Condor Gold Regulatory News (CNR)

13 Dec 2006 07:02

Condor Resources PLC13 December 2006 13th December, 2006 Condor Resources plc ("Condor" or "the Company") Exploration Update: El Pescadito and La Calera Projects, El Salvador Condor Resources Plc (AIM: CNR) is pleased to report that positive results havebeen returned from the recent trenching programmes at both the Corozal prospect,within the El Pescadito Project and the La Calera Project, both in El Salvador. Highlights from the Corozal Prospect in the El Pescadito Project include: • COTR2 14 metres @ 1.01g/t gold and 19.9g/t silver • COTR4 2 metres @ 2.19g/t gold and 50.2g/t silver • COTR9 2 metres @ 2.59g/t gold and 12.5g/t silver • COTR10 1 metre @ 8.61g/t gold and 491.1g/t silver Highlights from the La Calera Project include: • LCTR1 5 metres @ 5.51g/t gold • LCTR2 13 metres @ 8.57g/t gold including 6 metres @ 17.21g/t gold open across strike • LCTR5 5 metres @ 4.29g/t gold open across strike • LCTR6 6 metres @ 3.06g/t gold open across strike • LCTR7 3 metres @ 6.79/t gold open across strike • LCTR8 2 metres @ 7.85g/t gold • LCTR10 2 metres @ 5.19g/t gold • LCTR11 11 metres @ 3.15m gold • LCTR12 7 metres @ 2.51g/t gold • LCTR13 9 metres @ 2.26g/t gold open across strike Mineralisation and alteration encountered within this trenching gives excellentconfirmation of Condor's target model of broad stock work zones of goldmineralisation with inter-fingering high grade quartz veins. This suggests thatopen pit mining may be possible, with subsequent underground mining of highergrade mineralised zones. The Company hopes to be able to join the surface mineralisation obtained fromthis trenching programme to subsurface mineralisation intercepted in drill holescompleted by Pacific Rim Mining Inc. during the period 2000 to 2004. This willallow wireframe interpretation, block modelling of the ore zones and betterdefinition of targeting for drilling that Condor proposes to commence in thefirst quarter of 2007. It may also allow for the calculation of a maidenmineral resource at La Calera. A summary of the work completed is outlined below. Project Prospect No Trenches Total MetresEl Pescadito Corozal 12 447La Calera Rosa Main 4 67 Rosa West 1 8 152 Rosa West 2 3 73 Calichal 3 67 TOTALS 39 806 Complete assay results are tabulated below. El Pescadito Project - Corozal Prospect Trench Structure Intercept (m) Gold (g/t) Silver (g/t) CommentCOTR1 Main 1 0.58 12.0COTR2 Main 14 1.01 19.9COTR2 Main 1 1.47 13.7COTR2A Main NSRCOTR3 Main 2 0.89 10.3COTR4 Main 2 2.19 50.2COTR5 Main NSRCOTR6 Main 2 1.20 97.9 and Main 2 1.17 65.2 and Main 1 1.51 110.4COTR6A Main NSRCOTR7 Main NSRCOTR8 Main NSRCOTR9 Main 2 2.59 12.5COTR10 Main 1 8.61 491.1 and Main 3 0.59 17.1 (g/t) grammes per tonne NSR = No significant results returned La Calera Project Trench Structure Intercept (m) Gold (g/t) Silver (g/t) CommentLCTR1 Rosa Main 5 5.51 4.90LCTR2 Rosa W 1 13 8.57 5.78 including 6 17.21 NSR OpenLCTR3 Rosa W 1 3 0.87 NSRLCTR4 Rosa Main NSRLCTR5 Rosa W 1 14 2.92 NSR including 5 4.29 3.45 Open including 2 4.25 NSR and 1 8.71 NSRLCTR6 Rosa Main 6 3.06 3.95 Openincludes 2 6.55 NSRLCTR7 Rosa W 1 3 6.79 7.16 Open including 1 17.76 13.5 and 1 2.06 NSRLCTR8 Rosa W1 2 7.85 4.10LCTR9 Rosa W 2 NSRLCTR10 Rosa W 2 1 4.05 6.70 and 1 4.39 3.80 and 2 5.19 4.70LCTR11 Rosa W 1 2 3.15 3.40LCTR12 Rosa W 1 4 1.70 NSR Open and 7 2.51 NSRLCTR13 Rosa Main 9 2.26 NSR OpenLCTR14 Rosa W 1 1 2.02 NSRLCTR15 Calichal 1 1.51 4.80LCTR16 Calichal 1 2.85 17.20LCTR17 Rosa W 2 1 8.37 NSRLCTR18 Calichal 4 1.67 NSR (g/t) grammes per tonne NSR = No significant results returned. A second phase of trenching at the La Calera Project is continuing based on theencouraging results received to date from the first program. A total of 817metres of trenching have been completed of a planned 950 metre programme for thesecond phase. Additionally, an initial 1,500m trenching programme is being completed at theSanto Thomas - Protectora - Carolina - Divisidero structure, within thePescadito Project, where 1,190 metres have been completed to date. Results forboth these programmes will be reported by Condor once assay results are receivedfrom BSI Inspectorate Laboratories. 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 finals assay determinations. 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 20 years of experience in the exploration and definition of precious andbase metal Mineral Resources and has sufficient experience that is relevant tothe style of mineralisation 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 +61 8 9240 7227 Nabarro Wells & Co. Limited Hugh Oram +44 20 7710 7400 Anthony Rowland +44 20 7710 7419 Park Green Communications Limited Ana RibeiroBrendan McNamara+44 20 7493 3713 About Condor Resources Plc: Condor Resources Plc was admitted to AIM on 31st May 2006 and raised £4.9m.Condor is a mineral exploration company focused on El Salvador and Nicaragua.The Company has 100% ownership of four licences and is earning 100% interest ina fifth licence contained in three project areas in El Salvador. Condor alsohas the option to earn an 80% interest in four licences contained within threeproject areas in Nicaragua. An independent competent person's report prepared by Ravensgate and included inthe Company's Admission Document reported Inferred Mineral Resources, as definedby the JORC standard, of some 354,500oz gold and 18.3Moz silver within twocontiguous licences 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