Condor Resources Inc.
TSX VENTURE : CN

Condor Resources Inc.

July 12, 2011 09:42 ET

Condor Discovers New Epithermal Gold-Silver Occurrence in Peru

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 12, 2011) - Condor Resources Inc. ("Condor" or the "Company") (TSX VENTURE:CN) is pleased to announce that its ongoing generative regional exploration program in South America has resulted in the discovery and staking of a new precious metals occurrence in northern Peru in the same prolific volcanic belt that is host to Barrick Gold Corporation's Pierina and Alto Chicama gold mines.

Located 45 km south of the Peirina mine in the Cordillera Negra metallogenic province in the central Peruvian Andes, Condor's new 100% owned Quriurqu project is a high sulphidation gold-silver epithermal system, as evidenced by alteration assemblages and associated pathfinder minerals hosted in structures and hydrothermal breccias within Tertiary age dacitic ignimbrites.

Discovered by Condor's prospecting team, initial reconnaissance mapping has been carried out and 64 rock chip channel samples have been collected to date and analyzed by ALS Chemex laboratories in Lima, Peru. Gold and silver assays range from negligible to 5.9 g/t Au and 143 g/t Ag. A total of 57 of the 64 samples returned anomalous gold values in excess of 50 ppb, including 27 samples greater than 500 ppb and 18 samples in excess of 1 g/t Au. Detailed mapping and sampling have been scheduled for the 3 sq. km. property. Condor geologists believe that Quriurqu could host a disseminated bulk tonnage gold-silver deposit at depth. No previous sampling or other exploration has ever been conducted at Quriurqu. The project has never been drill tested.

About Condor Resources Inc.

Condor Resources Inc. was incorporated in 2003 by field exploration specialists focused on the generation of gold and copper projects in South America, where management has extensive experience and a proven track record of discovery. The Company's long term objective is the discovery of a major new gold and/or base metal deposit, and its business plan offers shareholders access to an exciting and growing portfolio of discovery stage properties, including six projects in Chile, and nine projects in Peru, each offering a unique path to discovery.

ON BEHALF OF THE BOARD

Patrick J. Burns, President & Chief Executive Officer

Cautionary Statement Regarding Forward-Looking Information: All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Corporation does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change. Investors should not place undue reliance on forward-looking statements. Dr. Richard Culbert is the Qualified Person under NI 43-101 who has approved the technical content of this news release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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