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Condor Resources Inc
Symbol CN
Shares Issued 81,203,241
Close 2014-08-13 C$ 0.105
Market Cap C$ 8,526,340
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Condor Res optionor drills 67.5 m of 0.11% Cu at Condor

2014-08-14 07:54 ET - News Release

Mr. Lyle Davis reports

DRILLING UPDATE FROM CONDOR DE ORO PROJECT, NORTHERN PERU

Condor Resources Inc. has released results from CDOYE-006, the sixth hole completed at the Condor de Oro copper-gold-molybdenum project in northern Peru by Mariana Resources Ltd.

CDOYE-006 was drilled to a depth of 300 metres at an azimuth of 90 degrees and a dip of 60 degrees within the intrusive complex core zone consisting of dacitic quartz-feldspar porphyries throughout and intense potassic altered phreatomagmatic breccias in the bottom 116 metres of the hole.

The higher-grade intervals included 67.5 metres of 0.11 per cent copper, 0.07 gram per tonne gold and 60 grams per tonne molybdenum (from 154.5 metres to 222.0 metres); and 15.0 metres of 0.10 per cent copper, 0.12 gram per tonne gold and 18 grams per tonne molybdenum (from 121.5 metres to 136.5 metres). Copper-gold-molybdenum mineralization was intersected over the entire length of the drill hole and averaged 0.06 per cent copper, 0.07 gram per tonne gold and 32 grams per tonne molybdenum over 300 metres.

The six widely spaced holes at Condor de Oro have all confirmed the existence of large multiphase intrusive system, and all have encountered altered and mineralized lithology. The objective of the program has been to test the four-square-kilometre target area defined at surface, provide a better understanding of the mineralization controls, improve the geological model and refine targets for further drilling. The project has the potential to host a very large copper-gold-molybdenum porphyry deposit, and the target remains open in all directions.

The prior five holes (1,641 metres) were completed in late 2013. A map of the location of CDOYE-006, CDOYE-007 and CDOYE-008, as well as the first five holes can be found on the company's website. CDOYE-006 is located approximately 510 metres northwest of CDOYE-005, the closest of the five previous holes.

Mariana has advised the current drill program has concluded with the completion of holes CDOYE-007 (303 metres) and CDOYE-008 (341 metres). Samples from CDOYE-007 have been submitted to the lab for analysis, and samples from CDOYE-008 are currently being prepared for submission to the lab.

The Condor de Oro concessions are owned by Exploraciones Aguila Dorada S.A.C. Condor has an irrevocable option to acquire 85 per cent of the issued shares of EAD, and in turn, Condor has granted Mariana an option to acquire 60 per cent of Condor's shareholding interest, being an overall 51-per-cent interest. Mariana is assisting EAD with the drill program under the terms of the option agreement with Condor.

Condor currently has three of its properties under active exploration by third parties, and looks forward to a steady flow of results from these programs. In addition, the company is actively seeking partners on its other projects, and is reviewing new opportunities identified by its Lima-based exploration team.

Dr. Richard Culbert is the qualified person under National Instrument 43-101, who has approved the technical content of this news release.

Quality assurance/quality control

Mariana, the operator of the drill program, has advised as follows: All technical information for the Condor de Oro project is obtained and reported under a quality assurance and quality control program. Samples are shipped to and assayed by ALS Chemex Laboratory in Lima, a laboratory whose quality control system complies with International Standards ISO 9001:2000 and ISO 17025:2005. A four-acid digestion with 33-element ICP-AES analysis is conducted on all samples, with silver, lead and zinc being reanalyzed with atomic absorption spectrometry method when analyzing over the ICP limits. Gold is assayed using a fire assay with an atomic absorption spectrometry finish. Systematic assaying of sample duplicates and commercially prepared standards and blanks is performed for analytical reliability. A secure chain of custody is maintained in transporting and storing of all samples.

We seek Safe Harbor.

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