Condor Gold Corp.

March 24, 2005 23:00 ET

Condor Repositions Diamond Exploration Assets- Divests Interest in Dialex Minerals Inc. and Reacquires 100% Control of Condor Diamond Corp.


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CONDOR GOLD CORP.

PINK SHEETS SYMBOL: CDRGF

MARCH 24, 2005 - 23:00 ET

Condor Repositions Diamond Exploration Assets- Divests
Interest in Dialex Minerals Inc. and Reacquires 100%
Control of Condor Diamond Corp.

TORONTO, ONTARIO--(CCNMatthews - March 24, 2005) - Condor Gold Corp.
(Pink Sheets:CDRGF) (the "Corporation") announces that in cooperation
with its secured creditor, Treelawn Investment Corporation, it has
divested its 32,455,000 common shares (73% interest) in Dialex Minerals
Inc. to a third party purchaser for gross proceeds of U.S. $255,875. The
proceeds were utilized to pay the costs related to completion of the
transaction and to reduce the Corporation's secured indebtedness with
Treelawn Investment Corporation. In addition to the cash consideration,
the Corporation reacquired all of the issued and outstanding shares of
Condor Diamond Corp. as part of the transaction, so as to consolidate
its diamond and base metal exploration activities in the James Bay
Lowlands under the Corporation. Condor Diamond Corp.'s diamond and base
metal exploration activities relate to a large number of claim blocks
located, firstly, in close proximity to the DeBeers Victor Pipe, and
secondly, in closed proximity to the McFauld's Lake copper base metal
discoveries of Spider and KWG. The Corporation's shares are traded on
the U.S. Pink Sheets under the quotation symbol: CDRGF. The Corporation,
through its subsidiaries, owns or controls interests in various gold
properties centered in Chester Township in Northern Ontario in addition
to its properties in the James Bay Lowlands.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities of the Corporation in any
jurisdiction. The purchase warrants and the underlying common shares
described above were not registered under the United States Securities
Act of 1933 and may not be offered or sold in the United States absent
an applicable exemption from the registration requirement.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Condor Gold Corp.
    Alexander Stewart
    C.E.O.
    (416) 368-6161
    (416) 368-7805 (FAX)
    or
    Condor Gold Corp.
    50 Richmond Street East, Suite 300
    Toronto, ON M5C 1N7