Condor Gold Regulatory News (CNR)

16 Mar 2007 14:32

Condor Resources PLC16 March 2007 16 March, 2007 Condor Resources plc (''Condor'' or ''the Company'') Significant Trenching Results at La Calera, El Salvador Condor Resources plc (AIM: CNR) is pleased to announce that the second phase oftrenching at the La Calera project has now been completed and all assay resultshave been received. They show excellent width and grade results with themineralised structures remaining open in all directions. A total of 1,064 metresof trenching were excavated manually to test for possible strike extensions andadditional parallel zones within the main resource area. The Company has nowcompleted a total of 1,423 metres of trenching on the project. The La Calera Project contains a JORC Inferred Resource of some 112,604 ouncesof gold and 97,373 ounces of silver as calculated by Independent ConsultingGeologists, Ravensgate Pty Ltd, in December 2006 (RNS "La Calera Maiden ResourceUpdate" dated 20th December 2006). Several new high grade mineralised zones have been discovered between quartzvein zones outlined in the Phase 1 trenching program (RNS "Exploration Update"dated 13 December 2006). The mineralised structures are open both to the northand south along strike and at depth. Mineralised structures of up to 14 metres width at grades of 4.87g/t gold havebeen reported, including several, greater than 1 metre wide, higher grade zonesof greater than 10g/t gold. Selected highlights include: Trench Number Width Gold Grade Silver Grade LCTR19 5 metres 6.58g/t 3.2g/t LCTR28 6 metres 3.48g/t 1.8g/t LCTR31 8 metres 9.60g/t 11.3g/t LCTR34 14 metres 4.87g/t 4.3g/t LCTR35 4 metres 7.37g/t 9.8g/t LCTR35 4 metres 7.20g/t 4.2g/t LCTR39 2 metres 7.40g/t 4.6g/t Sampling to date at La Calera has now defined a highly gold anomalous area ofapproximately 800 metres by 200 metres containing several parallel quartz veinsand associated wide stock work zones that will require further follow up work,including an extensive drilling program. The Company is very pleased withprogress to date and is hopeful of continued excellent results from the project. A more complete list of significant results for the Phase 2 trenching program atLa Calera is presented below. Trench Number Width Gold Grade Silver Grade LCTR19 5 metres 6.58g/t 3.2g/t including 2 metres 14.81g/t 6.4g/t LCTR20 1 metre 8.63g/t 5.5g/t LCTR24 2 metres 4.03g/t 2.5g/t including 1 metre 7.34g/t 4.4g/t LCTR28 6 metres 3.48g/t 1.8g/t including 1 metre 8.29g/t 4.7g/t and LCTR28 1 metre 6.12g/t 2.8g/t LCTR29 2 metres 4.80g/t 2.7g/t including 1 metre 8.12g/t 4.1g/t LCTR31 8 metres 9.6g/t 11.3g/t including 1 metre 24.9g/t 9.6g/t and 1 metre 13.57g/t 20.5g/t and LCTR31 2 metres 13.61g/t 14.3g/t LCTR34 14 metres 4.87g/t 4.3g/t including 2 metres 17.04g/t 10.1g/t LCTR34 1 metre 21.01g/t 13.1g/t LCTR34 1 metre 10.47g/t 6.4g/t LCTR35 4 metres 7.37g/t 9.8g/t including 3 metres 9.54g/t 12.5g/t and LCTR35 1 metre 10.25g/t 12.3g/t and LCTR35 1 metre 13.17g/t 19.1g/t LCTR35 4 metres 7.20g/t 4.2g/t including 2 metres 11.74g/t 6.7g/t LCTR35 1 metre 16.57g/t 8g/t LCTR39 2 metres 7.49g/t 4.6g/t including 1 metre 14.3g/t 9.2g/t Nigel Ferguson, CEO of Condor, commented: "We are very encouraged by theseresults. Mineralization, alteration and results received from trenching at theLa Calera Project again reinforce Condor's target model of broad, sheared, stockwork zones of gold and silver mineralization with inter-fingering high gradequartz veins. These results highlight the potential of this project and we hopeto achieve similar success with subsequent programs." Within the La Calera Project, Condor is preparing to commence a third trenchingprogram as several mineralised zones have not yet been closed off. This will beimmediately followed by a reverse circulation drilling program to test depthextensions of the several, well mineralised zones, and the Company expects theprogram to initially be undertaken over a strike length of approximately 800metres and to a depth of approximately 200 metres below surface. Following thiswork, the Company will commission an updated mineral resource statement from anindependent Competent Person. 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 Clare Irvine Brendan McNamara +44 20 7851 7480 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. 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. This information is provided by RNS The company news service from the London Stock Exchange