Condor Gold Regulatory News (CNR)

5 Nov 2007 07:01

Condor Resources PLC05 November 2007 5th November 2007Condor Resources plc (''Condor'' or ''the Company'') Further High Grade Trench Results at the La Calera Project El Salvador Highlights Condor Resources Plc (AIM: CNR) is pleased to announce the results of its thirdphase of trenching at its La Calera Prospect in El Salvador. Highlighted resultsinclude: • 4 metres at 24.52g/t gold, 14.38g/t silver including 1 metre at 91.48g/t gold, 45.0g/t silver • 10 metres at 3.30g/t gold, 1.63g/t silver • 12 metres at 7.52g/t gold, 6.27g/t silver including 1 metre at 31.41g/t gold, 38.1g/t silver • 9 metres at 8.71g/t gold, 14.10g/t silver including 1 metre at 35.76g/t gold, 59.70g/t silver • 5 metres at 12.03g/t gold, 5.42g/t silver including 1 metre at 33.04g/t gold, 13.30g/t silver • 12 metres at 5.37g/t gold, 2.60g/t silver including 1 metre at 16.70g/t gold, 7.20g/t silver High grade gold mineralization is now defined over a 600 metre strike length onthe main Rosa, Rosa West and Calichal vein systems. Wide intervals of mineralization have also been defined under shallow colluvialcover a further 600 metres to the southeast of the main exposures, indicatingpersistence of mineralization over at least 1,200 metres of strike length.Mineralisation is open along strike in both directions and down dip and plunge. CEO, Nigel Ferguson, stated "Condor is delighted with the continued reporting ofexcellent results from trenching at the La Calera Project where we already havea JORC Inferred resource of some 112,000 ounces of gold. The significant highgrade intercepts over considerable widths have again strengthened our view thatthe La Calera project holds significant potential for plus 500,000 ounces ofgold resources amenable to open pit mining. The lack of issue of the necessaryenvironmental permit from the Ministry of Environment (MARN) to allow drillinghas delayed by 6 months the commencement of a planned 5,000 metre ReverseCirculation drilling program designed to test depth extensions to the knownmineralisation. La Calera remains a robust project with over 7,000 metres ofdiamond drill core completed on the project to date; a considerable strikelength and high grade intercepts that will allow the completion of an upgradedresource calculation in the coming months". La Calera Licence, La Calera Prospect A total of 3,964 metres of trenching were completed during Phase 3 by midOctober, producing 3,712 samples from 33 trenches. Trenches varied from 12 to282 metres in length with samples collected from trench walls at sample depthsvarying from 1 to 1.5 metres below surface. The Phase 1 (359 metres) and Phase 2(1064 metres) trenching programs focused on confirming the grade of the Rosa,Rosa West and Calichal vein systems in the main zone where the veins are exposedover a 600 metre strike length. The Phase 3 trenching program was designed toinfill on a 40 metre trench line spacing over the main zone to provide moredetail on the continuity and grade of the three vein systems, and to test thecontinuation of the vein systems along strike on 80 metre trench line spacing. All results have been received and intersections using a 0.5 g/t gold cut offare presented in Table 1. The analytical results and geological interpretations confirm continuity ofveining and high grade mineralization of the main Rosa, Rosa West and Calichalvein systems over a 600 metre strike length with the longest single vein, theRosa vein, being traced for approximately 1,200 metres. Indications ofhydrothermal alteration further along the mineralized trend suggest an overallpotential strike length of some 2,000 metres. The trenching programs helped delineate a total of five vein systems at