11th May 2007 07:01
Condor Resources PLC11 May 2007 Condor Resources Plc 1 Warwick Row London SW1E 5ER Telephone +44 020 7808 7222 Fax: +44 020 7808 7223 11 May, 2007 Condor Resources plc (''Condor'' or ''the Company'') Significant Trenching Results at El Cacao, Nicaragua Condor Resources Plc (AIM: CNR) is pleased to announce significant interceptsfrom the first batch of assay results received for the initial phase oftrenching on it's El Cacao Prospect located in the El Limon - La India miningdistrict, Nicaragua. The assay results show excellent width and grade andestablish a continuity of mineralization over at least 400m strike length.Results have been received for seven trenches, accounting for 290.6m of anongoing programme. The manually excavated trenches aim to establish the grade ofmineralization in areas of outcropping gold-bearing epithermal quartz veins aswell as test for possible strike extensions and additional parallel zones. Mineralised veins up to 3.1m wide at grades of 2.58g/t gold are reported,including a one metre wide, higher grade zone of greater than 10g/t gold. Selected highlights include: Trench Number Width Gold Grade CCTR0004 1.0 metre 11.54g/t CCTR0005 2.8 metres 3.06g/t CCTR0006 3.1 metres 2.58g/t CCTR0007 1.2 metres 1.17g/t CCTR0007 2.0 metres 1.19g/t CCTR0009 2.4 metres 2.18g/t The results reported here are from the initial sampling programme which wasdesigned to establish grade in the area where the gold-bearing quartz veinsoutcrop at surface. The results define a highly gold anomalous area with astrike length of 400m containing several parallel quartz veins and associatedwide alteration zones that will require further follow up work, including anextensive drilling program. The Directors are very pleased with progress to dateand are hopeful of continued excellent results from the project. Mapping of lag and float material suggests that the Cacao vein could extend fora further 2km to the west, partially buried beneath a thin cover of alluvium.Further trenches are being excavated to test the western strike extent of thestructure. Alluvial cover prevents the effective use of trenching to look for aneastern strike continuation to mineralization; therefore exploration drilling isplanned subsequent to receipt of all trench results in this area. Nigel Ferguson, CEO of Condor, said: '"These results are very encouraging.Mineralization, alteration and the continuity and grade of the initial resultsreceived from trenching at the Cacao Project indicate that this system has thepotential to host an economic epithermal bonanza vein similar to that containedwithin the El Limon - La India mines located nearby, which produced between 1942to 1996, more than two million ounces of gold, with another 350,000 delineatedby recent exploration. These results highlight the potential of this project andwe hope to achieve similar success with subsequent programs.'" Within the Cacao Project, preparation is being made for commencement of a firstphase reverse circulation drilling program to test depth extensions of this wellmineralised zone, initially expected to be undertaken over a strike length ofapproximately 400 metres and to a depth of approximately 150 to 200 metres belowsurface. The Directors expect a maiden mineral resource statement to follow indue course. Qualified Person's Declaration The information in this announcement that relates to Exploration Results isbased on information compiled by and reviewed by Nigel Ferguson, CEO, who is aMember of the Australian Institute of Mining and Metallurgy and a geologist withover 21 years of experience in the exploration and definition of precious andbase metal Mineral Resources and has sufficient experience that is relevant tothe style of mineralization and type of deposit under consideration and to thetype of activity which he is undertaking to qualify as a Qualified Person asdefined in the March 2006 Edition of the AIM Guidance Note for Mining, Oil andGas Companies. He consents to the inclusion in the report of the matters basedon his information in the form and context in which they appear and confirmsthat this information is accurate and not false or misleading. - Ends - Enquiries: Condor Resources Plc Mark Child, Chairman +44 20 7408 1067 Nigel Ferguson, CEO +44 20 7808 7222 Nabarro Wells & Co. Limited Hugh Oram +44 20 7710 7400 Anthony Rowland +44 20 7710 7419 Mirabaud Securities Limited Rory Scott +44 20 7878 3360 Parkgreen Communications Limited Clare Irvine Brendan McNamara +44 20 7851 7480 Chain of Custody Condor enforces a strict chain of custody, with all field samples beingcollected under the supervision of a qualified senior geologist. Samples aresealed in larger bags and kept under lock and key until being delivered to BSIInspectorate Laboratories, Guatemala for completion of the sample preparationphase. Prepared samples are then forwarded by courier to BSI Laboratories inSparks, Nevada, USA for final assay determinations. About Condor Resources Plc: Condor Resources Plc was admitted to AIM on 31st May 2006 raising £4.9m prior tocosts. Condor is a mineral exploration company focused on El Salvador andNicaragua. The Company has 100% ownership of four licenses and is earning 100%interest in a fifth licence contained in three project areas in El Salvador.Condor also has four 100% owned licences and the option to earn an 80% interestin a further four licences contained within four project areas in Nicaragua. An independent competent person's report prepared by Ravensgate and included inthe Company's Admission Document combined with a subsequent mineral resourcecalculation statement in December 2006 reported Inferred Mineral Resources, asdefined by the JORC standard of some 467,104oz gold and 18.4Moz silver withintwo project areas in El Salvador. The Company's objective is to prove up significant gold and silver resources ofbetween 1 to 2 million ounces of gold and 30 to 50 million ounces of silver toJORC reportable standards by the 31st May 2008. The Company intends to continueto drill test targets within its Project areas. The total drilling programme isplanned to be between 20,000m and 40,000m of combined reverse circulation anddiamond drilling. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Condor Gold