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Company Information for Condor Resources plc

AIM-CNR

www.condorresourcesplc.com

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Company Statement

Condor Resources plc is a UK based AIM listed exploration Company with a strong focus on the exploration and development of gold and silver resources within Central America.

The Company owns outright or can earn a majority interest in a substantial portfolio of concessions largely prospective for high-grade epithermal gold and silver in El Salvador and Nicaragua in Central America.

Condor's management team have extensive experience in mineral exploration, project development and project financing, ensuring that the Company has the best possible opportunity to achieve exploration success in these prospective areas of Central America.

Current Operations

Condor Resources PLC has a number of projects in Central America that lay within major epithermal gold belts with the potential to host world class gold deposits.

The company has secured majority interests in a number of projects within El Salvador and Nicaragua. These have been secured either through direct application or through Farm In to earn a majority interest.

Condor's objective is to maximise shareholder value through the discovery of significant high-grade gold deposits in Central America. The company believes it will achieve this by focusing exploration efforts on projects that have a robust exploration model with excellent potential to generate early cash flow.

Nicaragua
Segovia Project
Potrerillos
The Potrerillos Concession, which covers an area of 12km2, contains a number of abandoned shafts and adits, testament to brief, interrupted periods of gold mining activity along a Palaeozoic schist belt known as the Guayape Suture Zone. The gold mines of the Potrerillos Concession were processed less than 1km south of the concession at the historic San Albino Mine. The san Albino Gold mine recorded an average daily production of 10t at 31g/t gold (for 10oz gold per day) during a brief period of production between 1922 and 1923, before revolutionary activity halted mining. Production at San Albino briefly resumed between 1938 and 1940 as a local enterprise on a smaller scale for which records are not available. Estimates place the regions total production at up to 20,000oz gold. Panning the river and stream beds for free gold continues on an ad hoc basis to this day.

Four prospects have been identified to date along a 3,500m long segment of the Guayape mineralised corridor within the Potrerillos Concession. Gold mineralisation is contained within mesothermal quartz veins, hosted by a Greenschist facies metasedimentary package which is dominated by graphitic schist. At Potrerillos the mineralised corridor is up to 1,000m wide with up to four parallel gold-bearing structures recognised. These gold-bearing structures all strike parallel to the regional trend (northeast) and dip at 30° to 45° to the northwest.

In addition to regional rock chip sampling, Condor has channel sampled approximately 700m of trenches and road cuttings and 130m of old mine adits with significant gold intercepts returned along the length of the mineralised corridor, including:

1m at 29.5g/t gold from trench POTR017 on the Potrerillo Prospect located in the north-east of the concession,
1m at 19.6g/t gold from old mine adit POTN006 on El Bijau Prospect in the centre of the concession, and
1m at 19.5g/t gold from sampling old mine adit POTN003 on the El Tambo Prospect in the south-west of the concession.

Condor Resources is encouraged by the wide distribution and continuity of gold mineralisation and considers the potential for the discovery of significant lode gold deposits on the Guayape Suture Zone very high. The Potrerillos concessions is well located in the centre of this highly prospective, under-explored metamorphic belt.

Matalaga Project - La India Mining District
Cacao and Santa Barbara
The Cacao Concession is located within the La India Gold District (an area of 150km²), where Tertiary aged island arc volcanic rocks host Bonanza-type epithermal gold deposit such as at La India mine. La India Mine, which operated between 1938 and 1955 has past production of 240,000oz gold and 267,000oz silver and a reported resource of 2.6Mt at 8.57g/t gold. The Cacao Concession is situated only 6km to the north-east of La India Mine.

Two prospects with gold-bearing epithermal quartz-carbonate veins have been identified on the Cacao Concession; the advanced Cacao Prospect, and a single anomalous trench intercept along strike at Cerro la Calera. Since 2006 Condor has advanced the Cacao Prospect from a rock chip anomaly to an inferred resource of 41,000oz gold at 1.2g/t, announced in April 2008. Condor has completed twenty-two drillholes for 2,170m, including 697m of diamond core, in addition to over 1,000m of trenching. The outcropping part of the Cacao vein has now been trench tested for surface gold mineralisation at 20m spacing over the entire 600m strike length of outcrop with a best trench intercept of 7m at 2.39g/t gold. The drilling has tested subsurface gold mineralisation beneath the outcrop at 40m line spacing over a 400m strike length, and approximately 80m spacing over the remaining 200m of strike. Drill testing has been to a maximum of 160m below surface with one of the best intersections to date returned from the deepest drillhole; 4.15m at 2.93g/t gold from 163m drill depth. The high-grade gold intercepts encountered in the deeper drilling points to a rich level below the currently drill-tested upper 100m of the system. The Cacao vein remains open at depth and open along strike in both directions where it is unexplored beneath recent sedimentary cover sequences.

