and allowing access to sites on steep sided hills that cannot be easily accessed with a larger drill rig.
The Energold drilling rig will initially drill on the San Lucas-Capulin Vein where there are few existing tracks, whilst the existing skid mounted drill rig operated by Uniworks Drilling will continue to drill on the more accessible veins located nearer to the main road. The initial drill holes aim to extend the inferred resource on the San Lucas-Capulin Vein by drilling along strike and beneath zones where high-grade gold mineralisation has already been intercepted at surface by trenching.
Chairman's Comment
Mark Child, Chairman of Condor Resources plc commented: "The Board has made the decision to increase the drilling programme on La India Project by contracting a second drill rig for 1,500 m drilling, which is in addition to the 5,000 m drill programme already in place. SRK Consulting's summary report of La India project was released to the market on 8th March 2011. Investors are referred to the report that calculated a small JORC Resource of 34,000 oz gold @ 5.7g/t on the San Lucas-Capulin Vein. The resource extent is only 500 m at surface but the strike length of the vein is 1,500 m, with several high grade trenches along strike. The San Lucas-Capulin Vein has not been drilled by previous explorers, but has been historically mined to three levels and is a drill ready target. Investors are reminded that the current JORC Inferred Resource of 868,000 oz gold @ 5.9g/t at La India Project, calculated by SRK Consulting, is on an aggregate of 6.5 km of mineralised gold veins at surface and that a further 8 km of mineralised gold veins at surface have been identified by trenching, rock chip sampling or underground sampling on La India Concession".
Competent Person's Declaration
The information in this announcement that relates to Exploration Results and database is based on information compiled by and reviewed by Dr Luc English, the Country Exploration Manager, who is a Chartered Geologist and Fellow of the Geological Society of London, and a geologist with fifteen years of experience in the exploration and definition of precious and base metal Mineral Resources. Luc English is a full-time employee of Condor Resources plc and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration, and to the type of activity which he is undertaking to qualify as a Competent Person as defined in the June 2009 Edition of the AIM Note for Mining and Oil & Gas Companies. Luc English consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears and confirms that this information is accurate and not false or misleading.
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For further information please visit www.condorresourcesplc.com or contact:
Condor Resources plc | Mark Child, Chairman +44 (0) 20 7408 1067
| Luc English, Country Manager Nicaragua & El Salvador +505 8854 0753
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Ambrian Partners Limited | Samantha Harrison and Ben Wright +44 (0) 20 7634 4700
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Farm Street Media | Simon Robinson +44 (0) 7593 340107
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About Condor Resources Plc:
Condor Resources plc is an AIM listed exploration company focused on developing gold and silver resource projects in Central America. The Company was admitted to AIM on 31st May 2006 with the stated strategy to prove up JORC Resources in Nicaragua and El Salvador. Condor has four 100% owned licenses and 80% of La India concession in La India Mining District; three 100% owned licences in three other project areas and 20% in the Cerro Quiroz concession in Nicaragua. In El Salvador, Condor has 100% ownership of four licences in two project areas.
Condor's concession holdings currently contain a JORC compliant inferred resource base of 909,000 ounces of gold in Nicaragua and747,000 ounces of gold and 22 million ounces of silver in El Salvador. The Resource calculations are compiled by independent geologists Ravensgate, Geosure and SRK.
Disclaimer
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.