Should I wait for the price to drop to .5P or go in at .6P. Is the El Salvador government going to allow Condor to drill in the new area Condor are hoping for ?

Condor expects drilling on the La India project in Nicaragua to begin within the next few days.

Condor has contracted a diamond drill rig to drill 2,000 m of core with an option for a further 3,000 m.

The drilling programme has been designed in consultation with independent consultants SRK with the aim of increasing the JORC compliant inferred mineral resource of 4.58 Mt at 5.9 g/t for 868,000 oz gold which was announced on 4 January.

hopefully up another 30% in a few days.,.

Free investor event
-------------------

The directors of Plant Impact (AIM: PIM) and Condor Resources (AIM: CNR) will be presenting: Thursday the 10th February 2011,Chesterfield Mayfair Hotel, 35 Charles Street, Mayfair, W1J 5EB

FREE registration - http://www.proactiveinvestors.co.uk/register/event_details/100

The presentations will start at 6:00pm and finish at approx 7:30pm. After the presentations are complete the directors will also be available to take questions during a free canapand wine reception. Details on the presenting companies can be found below.

This event is suitable for the following:
Sophisticated & private investors, private client brokers, fund managers, financial institutions, hedge funds, buy & sell side analysts and journalists.

If you have any problems registering or queries please email events@proactiveinvestors.com.

interesting - maybe hit the 9p placing price today or more - good discovery here....

Wednesday 07 September, 2011Condor Resources PLC
Discovery of High Grade Gold Breccia Zone
RNS Number : 7423N
Condor Resources PLC
07 September 2011



Condor Resources Plc

7th Floor

39 St. James's Street

London
SW1A 1JD
Telephone +44 020 74081067

Fax: +44 020 74938633




7th September 2011





Condor Resources Plc

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









Discovery of High-grade Gold Mineralised Breccia Zone at the Centre of La India Project in Nicaragua



Highlights:

The Central Breccia, discovery of 11m at 2.74g/t breccia in centre of La India Project.

The Central Breccia is open to the south where several metres have already been exposed by trenching.

Location is significant as it is at the axis of an epithermal gold system where veins to the south dip to the north and veins to the north dip to the south

The Central Breccia is significantly wider than the high grade epithermal gold veins hosting the current JORC Resource on La India Project



Condor (AIM: CNR), is pleased to announce the discovery of wide high-grade gold mineralised breccia on its La India Project at the centre of the La India Mining District epithermal gold system (the "District"). An 11m long trench excavated north-south across a large outcrop of quartz cemented brecciated felsic volcanic rock discovered at the top of a steep sided hill returned an average grade of 2.74g/t gold across the entire 11m length, including 2m at 6.77g/t gold at the southern end of the trench (the "Central Breccia").



The Central Breccia was discovered by Condor's geologists during prospecting and rock chip sampling in the area where a number of the main epithermal veins appear to converge, including the America-Constancia, Guapinol and Tatiana veins to the west and the Cacao Vein, on Condor's 100% owned Cacao Concession to the east. The discovery rock chip sample selected from the more quartz rich parts of the outcrop assayed at 13.6g/t gold and demonstrates the potential for new discoveries and the potential for different styles of epithermal gold mineralisation on Condor's concessions covering 166sq km in the District.



The Central Breccia appears to be associated with an east-northeast striking gold mineralised structure, consistent with other mineralised veins in the vicinity. An offset trench testing the northern continuity of the Central Breccia revealed an east-west striking, southward dipping, quartz vein which returned an intercept of 1m at 2.68g/t gold located 15m north of the Central Breccia, and another trench located 180m along strike to the east intercepted two southward dipping quartz veins, 4m apart, which returned assays of 1m at 0.97g/t gold and 3.15m at 4.48g/t gold.



It is encouraging that the wide gold mineralised intercept returned from the trench is orientated perpendicular to the general structural trend, representing a width of mineralisation unusual in the District. The overall morphology of the Central Breccia has not yet been defined beyond the observation that the outcrop appears to have similar dimensions of 10m to 15m in both a north-south and east-west direction, and the depth extent is unknown beyond the 2m exposed in the trench wall. Further trenching is underway along strike of the Central Breccia where small outcrops and float of similar breccia material have been identified. It is anticipated that this trenching will help establish the geology and distribution of gold mineralisation. In addition to the new trenching the discovery trench is being extended to the south where the mineralisation remains open, and trenching has already exposed several more metres of breccia.



