Condor Resources Inc.
TSX VENTURE : CN

Condor Resources Inc.

February 23, 2011 08:00 ET

Condor Receives $2.265M From the Exercise of Warrants

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 23, 2011) - Condor Resources Inc. (TSX VENTURE:CN) ("Condor" or the "Company") has received a total of $2,265,200 from the exercise of 5,663,000 warrants that were issued a year ago as part of a private placement financing by Dundee Securities Corp. with an expiry date of February 21, 2011. Over 92% of the warrants were exercised, including 100% of the warrants held by Dundee Securities Corp. The issued and outstanding share capital of the Company after giving effect to the exercise of the warrants is 58,770,771 common shares.

After receipt of the funds from the exercise of these warrants, the Company's working capital is approximately $4.8 million. Condor is well funded for its upcoming drill program at Pucamayo West in southern Peru, and other exploration programs.

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 100% owned projects in Chile, and seven 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.

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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