Last checked at 18 Jun 2010 07:00
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| Condor Resources Plc
7th Floor 39 St. James's Street London SW1A 1JD Telephone +44 020 74081067 Fax: +44 020 74938633 |
18th June 2010
Condor Resources Plc
(''Condor'' or ''the Company'')
Grant of the advanced Rio Luna Concession in Nicaragua
Condor (AIM: CNR) is pleased to announce that the Company has been granted the 45 square kilometres Rio Luna Concession ("Rio Luna") in the Central Highlands of Nicaragua.
Rio Luna contains over 18 kilometres of gold-bearing epithermal quartz veins and a number of advanced gold prospects with significant recent drill intersections.
The previous owner, First Point Minerals Corporation of Canada ("First Point Minerals" TSXV: FPX), completed an extensive programme of soil, auger and rockchip sampling; which defined over 18 kilometres of epithermal quartz veining in three distinct northwest-southeast trending gold vein sets within the concession area.
Between 2004 and 2006, First Point Minerals, carried out a programme of 58 exploratory diamond core drill holes, totalling 6,250 metres of diamond drilling to an average depth of 108 metres; spread between five locations where the surface mineralisation was considered most prospective. This exploratory drilling resulted in some encouraging intersections, including 2.7 metres true width at 15.8g/t gold at the Balsamo East Prospect and 4.22 metres true width at 2.9g/t gold from the San Andreas Prospect. No resource drilling or resource estimations were completed prior to First Point Minerals' decision to close their Nicaraguan operations, relinquishing the concession towards the end of 2008 in order to focus on their properties in North America.
Rio Luna has been granted to Condor S.A., a wholly owned Nicaraguan subsidiary of Condor Resources Plc. The Concession is for both exploration and mining and the title is for an initial period of 25 years.
Condor does not have any further concession applications pending in Nicaragua.
Comment by Mark Child, Chairman:
"Condor applied for the Rio Luna Concession because our geologists believe that the concession is a recently discovered goldfield, where the surface mineralisation has been defined. The previous explorer identified 18 kilometres of gold-bearing epithermal quartz veins of which they tested only 2 kilometres by 6,250 metres of diamond drilling to an average depth of 108 metres. Condor has identified two of the recently drilled prospects that require further drill testing to define the strike length and depth, as well as further targets that require initial drill testing to ascertain whether there is a commercial gold reserve on the concession."
Qualified Person's Declaration
The information in this announcement that relates to Exploration Results is based on information compiled by and reviewed by Dr Luc English, the Country Exploration Manager, who is a Chartered Geologist and Fellow of the Geological Society of London, and a geologist with fourteen years of experience in the exploration and definition of precious and base metal Mineral Resources. He has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration, and to the type of activity which he is undertaking to qualify as a Qualified Person as defined in the June 2009 Edition of the AIM Note for Mining and Oil & Gas Companies. He consents to the inclusion in the announcement of the matters based on his information in the form and context in which they appear and confirms that this information is accurate and not false or misleading.
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For further information please visit www.condorresourcesplc.com or contact:
| Condor Resources plc | Mark Child, Chairman +44 (0) 20 7408 1067
| Luc English, Country Manager Nicaragua & El Salvador +505 8854 0753
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| Ambrian Partners Limited | Richard Swindells and Samantha Harrison +44 (0) 20 7634 4700
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| Farm Street Media | Simon Robinson +44 (0) 7593 340107
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About Condor Resources Plc:
Condor Resources plc is an AIM listed exploration company focused on developing natural resource projects in Central America. The Company was admitted to AIM on 31st May 2006 with the stated strategy to prove up JORC Resources in Nicaragua and El Salvador. Condor has eight 100% owned licenses contained within four project areas in Nicaragua. In El Salvador, Condor has 100% ownership of four licences in two project areas.
Since Admission to AIM, Condor has increased its JORC compliant inferred resources from 350,000 ounces of gold and 18 million ounces of silver to 788,000 ounces of gold and 22 million ounces of silver. The Resource calculations are compiled by independent geologists Ravensgate and Geosure. As announced on 14th June 2010 Condor's net cash position was circa £658,000 at the 31st December 2009. Condor also owns approximately £1,496,000 worth of shares in Grafton Resources investments Limited as a result of a share exchange approved by shareholders at an AGM on 12th June 2009.