Condor Acquires Former Producing Gold-Silver Concessions Near Arequipa in Southern Peru
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/06/12 -- Condor Resources Inc. ("Condor" or the "Company") (TSX VENTURE: CN) is pleased to announce that it has acquired through staking a 100% interest in 3 concessions within the ex-Shila Au-Ag epithermal mining district in Peru. The property, renamed Lucero, comprises 21 sq km and includes three small former vein mines: Sando Alcalde, Pillune and Apacheta. High grade 'bonanza-style' direct shipping ore was mined here in the past from low to intermediate sulphidation quartz-carbonate (rhodochrosite) massive sulphide veins.
Condor believes that potential remains for the discovery of additional high grade ore shoots in the 3 former producing mines, and in the numerous other veins and structures located on the property. In addition, a newly-discovered, 1.8 sq km disseminated bulk tonnage target is considered highly prospective and will be given priority in an upcoming prospecting, sampling, and mapping program at Lucero.
The Lucero property is located 130 km NW of Arequipa and 22 km SE of Buenaventura's Orcopampa mine, at elevations between 5000m and 5300m. Lucero is one of many areas of low-sulphidation epithermal Au-Ag deposits hosted in Tertiary volcanics of the Central Cordillera of southern Peru. Mining within the district, primarily for gold and silver, dates back to Inca times and continued through the period of the Spanish colonization to the present day A study is underway by Condor to compile the past production history at Lucero.
Preliminary evaluations of the property by Condor's exploration team comprised prospecting the 21 sq km property and sampling numerous veins and structures, including the surface areas surrounding the above-mentioned former producing mines. Condor's Qualified Person visited Lucero and his sample results were similar with Condor's, in that the grades were as expected for a property that has supported mining via direct ore shipping (see www.condorresources.com/s/Lucero.asp for detailed sample results).
During the prospecting work, an epithermal high sulphidation alteration zone with low sulphidation structures was identified on the property, and returned peak sample values of 33.4 g/t Au and 3,500 g/t Ag. This area, measuring approximately 1300m by 1400m in size, exhibits no evidence of prior sampling or drilling and is believed to host potential for a bulk tonnage disseminated gold-silver deposit.
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
Dr. Richard Culbert is the Qualified Person under NI 43-101 who has approved the technical content of this news release.
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.
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Contacts:
Condor Resources Inc.
1-866-642-5707
info@condorresources.com
www.condorresources.com
