Acquisition

Condor Resources PLC
17 November 2006

17 November 2006



                              Condor Resources Plc

                          ('Condor' or 'the Company')



                     Project Acquisition and Trading Update



Condor Resources Plc (AIM:ticker code 'CNR') announces that, after completing
detailed due diligence, it has acquired an option over two new gold projects,
the Kuikuinita and Columbus projects (the 'Projects'), in the north eastern
quadrant of Nicaragua, Central America.  The Directors believe that both
Kuikuinita and Columbus hold potential, yet to be fully tested, and that the
results demonstrated by previous explorers merit further investigation.



Highlights



Under the terms of the Option and Farm In Agreement, signed on 20th August 2006
with a full Due Diligence completed with signing a Variation Agreement on the
26th October 2006:



•  Condor has made an initial payment of US$100,000 to the Nicaraguan
   vendors, Chorti Holdings SA for both licences;

•  Condor has a deadline of 31 March 2007 to complete initial field studies to 
   allow a full geological assessment of the Projects' potential and to
   exercise its options;

•  Upon the exercise of  its options, Condor will make a further payment
   of US$100,000 per licence to Chorti Holdings SA by 31 March 2007; and

•  Condor will earn an 80% interest by expending at least US$1 million on
   each Project in the three year period to 31 March 2010.



The Company has commenced initial confirmatory mapping and sampling programmes
and will also re-sample existing drill core from the two Project areas.  The
initial and future considerations in respect of the options will be met from the
Company's existing resources.  Condor raised £4.85m gross in a successful
Placing of 40.95 million shares at 10p per share on Admission to AIM in May 2006
and a subsequent placement of 7.5 million shares at 10p per share on the 2nd
June 2006.



Nigel Ferguson, CEO of Condor, commented: 'Our review of the available data is
well advanced and we will complete further field check studies to confirm that
both the Kuikuinita and Columbus Projects have significant potential as
believed.  A further four months of work, in addition to the two months of due
diligence work already completed, will be undertaken to ensure that the projects
meet the strict selection criteria used by Condor's management.



'Initial review work has been very encouraging for both Projects and further
geochemical results should be available early in 2007.  We hope to be able to
announce positive results for both Projects.'



The Kuikuinita Project



The Kuikuinita Project contains Tertiary aged Dacitic tuffs overlaying an
Ultramafic sequence that are intruded by coeval Dacite dykes.  A trenching
programme carried out by Pila Gold demonstrated that gold mineralisation in the
Loma Los Indios area occurs either in the Dacite dykes or adjacent to them in
the surrounding intruded units.  More intense alteration in the dykes and the
association with elevated gold values strongly suggests that the alteration and
mineralisation are related to the Dacite dykes.



Trench sampling by Pilar Gold in the San Antonio area in an oxidized and
weathered Ultramafic returned up to 17.3 grammes per tonne of gold ('g/t Au')
over 5 metres.  Panned concentrate from these high grade samples revealed
magnetite grains with native gold.  The most significant gold mineralisation
intercepted in the Pilar Gold program in drill core was in the following drill
holes:



  • KUDH-10, an apparently stratiform pyritic lens in an agglomerate carries
    12.85g/t Au over 2.8 metres;
  • KUDH-11, a gossanous sample in mafic volcanics reported 16.2g/t Au and
    82.6g/t of silver ('Ag') over 0.86m, and in
  • KUDH-20, a pyritic zone reported 8.6g/t Au over 1.52 metres.



These apparently represent three separate sulfide lenses.  This style of
mineralisation potentially represents a volcanic hosted massive sulfide (VMS)
exploration target.



Additionally, silver plus base metal mineralisation associated with a fault zone
was intercepted in drill hole KUDH-7.  Oxide mineralisation occurs in mafic
volcanics adjacent to a Dacite dyke, suggesting a genetic association with the
dyke.  This intercept averaged 226g/t Ag, 0.82g/t Au, 0.6% copper ('Cu'), 3.35%
lead ('Pb') and 1% Zinc ('Zn') over 20.9 metres, with a high of 774g/t Ag, 2.2g/
t Au, 12.48% Pb, and 1.9% Cu over 2.74 metres.  Follow up drilling showed this
fault zone to be cone shaped and pinching at depth, with significant supergene
enrichment.  Further investigative work is required to determine its full
potential.