theProspect. From the west these are referred to as the Acevedo, Escobar, Calichal,Rosa West, and Rosa veins, with the Rosa, Rosa West and Calichal veins beinginterpreted as the principal veins in terms of grade, continuity of strike anddip, and thickness. The Acevedo and Escobar veins are more structurally complexand are thought to be quartz stock-work zones related to shearing. Themineralisation and hydrothermal alteration of the Acevedo and Escobar veinsystems has been traced over some 500 metres strike length and a fourth phase oftrenching to further investigate the continuity and grade of the veins hascommenced. The trench results and geological interpretations continue to positively supportthe option of a shallow resource amenable to open pit mining methods. Sectionalinterpretation of the mineralisation is currently being undertaken and a revisedresource assessment will be announced in the coming months. An extensive Reverse Circulation drilling program to test depth extensions ofthe several, well mineralized zones has been planned with drilling pads preparedin anticipation of granting of the Environmental Permit by the Ministry ofEnvironment. Condor's CEO met with the Minister of Economy on the 27th September to discussthe current problem associated with environmental permits not being issued byMARN. A formal letter has been sent to the Minister requesting clarification ofthe situation, primarily in regard to the immediate issue of environmentalpermits to allow drill testing its projects, especially the La Calera Projectwhere very encouraging results have been received to date. Meanwhile, Condor continues to explore its licences with ongoing trenchingprograms at the La Calera and Pescadito Projects. On completion of the trenchingprogram at La Calera, the project will be ready for drill testing. In theabsence of the necessary environmental permits to allow drilling, Condor willcommence further scaling back of its operations in El Salvador pending theirissue and continue to focus on exploration of the Company's Nicaraguan assetswhere significant encouragement is being received at the San Albino (RNS 03/09/07) and El Cacao (RNS 20/07/07) Projects. Table 1: Significant Phase 3 Trench Results. Length Weighted Average Interceptscalculated using 0.5 g/t gold lower cut and allowing 1m internal waste. No topcut. The inclusion of internal waste in measurements has the effect of reducingthe gold grade per tonne and providing an indicative gold grade more applicableto bulk tonnage recovery. Trench Interval Gold Silver From (m) g/t g/t (m)IDLCTR040 0.75 5.39 2.37 0.25LCTR041 1.00 4.54 0.20 1.00LCTR041 2.00 1.08 0.40 23.00LCTR041 4.00 1.50 1.20 61.00LCTR041 2.00 2.66 1.70 67.00LCTR042 0.80 2.62 0.94 0.20LCTR042 1.00 0.89 0.40 5.00LCTR045 1.00 6.79 2.70 8.00LCTR045 1.00 18.04 6.80 22.00LCTR045 2.00 2.83 0.90 46.00LCTR045 3.00 5.03 2.23 63.00LCTR046 1.00 1.37 1.80 12.00LCTR046 1.00 4.93 3.40 17.00LCTR046 4.00 1.20 0.83 30.00LCTR046 1.00 0.52 1.00 57.00LCTR048 1.00 0.74 0.50 8.00LCTR048 4.00 1.05 0.85 23.00LCTR048 2.00 3.22 4.20 29.00LCTR049 1.00 1.07 2.70 53.00LCTR049 8.00 1.17 3.16 62.00LCTR049 1.00 1.93 0.80 106.00LCTR049 11.00 1.06 0.97 114.00LCTR049 4.00 0.62 0.20 191.00LCTR049 1.00 0.62 0.40 199.00LCTR050 3.00 3.48 6.73 72.00LCTR050 1.00 1.07 2.10 131.00LCTR052 1.00 0.53 0.80 53.00LCTR052 2.00 0.69 1.40 60.00LCTR052 3.00 1.74 3.77 78.00LCTR053 1.00 7.10 11.70 13.00LCTR053 1.00 1.42 2.60 47.00LCTR053 2.00 0.73 0.55 56.00LCTR053 1.00 1.87 1.20 136.00LCTR053 1.00 1.93 1.90 140.00LCTR053 3.00 18.94 14.13 150.00Inc. 1.00 42.50 28.60 152.00LCTR053 1.00 0.47 0.50 164.00LCTR053 1.00 2.41 1.60 182.00LCTR054 2.00 1.52 1.45 17.00LCTR054 1.00 0.87 0.60 42.00LCTR054 3.00 1.29 0.93 45.00LCTR054 2.00 0.93 0.85 