Condor Gold Regulatory News (CNR)

8 Nov 2007 07:01

Condor Resources PLC08 November 2007 8th November, 2007 Condor Resources plc (''Condor'' or ''the Company'') Significant Maiden Drilling Results at the El Cacao Project, Nicaragua Highlights Condor Resources Plc (AIM: CNR) is pleased to announce that the first phase ofdrilling at the El Cacao Prospect in Nicaragua has now been completed and allassay results have been received. Best results include: • CCRD002 14.05 metres at 6.05g/t gold from 87 metres • CCRD004 5.55 metres at 6.10g/t gold from 123.35 metres • CCRC006 13.83 metres at 2.25g/t from 93.12 metres • CCRD006 2.60 metres at 88.72g/t gold from 132.90 metres At least two mineralised zones identified containing high grade shoots over astrike length of 330 metres. The mineralised structure is open along strike tothe West and at depth. CEO, Nigel Ferguson, stated "The results from the initial drilling phase at the100% owned El Cacao Project, have again confirmed that better grades and widthsusually occur at depth below sometimes meagre surface results in epithermalsystems. The Company will advance the Cacao Project with further testing alongstrike through mapping and trenching, and at depth through a further program ofdrilling expected to commence in December. The Company is confident that furthersignificant mineralisation will be encountered and a resource proved up at theEl Cacao Project." El Cacao Project After completion of the planned drilling program, assay results indicateexcellent width and grade within the mineralised structure and continuity of upto 120 metres true depth. Nine reverse circulation and combination reversecirculation-diamond core drill holes were completed for a total of 733 metres ofreverse circulation and 223.45 metres of diamond core. The drilling results show that the mineralised structure consists of at leasttwo zones or shoots with a total defined strike length of 330 metres. TheWestern Zone remains open to the west. Mineralised structures of up to 14 metreswidth at grades of 6.05g/t gold are reported from drilling. A high grademineralised quartz vein assaying at 0.95 metres at 99g/t gold (CCRD006 134.95metres to 135.50 metres included in a high grade zone reported in the tablebelow. Minimum mineable widths have been taken into account to report the 2.6metres at 88.6g/t gold). These results complement trench intercepts of up to 7metres at 2.39g/t gold. A complete list of significant drilling intersections includes: Drillhole Depth from Depth to Width Gold Grade Number (metres) (metres) (metres) (grams per tonne) CCRC001 39 m 43 m 4.00m 2.22 g/t CCRD002 87 m 101.05 m 14.05m 6.05 g/t CCRD002 110.35 m 111.30 m 0.95m 1.50 g/t CCRD003 74 m 76 m 2.00m 1.41 g/t CCRD003 89 m 91 m 2.00m 2.38 g/t CCRD004 123.35 m 128.90 m 5.55m 6.10 g/t CCRD004 133.60 m 134.80 m 1.20m 2.69 g/t CCRC006 93.12 m 106.95 m 13.83m 2.25 g/t CCRD006 110.15 m 110.60 m 0.45m 1.46 g/t CCRD006 129.23 m 130.40 m 1.17m 3.74 g/t CCRD006 132.90 m 135.50 m 2.60m 88.72 g/t Note: Holes CCRD005, 007,008,009 have no significant results to report. The first four drill holes successfully intersected the mineralised zone at thecentre of the prospect demonstrating that the mineralisation structure isvertical at this location. Drilling in the western zone was less successful withonly one drill hole (CCRD006) intersecting the mineralisation at a shallowangle, demonstrating that the mineralised structure is overturned at thislocation and dips at a steep angle in the same direction as the drilling, thatis to the south. The remaining three drill holes targeting mineralisation at thewestern end of the Western Zone failed to intersect the mineralised zone, and itis believed that the mineralised zone is also overturned and dips at an evenshallower angle in the same direction as the drilling at this location.Similarly, a drill hole targeting trench defined mineralisation at depth at theeastern extent of the Cacao Prospect failed to intersect a mineralised zonesuggesting that mineralisation may be overturned to the south at that end of theprospect as well. In addition to the drilling the Company has now completed a total of 865 metresof trenching on the Cacao Prospect, testing the mineralised structure over astrike length of 620 metres with 40 metre spaced trenches. This trenching hasdefined the two zones with significant surface mineralisation over a combined330 metres strike length mentioned above. An agreement has been reached with thelandholder to continue exploration over the western strike extension ofmineralisation where a programme of rock chip and trench sampling is planned forNovember to test the entire 2,000 metre strike extent of the structure asdefined so far. As a consequence of the encouraging results yielded by this drilling, and thegeological information gained, a second phase of drilling is planned to commenceprior to year end to: 1. better constrain the mineralisation in the western zone,2. to test for a plunge component to the mineralised shoots and3. to test for a depth extension to the main mineralised zone. The Cacao Prospect is in a similar geological and structural setting to thecurrently producing El Limon Mine nearby, and the Company believes that theCacao Prospect has excellent potential to host an economic resource. TheDirectors plan to commission a maiden resource estimate on the Cacao Prospect inthe near future. 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 PlcMark Child, Chairman +44 20 7408 1067Nigel Ferguson, CEO +44 20 7808 7222 Nabarro Wells & Co. LimitedHugh Oram +44 20 7710 7400Anthony Rowland +44 20 7710 7419 Mirabaud Securities LimitedRory Scott +44 20 7878 3360 Parkgreen Communications LimitedSimon RobinsonErica Nelson+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. This information is provided by RNS The company news service from the London Stock Exchange