Condor Resources Inc.

TSX VENTURE : CN


Condor Resources Inc.

February 04, 2013 08:57 ET

Condor Resources Inc. Exploration Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 4, 2013) - Condor Resources Inc. - ("Condor" or the "Company") (TSX VENTURE:CN) is pleased to provide an update on ongoing work on the Company's exploration properties.

Condor de Oro - Mariana Resources Ltd. ("Mariana") have an option on Area 1 of Condor de Oro, whereby Mariana can earn a 51% interest over 4 years via cash and work commitments totalling $15 million. As reported by Mariana on January 31, 2013, meetings have been held with the local community leaders, and their agreement to conduct initial exploration at Condor de Oro confirmed. Subject to final approvals, Mariana are planning the initial drill program at Area 1 during the first half of 2013. Mariana have an exclusive right to option Area 2 of Condor de Oro under the same terms as Area 1, and have been granted an extension on their assessment period at Area 2 until March 31, 2013. To date, Mariana have collected approximately 230 rock and soil samples, and 4 stream sediment samples in Area 2. See http://www.marianaresources.com/news/2013.php to download the full news release.

Cristal - as reported in December, BHP Billiton conducted an airborne geophysical survey that encompassed Condor's 46 sq km Cristal project in northern Chile. Subject to interpretation of the geophysical data, BHP Billiton are scheduled to conduct an initial drill program at Cristal during the first quarter of 2013. To date, Condor has not been advised of the results of the geophysics, nor the details of the upcoming drill program. BHP Billiton can earn a 65% interest at Cristal with the expenditure of US$18 million over 4 years.

Soledad - The Company completed its application in 2012 for a drill permit on the wholly owned Soledad Au-Ag-Cu project in central Peru. Agreements are in place with surface land owners and the surrounding communities. Drilling will target mineralization encountered in Breccia #1 during a 1996 drill program, where three holes returned significant mineralization, as reported earlier. The program will also test several other newly discovered breccias at Soledad, and the high sulphidation epithermal system discovered in the northeastern sector of the property.

Additional Activities - The Company is continuing its efforts to joint venture a number of its projects in Chile and Peru, and will provide details if and when agreements are reached.

Condor Resources Inc. was incorporated in 2003 by field exploration specialists focused on the generation of precious and base metals 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 precious/base metals deposit and its business plan offers shareholders access to an exciting portfolio of sixteen properties in Peru and Chile, 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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