Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Sept. 7, 2011) – Condor Resources Inc. (“Condor” or the “Company”) (TSX VENTURE:CN) is pleased to announce encouraging reconnaissance sample results from its San Martin sediment hosted precious metals occurrence in southern Peru.
The 4 sq km San Martin Project is 100% owned by Condor and was acquired by staking. San Martin is located in the province of Castilla in the department of Arequipa, approximately 1,350 km southeast of the city of Lima and 7 km southeast of the Orcopampa gold mine, at elevations ranging from 4500m to 4800m. Access is by a 195 km unpaved public road which connects to the Pan American highway.
The property is hosted within the Orcopampa-Caylloma precious metals belt of south central Peru and is underlain by Cretaceous-aged quartzites which have been hydrothermally brecciated and strongly silicified over an area observed in outcrop of 700 by 100 meters. The silicified breccia matrix and clasts include iron oxides along with patches of abundant silica-barite, fine grained grey sulphides and disseminated pyrite.
Initial reconnaissance sampling of the hydrothermal breccia comprised the collection of 41 two metre chip channel samples of which 23 chip samples contained values in excess of 100 ppb gold (Au), 7 chip samples with values in excess of 0.5 grams per tonne (g/t) Au, and peak values of 1.58 g/t Au and 1.88 g/t Au. Furthermore, eighteen (18) chip samples contained silver (Ag) values in excess of 15 g/t Ag, including 7 chip samples in excess of 50 g/t Ag, and peak values of 244 g/t Ag, 388 g/t Ag and 745 g/t Ag.
Condor plans to conduct detailed mapping and sampling over the exposed area of the hydrothermal breccia and to sample the surrounding areas with the objective of delimiting the extent of the target under glacial-fluvial cover. An IP/resistivity geophysical survey is planned and discussions have already been scheduled with the local community. This new epithermal sediment hosted precious metals discovery has never been previously sampled or drill tested.
Condor Resources Inc. was incorporated in 2003 by field exploration specialists focused on the generation of precious and base metals projects in South America, where management has extensive experience and a proven track record of discovery. The Company’s long term objective is the discovery of a major new precious/base metals deposit and its business plan offers shareholders access to an exciting portfolio of thirteen properties in Peru and Chile, each offering a unique path to discovery.
ON BEHALF OF THE BOARD
Patrick J. Burns, President & Chief Executive Officer
Dr. Richard Culbert is the Qualified Person under NI 43-101 who has approved the technical content of this news release.
Cautionary Statement Regarding Forward-Looking Information: All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Corporation does not undertake any obligation to update forward-looking statements even if circumstances or management’s estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