The Cacao Prospect is located in the centre of an ancient caldera and mineralisation is hosted by massive andesite. The mineralised structure at Cacao strikes east-west and has been traced over a strike length of 600m, within which two high-grade gold mineralised zones or shoots have been identified: (1) the central zone with a surface strike length of 230m and (2) the western zone with a proven strike length of 100m and open to the west. The thickness and grade of mineralisation varies laterally and with depth. Encouragingly, some of the highest-grade and thickest intersections have been encountered in the deepest drillholes.

The Central zone mineralised structure dips steeply to the south (>80º) at the western end and vertically in the central and eastern parts. The Western zone dips steeply to the south (>80º). Thin zones of fault clay have been identified within the mineralised zone. At this stage it is not clear whether this fault is pre-, post- or synchronous with gold mineralization.

Up to three parallel quartz-carbonate veins have been recorded within a mineralised zone up to 20m thick. The veins are up to 3m thick with vuggy crustiform-banded or brecciated textures, and are interleaved with sulphide-mineralised argillic-altered rock, often containing quartz-carbonate stockwork veining. The argillic alteration and stockwork zone appears to be better developed on the southern hanging-wall side of the vein system. Wallrock alteration consists of proximal haematite-chlorite-carbonate-sulphide alteration and distal chlorite-carbonate-sulphide (propyllitic) alteration.

Approximately 1.5km along strike to the west of the El Cacao vein, an epithermal quartz vein has been discovered on the side of Cerro la Calera hill, where trench sampling has returned a best intercept of 1m at 1.39g/t gold. Further exploration is planned along this mineralised structure.

The Santa Barbara Concession covers an area of 16 square kilometers adjacent to the Cacao Concession, and includes two historically reported gold occurrences located approximately 2 kilometres and 4 kilometres to the east of the Cacao Resource. The gold occurrences occur as dacite-hosted epithermal quartz stockwork zones, and are interpreted as exposures of the eastern strike extension of the same structure that hosts the Cacao gold resource. Previous explorers reported rock chip samples assaying at over 1 gram per tonne gold at both sites, check sampling undertaken by Condor verified these results.

A programme of surface mapping, rockchip sampling and trenching is planned to test the areas of outcrop. This will be supplemented by ground geophysics designed locate the mineralised structure beneath alluvial cover sequences that are known to occur between the two gold occurrences and the Cacao Resource.
El Salvador
La Calera Project
The La Calera Project, located 45km northeast of San Salvador, consists of a single concession covering 42kmž and is 100% owned by Condor's subsidiary Minerales Morazan S.A de C.V.

Targets at La Calera are structurally controlled quartz-calcite veins and vein breccias, hosted by strongly propylitically altered andesitic volcanic, volcaniclastic and agglomerate units. These veins exhibit characteristics typical of epithermal gold-silver mineralisation, including quartz and bladed calcite, colloform banding, low sulphide content (pyrite generally <5%) and bonanza gold grades (up to 1m at 91g/t gold in trench samples). At La Calera a number of close-spaced parallel mineralised veins are recognised over a strike length of approximately 2km.

El Pescadito Project
El Pescadito, Carolina, El Gigante
Located in eastern El Salvador, 95km east of the capital San Salvador and 20km northeast of the town of San Miguel, the El Pescadito Project comprises three contiguous concessions covering an area of 133km²: the El Pescadito, Carolina and El Gigante concessions.

Numerous old workings and mines are located within the El Pescadito Project which have been exploited intermittently since the 18th Century. The Loma del Caballo and El Divisidero prospects have been subjected to the most recent exploration with both surface and underground evaluations suggesting strong potential for the discovery and delineation of sizeable gold and silver mineralised breccia zones associated with low-sulphidation, epithermal-type systems. Although no accurate production figures are available, it is estimated by the El Salvadorian Government that 100,000oz gold and 5.6Moz silver was extracted from El Divisidero in the early 1900's at grades of 3.8g/t gold and over 200g/t silver.

Geographical Spread

Central America

Board of Directors and Key Management

Board of Directors
Mark Child	Non Executive Chairman
Pierre Moussa	Non Executive Director
Klaus Eckhof	Non Executive Director

Senior Management
Luc English	Country Manager Nicaragua & El Salvador
Jose Mario Gonzalez Granados	Administration Manager El Salvador & Nicaragua

Company Address

7th Floor
39 St. James's Street
London, United Kingdom SW1A 1JD


Telephone:	+44 (0) 207 408 1067
Facsimile:	+44 (0) 207 493 8633
Email:	information[at]condorresourcesplc.com
Website:	http://www.condorresourcesplc.com

Additional Address/Key Contact

Registered Office
Speechly Bircham LLP
6 New Street Square
London EC4A 3LX
Telephone: +44 (0) 207 427 6400

Capital

Shares Allotted and Issued: 471,711,753

Year End

31December

Nominated Brokers

Ambrian Partners Ltd
Old Change House
128 Queen Victoria Street
London EC4V 4BJ
Telephone: +44 (0)20 7634 4700

Nominated Advisors