|By Marketwired .||
|September 13, 2013 12:14 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/13/13 -- Condor Resources Inc. - ("Condor" or the "Company") (TSX VENTURE:CN) is pleased to provide an update on the continuing exploration program being conducted by BHP Billiton on Condor's Cristal project in northern Chile.
The exploration target at Cristal is a large disseminated Cu-Mo mineralized intrusive beneath the overlying cover comprised of barren ignimbrite. Two diamond drillholes have been completed at Cristal.
Diamond drillhole INT003D was drilled vertically to a depth of 905m, and encountered volcanics from about 607m to 902m, or a 295m interval.
Diamond drillhole INT005D, located approximately 5km north of INT003D, was drilled to a vertical depth of 721m, and encountered intrusive from about 430m to 718m, or a 288m interval.
Copies of the processed airborne geophysical data covering the property have been received from BHP Billiton, and include the Magnetics (RTP), Gravity (GDD) and EM (AdTau) interpretations. BHP Billiton is currently completing an evaluation of all data obtained to date, and the reclamation of the initial two drillholes.
BHP Billiton has advised Condor they will provide a detailed expenditure report covering work to date, by late September. BHP Billiton is required to complete cumulative exploration expenditures of US$500,000 by October 4, 2013, and US$2.5million by October 4, 2014, to maintain their option.
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 Escondida, Collahuasi, Ujina and Quebrada Blanca porphyry copper mines.
Condor 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. The Company's long term objective is the discovery of a major precious/base metals deposit through its portfolio of properties in Peru and Chile.
ON BEHALF OF THE BOARD
Lyle Davis, 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.
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.
Condor Resources Inc.