There are a number of geological models that could explain the presence of a wide zone of gold mineralised breccia at surface, and until the thickness and lateral continuity of the Central Breccia are established the economic significance cannot be assessed. However, the location is highly prospective as the gold-mineralised Central Breccia is located at the structural centre of the La India epithermal gold system, along the central axis where gold-bearing structures converge; to the south of this axis the principal structures dip towards the north whereas to the north of this axis the principal structures dip to the south. Significant structural deformation would be expected at the point of convergence of these structures which would form a favourable host for gold mineralisation, which coupled with the fact that this axis may well be located above the centre of the source of the original gold-bearing epithermal fluids that formed La India Project's gold deposits makes this area an attractive exploration target.

level 2 very strong - ticking up quickly

more to come here today imo
strong buying - just ticked up again
should be more news soon too throughout september
gla

http://www.moneyam.com/action/news/showArticle?id=4283836

good day ahead here one would think :-)))))))))))

rns highlights - surprised this hasnt shifted more north yet - maybe news not sunk in so far....



JORC Resource update of 1,620,000 oz gold at 5.6g/t for the La India Project, Nicaragua



Highlights:

· La India Project JORC Code Mineral Resource increases 29% to 1,620,000 oz gold at 5.6 g/t, exceeds target of 1,500,000 oz gold

· Resource update from 11,905m drilling completed by Condor in calendar 2011

· Maiden Resource for California Veins, show open pit potential pending further investigation as located up to only 50m from main La India Vein

· Former Soviet style C1+C2+P1 Resource on La India Vein Set increased by over 50% to 730,000 oz at 5.3 g/t gold to JORC Code, based on additional exploration completed.

· La India Project has developed into 3 main areas, separated by 1km to 1.5km that could feed a centralised mill: La India Vein set of 730,000 oz gold at 5.3g/t, the America Vein set of 405,000 oz gold at 6.2g/t and the Mestiza Vein set of 334,000 oz gold at 7.0g/t.





Mark Child, Executive Chairman and CEO of Condor Resources plc, commented:



"To end 2011 with a JORC Code Mineral Resource of 1,620,000 oz gold at 5.6g/t on La India Project is an amazing feat compared with a JORC Code Mineral Resource of 41,000 oz gold at 1.22g/t on 1st January 2011..................

this is interesting from today's rns - more results to come from end of 2011 drills see extract below:

'There is already potential for a future resource increase when the assay results are returned for a further 12 drillholes for 2,651 m that were completed at the end of 2011. The drilling not included on the current Mineral Resource update is mainly on the America Vein Set, testing the down-dip extension of the Guapinol and America Veins, including the projected location of the intersection of the two veins. Assay results are also pending for two exploratory drill holes in the Central Breccia and for one drill hole testing the India and California veins.'
roll on next rns results in jan :-))))))))))))

gla

Condor Resources smashes gold resource target taking La India project beyond 1.6 Mln ounces8:16 am by Ian Lyall Condor Resources (LON:CNR) this morning upgraded its JORC resource for the La India Project in Nicaragua to 1.62 million ounces of gold at 5.2 grams per tonne.

It follows the completion of almost 12,000 metres of drilling and the figure smashes the 1.5 million ounce target the company itself set for the year-end.

Chief executive Mark Child described achieving the landmark was an “amazing feat”. This is probably an apt description given the company’s resource base stood at just 41,000 ounces at 1.22 grams per tonne at the start of this year.

The La India Project has developed into three main areas separated by 1-1.5 kilometres that could feed a centralised mill.

They are the La India vein set that contains 730,000 ounces at 5.3g/t, the America vein set of 405,000 ounces at 6.2g/t and the Mestiza vein set of 334,000 oz at 7g/t.

The maiden resource on the California vein highlights the potential for resource increases from veins that are hidden and don't outcrop at surface, Condor said.

The discovery is highly significant as the resource in the La India Valley is over 700,000 ounces, comprising of a series of veins that are up to 1,500m long and are separated by a combined width of only 50 metres.

This highlights the potential for an open pit mine, the company added.