54.00LCTR054 1.00 1.25 0.50 58.00LCTR054 6.00 2.68 1.78 107.00LCTR054_A 3.00 6.49 7.27 6.00LCTR054_A 4.00 1.12 0.53 14.00LCTR054_B 1.00 12.32 5.70 12.00LCTR054_B 1.00 0.85 0.40 31.00LCTR054_C 3.00 1.86 1.17 3.00LCTR054_C 3.00 2.87 1.17 13.00LCTR054_C 3.00 3.86 4.07 18.00LCTR055 1.00 0.64 0.30 2.00LCTR055 2.00 4.45 3.60 5.00LCTR055 1.00 0.71 1.00 9.00LCTR055 2.00 8.33 7.00 15.00LCTR055 1.50 7.34 10.70 20.50LCTR055 1.00 0.55 0.00 46.00LCTR055 1.00 0.68 0.10 63.00LCTR055 1.00 4.66 1.70 77.00LCTR055 1.00 3.29 2.10 81.00LCTR055 2.00 0.94 0.30 101.00LCTR055 1.00 1.30 0.50 105.00LCTR055 4.00 24.52 14.38 113.00Inc. 1.00 91.48 45.00 116.00LCTR055 3.00 1.48 2.13 122.00LCTR055 1.00 0.51 0.10 163.00LCTR055 3.00 1.26 0.67 166.00LCTR055 1.00 18.78 7.30 210.00LCTR055 10.00 3.30 1.63 214.00LCTR057 1.00 0.51 0.40 11.00LCTR057 1.00 1.87 1.80 35.00LCTR057 1.00 15.91 18.10 69.00LCTR057_A 1.00 1.35 1.40 11.00LCTR057_A 3.00 1.28 0.37 27.00LCTR057_B 2.00 7.52 2.95 1.00LCTR057_B 1.00 0.73 2.80 9.00LCTR057_B 1.00 0.87 0.60 14.00LCTR057_B 2.00 0.67 0.40 17.00LCTR057_B 12.00 7.52 6.27 21.00Inc. 1.00 31.41 38.10 21.00LCTR057_B 1.00 2.78 0.80 78.00 LCTR058 1.00 1.80 4.60 21.00 LCTR058 6.00 4.22 7.42 28.00 LCTR058 9.00 8.71 14.10 43.00 Inc. 1.00 35.76 59.70 45.00 LCTR058 4.00 1.88 1.58 48.00 LCTR058 4.00 1.63 1.43 56.00 LCTR058 1.00 2.51 0.60 67.00 LCTR058 2.00 0.61 0.00 70.00 LCTR058 1.00 0.72 0.00 75.00 LCTR058 1.00 0.59 0.00 81.00 LCTR058 1.00 0.74 0.20 87.00 LCTR058 1.00 13.70 7.00 98.00 LCTR058 2.00 1.30 0.25 110.00 LCTR058 1.00 0.60 0.20 116.00 LCTR058 1.00 1.23 0.00 123.00 LCTR058 5.00 12.03 5.42 135.00 Inc. 1.00 33.04 13.30 137.00 LCTR058 2.00 1.47 0.20 142.00 LCTR058 12.00 5.37 2.60 147.00 Inc. 1.00 16.70 7.20 152.00 LCTR058 1.00 4.65 1.50 210.00 LCTR058 1.00 0.69 0.00 216.00 LCTR058 1.00 0.55 0.00 218.00 LCTR058 1.00 0.65 0.40 247.00 LCTR058 2.00 2.62 1.45 266.00 LCTR059 1.00 35.25 34.90 38.00 CTR059 1.00 0.51 0.40 51.00 LCTR059 2.00 0.69 0.80 62.00 LCTR059 1.00 1.01 0.60 67.00 LCTR059 3.00 0.65 0.12 83.00 LCTR059 4.00 1.02 0.48 96.00 LCTR059 1.00 1.43 1.10 111.00 LCTR059 8.00 3.30 1.98 128.00 LCTR059 2.00 0.72 0.40 134.00 LCTR059 2.00 1.76 1.00 138.00 LCTR060 4.00 2.24 3.05 107.00 LCTR060 4.00 2.69 1.58 115.00 LCTR060 1.00 1.20 1.40 126.00 LCTR060 1.00 2.79 0.70 173.00 LCTR060 3.00 1.60 0.40 208.00 LCTR061 1.00 4.65 10.70 58.00 LCTR061 2.00 0.98 3.25 64.00 LCTR061 1.00 0.54 0.60 74.00 LCTR062 1.00 1.31 4.20 78.00 LCTR062 1.00 5.07 5.50 82.00 LCTR062 1.00 1.90 3.70 88.00 LCTR062 3.00 0.85 1.90 97.00 LCTR063 1.00 1.74 3.70 41.00 LCTR063 5.00 1.10 3.06 50.00 LCTR063 2.00 4.95 6.90 59.00 LCTR063 3.00 2.46 2.93 71.00 LCTR063 1.00 0.56 0.90 100.00 LCTR063 1.00 0.64 0.60 127.00 LCTR064 2.00 4.60 9.50 45.00 LCTR064 1.00 0.69 0.30 55.00 LCTR064 1.00 0.70 0.20 62.00 LCTR064 1.00 1.08 3.30 66.00 LCTR064 2.00 11.30 19.95 70.00 Inc. 1.00 20.72 32.70 71.00 LCTR064 3.00 2.67 4.83 74.00 LCTR064 1.00 0.53 1.10 96.00 LCTR064 1.00 0.95 5.20 101.00 LCTR064 1.00 2.18 4.80 108.00 LCTR065 1.00 1.19 0.00 84.00 LCTR065 1.00 1.08 1.40 145.00 LCTR066 1.00 2.19 0.70 14.00 LCTR066 1.00 0.87 0.20 18.00 LCTR066 4.00 1.26 0.63 41.00 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 1067 Nigel Ferguson, CEO +44 20 7808 7222 Nabarro Wells & Co. Limited Hugh Oram +44 20 7710 7400 Anthony Rowland +44 20 7710 7419 Mirabaud Securities Limited Rory Scott +44 20 7878 3360 Parkgreen Communications Limited Simon Robinson Erica 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. These drilling programmes aredependent on the results returned and is expected to be greater than 10,000mor as required, of combined reverse circulation and diamond drilling. This information is provided by RNS The company news service from the London Stock Exchange