The Columbus Project



The Columbus area includes Cerro Columbus, which extends west to another zone of
greisen alteration with associated breccia pipes where gold occurs in a
quartz-specularite breccia pipe.  Trench results by previous explorers include
COL-04 with 2.26g/t Au over 19.5 metres.  Gold is also associated with the
quartz-tourmaline breccia pipes in oxide zones after sulphides, with results in
trench COL-03 reporting 1.43g/t Au over 13.35 metres from this zone.



The presence of the quartz-tourmaline breccias and the greisen alteration
indicate a high temperature or proximal intrusion related to a gold copper
system.  Previous explorer, Pila Gold, believed that another stock phase
underlying Cerro Columbus is the source of the alteration and prospective
mineralization present, possibly indicating multiple mineralized intrusive
phases.



The quartz-specularite breccia, south of Cerro Columbus, is also highly
anomalous in molybdenum ('Mo'), averaging 682ppm Mo over 35.4 metres in trench
COL-04.  The high levels of Mo present may indicate a proximal intrusion related
system consistent with the theory that there are multiple intrusive phases, a
favorable environment for porphyry hosted mineralization.



Significant results from previous diamond drilling completed by Pila Gold
include:


     Hole       Interval (metres)    g/t Au       g/t Ag         % Cu          % Mo
CODH-1                8.68            2.52          *NR           *NR           *NR
      including       1.52            6.5          22.3          0.12           0.2
CODH-2                19.8            3.14          *NR           *NR           *NR
      including       2.58m          18.37          *NR           *NR           *NR
CODH-3                22.4m           1.07          *NR           *NR           *NR
      including       3.05m           2.46         12.3          0.23           *NR

*NR - Not Reported



Current Projects in Nicaragua



The Company has also completed its initial review of four licences within
Nicaragua through field verification of anomalous zones as defined by previous
exploration programs. The Company considers the results of the verification
program on the four licences, Chachagua, Cerro de Oro, Guapinol and El Gallo, to
fall short of the criteria for further work commitments. It has thus been
decided to return the licences to the vendors, Chorti Holdings.



Qualified Person's Declaration



The information in this announcement that relates to Exploration Results is
based on information compiled by and reviewed by Nigel Ferguson, CEO, who is a
Member of the Australian Institute of Mining and Metallurgy and a geologist with
over 20 years of experience in the exploration and definition of precious and
base metal Mineral Resources and has sufficient experience that is relevant to
the style of mineralisation and type of deposit under consideration and to the
type of activity which he is undertaking to qualify as a Qualified Person as
defined in the March 2006 Edition of the AIM Guidance Note for Mining, Oil and
Gas Companies.  He consents to the inclusion in the report of the matters based
on his information in the form and context in which it appears and confirms that
this information is accurate and not false or misleading.



                                      Ends



Enquiries:


Condor Resources Plc                         Mark Child, Chairman                        [phone]
                                             Nigel Ferguson, Chief Executive              [phone]
Nabarro Wells & Co. Limited                  Hugh Oram                                   [phone]
                                             Anthony Rowland                             [phone]
Parkgreen Communications Limited             Ana Ribeiro                                 [phone]
                                             Brendan McNamara                            [phone]



About Condor Resources Plc:



Condor Resources Plc was admitted to AIM on 31st May 2006 and raised £4.9m.
Condor is a mining exploration company focused on El Salvador and Nicaragua.
The Company has 100% ownership of four licences and is earning 100% interest in
a fifth licence contained in three project areas in El Salvador.  Condor also
has the option to earn an 80% interest in five existing licences, not including
Kuikuinita and Columbus, and one licence which is under application contained
within three project areas in Nicaragua.



An independent competent persons report prepared by Ravensgate and included in
the Company's Admission Document reported Inferred Mineral Resources, as defined
by the JORC standard, of some 354,500oz gold and 18.3Moz silver within two
contiguous licences in El Salvador.



The Company's principal objective is to update and extend its mineral resources.
The Company intends to continue to drill test targets within its' Project
areas.  The drilling programme is planned to be between 20,000m and 40,000m of
combined reverse circulation and diamond drilling.






                      This information is provided by RNS
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