CONDOR RESOURCES: GOLD & SILVER EXPLORER IN CENTRAL AMERICA (CNR)

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Headline Facts

The company currently has 2,021,000oz JORC classified gold equivalent resource and is focusing on the exploration and development of multiple gold and silver projects within Central America. It has secured 100% ownership on a number of licenses within Nicaragua and El Salvador and has recently hired another drill at it's flagship La India operation, where
B2 Gold are partners and own a 20% stake in the project. The company recently announced that it had increased the La India gold resource to 1,029,000 ounces of gold at a grade of 6.4 grams per tonne (290,000 at 7.6 grams in the indicated category and 698,000 ounces at 6 grams inferred, combined with 41,000 ounces of gold on the Cacao vein).

Condor raised £3m cash on April 11th 2011 via a private placing at 9p per share with Macquarie Bank, who will hold a 6.34% stake in the company. The money will be used to fund an aggressive drilling campaign at La India, where the company's confident gold reserves can be increased to over 2 million oz. Mark Child believes the company's gold in the ground could be worth around $250 per oz once drilling is finished and the surveys completed. Please click here to see the company's current projects.

La India Resource Statement



Main Opportunities in 2011

Unfreezing of El Salvador assets

Increase in resources La India in Q3 2011 after drilling programme. The current JORC reserves of around 1 million oz is from just six veins. There are at least another 13 veins that are yet to be drilled. and SRK have found one vein recently that runs parallel to the important India vein that still hosts 400,000 oz despite having had c.300,000 oz already mined from it. The 1 million oz resource in the District has been calculated based mainly from the historical Russian/ Canadian drilling which went to an average depth of 150m. It is believed that the epithermal 'boiling zone' goes down to depths of 400m. CNR will drill to those depths in H2 2011 and if the theory is correct there is the possibility that the resource could be doubled. So 1 million x 3 x 2 = 6 million oz.

The currently defined section of the Andrea vein in El Rodeo (possibly 10km long) is highly likely to host at least 0.5 million oz and that will also be drilled during H2 2011. Excluding the Santa Barbara and Real de La Cruz concessions the rest of the District may well host 6.5 million oz of high grade gold. This region hosts 'bonanza-type low sulphidation epithermal veining', so called because the area is criss-crossed with gold bearing veins.

There is 14,000m of trenching that has already been completed in the La India district (mostly by the Russians/previous companies). It is a'drill ready' project. This means that CNR know exactly where to drill (i.e beneath the high grade trenches) in order to get the most out of their drilling limiting cash burn.

Definition of silver resource to JORC standards

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3 Month Candlestick Chart



5 Year Chart

Current Projects

Nicaragua



Condor has secured 100% ownership of seven and 80% ownership in two concessions in four project areas all with known gold mineralisation and all but one either including or proximal to historical gold mines. Condor also has a 20% interest in a concession near the La Libertad Gold Mine. Please click here for a larger map of current projects in Nicaragua.

La India - Condor holds multiple inferred JORC compliant resources within the district. The total project resource currently stands at 1,029,000 oz gold @ 6.4g/t. Please click here for detailed information on the project plus Condor's involvement with B2 Gold.

Potrerillos - Four prospects have been identified to date along a 3,500m long segment of the Guayape mineralised corridor within the Potrerillos Concession. Please click here to view more detailed information on the project.

Cerro Quiroz - a recent discovery of gold mineralisation along a previously unknown trend at Cerro Quiroz indicates that the eastern end of the Libertad-Santo Domingo gold district is significantly under-explored - more details here

Estrella was granted to Condor on the 5th April 2010 covers an area over the historic Estrella Gold Mine, located approximately 20km southwest of Siuna, one of the three mining towns that define Nicaragua’s historic ‘Mining Triangle*’ in the northeast of the country. The district is estimated to have historical production totalling more than 5 million ounces of gold, 4 million ounces of silver, 158,000 tons of copper, and 106,000 tons of zinc - more details here

Rio Luna - is an advanced exploration project where the previous explorer First Point Minerals of Canada report spending over US$1.8 million between 2004 and 2008 on regional soil and rockchip sampling, and follow-up trenching and diamond core drilling. The Concession, covering an area of 43km² in the Central Highlands of Nicaragua was granted to Condor in June 2010 and will expire in 2035 - more details here

El Salvador



Condor currently holds several 100% owned concessions within El Salvador . Each has significant historical mining activity and/or the potential to host a world class high grade epithermal mineral deposits:

La Calera - a resource calculation announced in February 2008, utilising the extensive trench sampling database and supplemented by the existing drilling coverage, estimated an inferred resource of 6Mt at 1.6g/t gold and 1.4g/t silver for 310,000oz gold and 270,000oz silver. Please click here to read more.

El Pescadito the total Pescadito Project inferred resource currently stands at 7.1Mt at 1.90g/t gold and 96g/t silver for 430,000oz gold and 22Moz silver. Please click here to read more.

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