Condor Gold Regulatory News (CNR)

20 Jul 2007 07:00

Condor Resources PLC20 July 2007 Condor Resources Plc 1 Warwick Row London SW1E 5ER Telephone +44 020 7808 7222 Fax: +44 020 7808 7223 20th July, 2007 Condor Resources plc (''Condor'' or ''the Company'') Inaugural Reverse Circulation Drilling Commences at the El Cacao Project, Nicaragua Condor Resources PLC (AIM: CNR) is pleased to announce that inaugural drillingcommenced on its Cacao Prospect located in the El Limon area of the historicalLa India Mining District in Nicaragua on 11th July. The first ReverseCirculation drill hole was completed on the same day at a final depth of 60metres. The drill hole intersected the main Cacao quartz vein over a 6 metre intervalfrom 37 metres drill depth, confirming the northward dip of the vein observed intrenching. A second, 3 metre wide quartz vein was intersected 10 metres furtherdown the drill hole. Both veins have 4 metre thick quartz vein stockwork zonesin the hanging and footwalls, within wide zones of argillic alteration. Aprevious trenching program revealed assay results of up to 14 grams per tonnegold on a defined mineralised structure of approximately 400 metres which is nowbeing tested. The second drill hole is currently underway in a 1,000 metre drilling programmeof eight drill holes designed to test the depth extension of good trenchintersections defining mineralisation in a one to two vein system extending overa 400 metre strike length. Drilling will test to an approximate 100 metresvertical depth. The drilling combined with existing trench intercepts will coverthe main Cacao vein with an 80m x 80m grid, which, pending positive assayresults will enable calculation of an initial inferred resource. The Directorsbelieve that the Cacao vein system could extend for up to a total of 2kilometres strike length with the Western extension beneath a thin cover ofalluvium. Recent trenching has also discovered what may be the edge of a second high-gradeshoot some 100 metres to the east of the main prospect area. Drilling andtrenching are programmed to test this shoot beneath alluvial cover to the eastof the main mineralised zone. Drilling will continue at the San Albino Project after the initial program atthe Cacao Project is completed. Qualified Person's Declaration The information in this announcement that relates to Exploration Results isbased on information compiled by and reviewed by Nigel Ferguson, CEO, who is aMember of the Australian Institute of Mining and Metallurgy and a geologist withover 21 years of experience in the exploration and definition of precious andbase metal Mineral Resources and has sufficient experience that is relevant tothe style of mineralization and type of deposit under consideration and to thetype of activity which he is undertaking to qualify as a Qualified Person asdefined in the March 2006 Edition of the AIM Guidance Note for Mining, Oil andGas Companies. He consents to the inclusion in the report of the matters basedon his information in the form and context in which they appear and confirmsthat this information is accurate and not false or misleading. - Ends - Enquiries: Condor Resources Plc Mark Child, Chairman +44 20 7408 1067Nigel Ferguson, CEO +44 20 7808 7222 Nabarro Wells & Co. Limited Hugh Oram +44 20 7710 7400Anthony Rowland +44 20 7710 7419 Mirabaud Securities Limited Rory Scott +44 20 7878 3360 Parkgreen Communications Limited Clare Irvine +44 20 7851 7480 Chain of Custody Condor enforces a strict chain of custody, with all field samples beingcollected under the supervision of a qualified senior geologist. Samples aresealed in larger bags and kept under lock and key until being delivered to BSIInspectorate Laboratories, Guatemala for completion of the sample preparationphase. Prepared samples are then forwarded by courier to BSI Laboratories inSparks, Nevada, USA for final assay determinations. About Condor Resources Plc: Condor Resources Plc was admitted to AIM on 31st May 2006 raising £4.9m. Condoris a mineral exploration company focused on El Salvador and Nicaragua. TheCompany has 100% ownership of four licenses and is earning 100% interest in afifth licence contained in three project areas in El Salvador. Condor also hasfour 100% owned licences and the option to earn an 80% interest in a furtherfour licences contained within four project areas in Nicaragua. An independent competent person's report prepared by Ravensgate and included inthe Company's Admission Document combined with a subsequent mineral resourcecalculation statement in December 2006 reported Inferred Mineral Resources, asdefined by the JORC standard of some 467,104oz gold and 18.4Moz silver withintwo project areas in El Salvador. The Company's objective is to prove up significant gold and silver resources ofbetween 1 to 2 million ounces of gold and 30 to 50 million ounces of silver toJORC reportable standards by the 31st May 2008. The Company intends to continueto drill test targets within its Project areas. The drilling programme isplanned to be between 20,000m and 40,000m of combined reverse circulation anddiamond drilling. For further information please go towww.condorresourcesplc.com. This information is provided by RNS The company news service from the London Stock Exchange