Condor Gold Regulatory News (CNR)

18 May 2007 07:15

Condor Resources PLC18 May 2007 18th May, 2007 Condor Resources plc (''Condor'' or ''the Company'') Significant High Grade Trenching Results at the San Albino Project, Nicaragua Results include 18 metres at 6.77grams per tonne gold The structure is open in all directions with potential for parallel structures Condor Resources Plc (AIM: CNR) is pleased to announce the definition of adiscovery of wide, high grade gold mineralisation within a broad shear zone atit's San Albino Prospect in northern Nicaragua close to the historical highgrade San Albino Gold Mine. Significant gold intercepts in four adjacent trenches approximately 50 metresapart, define a mineralised corridor at least 200 metres long and varyingbetween 3 metres width in the north-east to over 18 metres width towards thesouth-west. Mineralisation remains open along strike in both directions and thewidth remains unconstrained at the thickest intersection in the south-east. In addition two parallel mineralised structures have been identified in trenchSATR010 which was extended further to the south-east than the other trenches totest for such parallel mineralised structures. Both parallel systems are openalong strike and returned the following assay results from SATR010: 3 metres at2.94g/t gold and 3 metres @ 20.11g/t gold respectively. All the significant uncut intersections are summarised in the table below: Trench Number Width Gold Grade Silver Grade SATR003 12 metres 5.59g/t 23.11g/t SATR010 18 metres 6.77g/t 11.84g/t SATR010 3 metres 2.94g/t 5.40g/t SATR010 3 metres 20.11g/t 31.07g/t SATR011 16 metres 7.89g/t 10.23g/t SATR013 3 metres 4.99g/t 24.37g/t The gold mineralization is hosted by a south-east dipping shear zone ofchloritic and locally graphitic quartz-bearing schist that cuts through apackage of medium to high grade metamorphic rocks. Width and grade of the goldmineralization increases to the south-east, where both width and strike extenthave not yet been constrained. Extensions to existing trenches and furthertrenching to test the strike extent are planned for this month. An initialreverse circulation program to test continuity of mineralization at depth isbeing planned for commencement after receipt of Government Environmental Permitsand on securing a suitable drilling rig. The wide intersections indicated intrenching to date suggest that the San Albino Prospect may be amenable to lowcost open pit bulk mining. 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 IrvineBrendan McNamara +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 beforecosts. Condor is a mineral exploration company focused on El Salvador andNicaragua. The Company has 100% ownership of four licenses and is earning 100%interest in a fifth licence contained in three project areas in El Salvador.Condor also has four 100% owned licences and the option to earn an 80% interestin a further four 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