“Future exploration will focus on increasing the resource in the three main areas and aim to identify bulk tonnage targets to compliment the high grade vein system as well as seeking to identify a "feeder system" for the gold mineralisation in La India Project," CEO Child said.

The drill rigs keep on spinning well into 2012 as the group completes the remainder of its 20,000-metre programme.
By that time, in early summer, the 2 million ounce landmark ought to have been hit. At this point Child and his team will sit down and decide the next step.

One route might be to compile a bankable feasibility study on the 2 million ounces, thereby adding some detailed economics to the project.

The alternative, however, could see it restart the drilling to prove up a further one to two million ounces at La India.
Whether it does this or not may in turn depend on the results of a deep drilling programme. This is perhaps the most interesting and exciting phase of Condor’s drill programme. To date the group has drilled to an average depth of just 150 metres.

Two of the rigs it has onsite have the capacity to go down to 500 metres. And they will identify the point at which two of the main veins, which run parallel to each other for a length of over 1,000 metres at surface, converge at a depth of around 200 metres beneath surface.

The results of this crucial phase of drilling are expected by the end of the first quarter of next year.
Before he embarks on a more detailed analysis of the project, the Condor chief is keen to sketch in some financial details with a conceptual study of La India, which is expected to be an open-pit and underground operation.

Those who have followed Condor will know it also has a gold-silver project in El Salvador of just over 1 million ounces.

tick up - bout time :-))!

the news seems to be sinking in at last - another tick up - nice order just filled :-)))

apparently....

'If you are prepared to wait until CNR is sold the following is a guide to the likely sp when the deal is done. 2.0 million oz @ $200 per oz and 650 million shares in issue = 39p per share 2.5 million oz @ $250 per oz and 700 million shares in issue = 56p per share 3.0 million oz @ $300 per oz and 750 million shares in issue = 75p per share 4.0 million oz @ $400 per oz and 800 million shares in issue = £1.25p per share Obviously, it will depend on whether Mark Child decides to go for 2, 3 or 4 million oz. The more ounces he goes for the longer it will take. 2 million oz by April 2012, 3 million by the end of 2012 - possibly 4 million if El Salvador comes back into the fold.'

broker note....

With a current market capitalisation of £38.4m and an approximate cash balance of $3m, Condor has a current enterprise value of ~£35m, or ~$55m. With its new resource, Condor is currently trading at less than $35/oz gold in-situ. As discussed in our recent initiation note on Condor (see “Condor: Central American Gold Company”, 6th December 2011) in our view there is not a sufficiently well defined peer group for appropriate peer group comparison for Condor. This highlights Condor’s advantageous position as having an early mover advantage in Nicaragua (and El Salvador in spite of the country’s current moratorium on mining) but does not allow for relative valuation. We believe that at current levels Condor offers a good investment opportunity as its share price has yet to re-rate following the resource expansion. Moreover, Condor presents a bold resource growth opportunity and we believe few smaller mining juniors will be able to sustain the same growth this year.

Condor offers a good investment opportunity as its share price has yet to re-rate following the resource expansion.

some of cnr +'s:

> An excellent management team of Mark Child, Jim Mellon and the recently appointed Roger Davey. During 2010/2011 Mark Child’s negotiation skills have contributed significantly to the resource in Nicaragua growing from 41,000 oz to the current 1.7 million oz at an average exploration cost of just $3 an ounce, far less than the industry average of $20 an ounce.

> The high grade of gold. The 1.7 million ounces is at just under 6 g/t.

> Nicaragua is a gold mining friendly country and has several established gold mines. The exploration/ and exploitation licences held by CNR were awarded for a 25 year period.

> La India District hosts an historic mine which produced at over 13 g/t. That suggests that a future mine will be economic to run. Early indications suggest that the clay based soil will make gold extraction relatively easy and that a good proportion of the ounces will be extractable through a simple gravity circuit.

> The aim is to prove up a large commercial reserve at La India District and then to sell to the highest bidder. 2 million ounces is the minimum target. The JORC total in the District is now 1,620,000 ounces. 8,000m of the current 20,000m drilling programme will be converted to JORC in H1, is expected to easily take the total to 2 million oz.

> When 2 million oz is reached CNR will be firmly on the radar of the top 30 producers globally and a take-over could potentially happen at any time.

