Condor Resources Inc.: Drilling Update on the Cristal Project in Northern Chile
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/22/13 -- Condor Resources Inc. (TSX VENTURE: CN) ("Condor" or the "Company") is pleased to provide an update on the drilling program currently underway at Condor's 100% owned Cristal project in northern Chile.
Condor has been informed by BHP Billiton that the first hole at Cristal was completed to a depth of 905m on March 27, 2013. This vertical hole was located on the southern part of the property, at an elevation of approximately 3,600m.
A second drillhole is expected to collar this week at a location approximately 5km north of the first drillhole and at an approximate elevation of 3,750m.
Under an agreement dated October 5, 2012, BHP Billiton can earn a 65% interest at the 46 sq km Cristal project with the expenditure of US$18 million over 4 years. Cristal is located along the West Fissure in northern Chile, near the border with Peru. The West Fissure is host to the majority of Chile's large porphyry copper deposits, including the Collahuasi, Ujina and Quebrada Blanca porphyry copper mines.
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.
Contacts:
Condor Resources Inc.
Patrick J. Burns
President & Chief Executive Officer
1-866-642-5707
info@condorresources.com
www.condorresources.com
