Approval of Concession Swap in Nicaragua

RNS Number : 6064B

Condor Resources PLC

22 February 2011

 

Condor Resources Plc 7th Floor              39 St. James's Street         London               SW1A 1JD                                Telephone [phone]  Fax: [phone]

22^nd February 2011

Condor Resources Plc

(''Condor'' or ''the Company'')

Approval of Concession Swap in Nicaragua

Condor (AIM:CNR), the Central American gold exploration company, is pleased to announce that the Nicaraguan Ministry of Energy and Mines has now approved the transfer of concessions between Condor and B2Gold Corp. La India and Espinito San Pablo concessions are now registered in the name of La India Gold S.A. which is 80% owned by Condor and 20% owned by B2Gold. The Cerro Quiroz concession is now registered in the name of Cerro Quiroz Gold S.A. which is 80% owned by B2Gold and 20% by Condor. The concession swap was announced on 6 September 2010 and was subject only to the approval of the Ministry of Energy and Mines.

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For further information please visit www.condorresourcesplc.com or contact:

Condor Resources plc	Mark Child, Chairman [phone]	Luc English, Country Manager Nicaragua & El Salvador [phone]
Ambrian Partners Limited	Samantha Harrison and Ben Wright [phone]
Farm Street Media	Simon Robinson [phone]

About Condor Resources Plc:

Condor Resources plc is an AIM listed exploration company focused on developing gold and silver resource projects in Central America.  The Company was admitted to AIM on 31^st May 2006 with the stated strategy to prove up JORC Resources in Nicaragua and El Salvador.  Condor has four 100% owned licenses and 80% of La India concession in La India Mining District; three 100% owned licences in three other project areas and 20% in the Cerro Quiroz concession in Nicaragua.  In El Salvador, Condor has 100% ownership of four licences in two project areas.

Condor's concession holdings currently contain  a JORC compliant inferred resource base of 909,000 ounces of gold in Nicaragua and 747,000 ounces of gold and 22 million ounces of silver in El Salvador. The Resource calculations are compiled by independent geologists Ravensgate, Geosure and SRK.

 

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