Mr. Lyle Davis reports

CONDOR REPORTS RESULTS FROM ITS MAIDEN PUCAMAYO DRILL PROGRAM

Condor Resources Inc. has released encouraging assay results from the maiden diamond drill program that concluded in December at the Pucamayo East project in Peru. A total of 2,353 metres were drilled in nine diamond drill holes, testing a 600 m by 900 m (0.54 square kilometre) area of the four-square-kilometre advanced argillic alteration zone exposed on the Pucamayo property.

Highlights of mineralized intercepts include:

• 0.83 gram per tonne (g/t) gold equivalent (AuEq) over 72.5 m, including a subinterval of 18.96 g/t AuEq over two m in hole PUC-E005;
• 1.11 g/t AuEq over 11.8 m and a second interval of 0.53 g/t AuEq over 52.2 m in hole PUC-E-001;
• 0.63 g/t AuEq over 10.3 m in hole PUC-E-004;
• 1.42 g/t AuEq over two m and a second interval of 8.26 g/t AuEq over two m in hole PUC-E-006;
• 1.62 g/t AuEq over 3.8 m in hole PUC-E-007;
• 1.06 g/t AuEq over 20 m in hole PUC-E-008;
• 0.44 g/t AuEq over 32.8 m in hole PUC-E-009.

A table entitled "Summary of diamond drill results from Pucamayo East," details significant results.

"We are pleased with the results of this first drill program at the Pucamayo East project," stated Ever Marquez, Condor's vice-president of exploration. "Our maiden drill program has identified a substantial mineralized and altered area with locally elevated precious and base metals, with some of the best values coming near surface. Intercepts include both long intervals of low-grade precious and base metal mineralization, as well as local high-grade structures, notably 18.96 g/t AuEq over two m. We have tested only a small part of Pucamayo and are excited by the potential that remains in what appears to be a much larger mineralized system."

Six of the nine drill holes tested the extent of high-sulphidation-type epithermal gold-and-silver-bearing outcropping ledges of breccia and four of these (PUC-E-001, 007, 008 and 009) intersected near-surface gold-silver-polymetallic intervals ranging from 3.8 m to 52.2 m, and grades from 0.1 g/t to 1.1 g/t AuEq. Two holes (PUC-E-002 and 003) drilled to the east and collared higher in elevation encountered barren steam-heated host rocks interpreted to lie above the mineralized zones intersected in PUC-E-001, 007, 008 and 009. A detailed drill hole location map is available on the company's website.

Three deeper holes (PUC-E-004, 005 and 006) tested an outcropping area of multiphase stockwork and alteration associated with anomalous gold and copper, with associated IP (induced polarization) chargeability and resistivity anomalies interpreted to be an intrusive related system. The best of these, PUC-E-005 intersected a 72.5 m interval from 190 m to 262.5 m grading 0.45 g/t gold (Au), 30 g/t silver (Ag) (0.83 g/t AuEq) including a two m high-grade interval of 11.43 g/t Au, 687 g/t Ag (18.96 g/t AuEq). PUC-E-006 intersected a two m interval grading 7.97 g/t Au, 20.9 g/t Ag (8.26 g/t AuEq). All three of these holes encountered extensive amounts of pyrite and discontinuous zinc, copper and lead mineralization associated with argillic/phyllic-altered andesitic/dioritic host rocks.

Condor recognizes that the inaugural drill program has tested a relatively small portion of the four square km area of argillic/silicic alteration zone present on the property. This large alteration zone is interpreted to represent a halo or high-level lithocap lying above a potentially mineralized porphyry system at depth to the southeast of the drilled area. This area lies within the company's concessions, but requires an expansion of the permitted (DIA) work area. Mineralogical (Terraspec) studies to evaluate alteration zoning are currently under way on material collected from the recent drilling program to assist in vectoring toward future potential target areas.

Condor is an active explorer focused exclusively on Peru, supplemented by a project generator and royalty model designed to generate exploration capital whilst minimizing shareholder dilution. The company's objective in advancing its portfolio of projects is the discovery of a major new precious metals or base metals deposit in Peru. Project acquisition and exploration activities are managed by the company's Lima-based exploration team.

Qualified person and quality assurance/quality control (QA/QC)

David W. Moore, PGeo (British Columbia), who serves on the advisory board of Condor, is a non-independent qualified person as defined by National Instrument 43-101. Mr. Moore has reviewed and approved the technical disclosure contained in this news release.

Condor employs industry-standard QA/QC and data verification protocols. Drilling was performed by Energold Drilling Peru SAC. The drill core was cut lengthwise into halves using a diamond-bladed saw, with one-half used for the assay sample and the other half retained in core boxes and archived at site. Mineralized zones were generally sampled on two m intervals. Each core sample was placed into a bag with a unique numbered sample identification tag. Quality control samples including standards, blanks and duplicates were inserted between core samples using the same numbering sequence. Then samples were grouped into batches for shipping and laboratory submissions. Chain of custody records are maintained for sample shipments and the custody is transferred from Condor to the laboratory upon delivery.

Samples were shipped to and assayed by SGS del Peru SAC in Lima, Peru, a laboratory whose quality control system complies with International Standards OHSAS 18001, ISO14001 and ISO 9001. Samples were analyzed using a customary four-acid digestion system with 50-element ICP-MS (inductively coupled plasma mass spectrometry) analysis was conducted on all samples, with silver, copper, 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.

We seek Safe Harbor.