> Previous Soviet exploration estimated 2.4 million oz in the District. Since then CNR has made numerous new discoveries and may recently have identified the epithermal feeder system for the main veins in the area. Gold also goes much deeper than the Russian estimate suggested so there is the clear potential for 4 million oz+ high grade gold in the District.

> Very good local infrastructure with a main road and power lines nearby.

> Excellent news flow expected to be maintained during 2012. Last year 42 RNSs were released.

> Assays are pending from several holes drilled on the new discoveries and from the first deep drill hole (400m) designed to test the depth extension of a high grade ore shoot.

> Currently very undervalued

> CNR has 1.1 million oz to JORC in El Salvador. Due to an ongoing moratorium on mining operations are currently suspended there and the resource is currently awarded zero value in the sp. That should change this year with the imminent publication of the Tau report and upcoming elections. When CNR is able to resume operations, it is expected to add more than 3 million ounces of gold to CNR pf

> MacQuarie bank is a cornerstone investor at 9p per share. Jim Mellon and the owners of Mendoza also bought or accepted shares at 9p.

> Rerating is due

> From last RNS another results RNS is due anytime

9th Jan 2012.... Optiva Buy Note.... Condor Resources......

Jason Robertson (Analyst/Corporate Broker) +44 (0)20 3137 1906 jason.robertson@optivasecurities.com
Graeme Dickson (Dealing Desk) +44 (0)20 3411 1880 graeme.dickson@optivasecurities.com
James Hart (Dealing Desk) +44 (0)20 3137 1905 james.hart@optivasecurities.com
Graham Comrie (Dealing Desk) +44 (0)20 3411 1880 graham.comrie@optivasecurities.com
Vishal Balasingham (Institutional Sales) +44 (0)20 3411 1881 vishal.balasingham@optivasecurities.com
Christian Dennis (CEO/Corporate Broker) +44 (0)20 3137 1903 christian.dennis@optivasecurities.com
INITIATION REPORT
CONDOR RESOURCES PLC
BUY
PRICE TARGET: 14.8p (12‐month)Stock Data
Current Price: 6.13p
Market Cap: £34m
Shares Outstanding: 558.3m
Company Profile
Sector: Gold, Resources
Ticker: CNR.L
Exchange: AIM ‐ London
Website: condorresourcesplc.com
Activities
Advancement of gold exploration and
development projects in Nicaragua and El
Salvador.
Performance Data
52 Week Range: 3.63p‐11.50p
Key Metrics
Net Cash estimate
(December 2011): £1.2m
Directors
Mark Child Chairman & CEO
Jim Mellon Non‐Exec
Roger Davey Non‐Exec
Major Shareholders
Mark Child (Dir) 12.5%
Oracle Investment 8.5%
Macquarie Bank 6.0%
Jim Mellon (Dir) 0.4%
CONDOR TO FLY HIGHER?
We are highly encouraged by the rapid exploration progress being made by Condor
Resources, as it seeks to prove up what could be a substantial commercial gold resource in
Central America. In Nicaragua alone, a JORC resource of 1.7m ounces of gold equivalent at
5.5 g/t has been defined, the majority of which lies on the La India project. A recent upgrade
by 365,000 ounces, following estimates by independent consultant SRK, seems to have been
overlooked by investors, probably due to the timing of this material announcement that
unfortunately had to come out during the holiday period on 30 December. Most of the
upgrade was contributed from a maiden resource on the California vein of 146,000 ounces,
a vein which was not factored into the old Soviet classification resource figure defined in
1991 of 2.4m ounces at 9.2 g/t. Given the recent discoveries, we believe Condor is firmly on
course to prove up a resource of 3m ounces or more of gold equivalent from its Nicaraguan
projects.
Along with Nicaraguan interests on the resource balance sheet the Group also has two
projects in El Salvador, with a JORC resource of 1.03m ounces of gold equivalent. However
there is currently a government moratorium on all forms of exploration and mining in the
country. In neighbouring Nicaragua, the government’s attitude towards gold mining is
significantly better, as mining is an important component of the economy, with gold being
the third largest export in 2010. There are three operating gold mines in Nicaragua,
producing a total of around 200,000 ounces per annum at a favourable low cash cost of
$550 per ounce. Going into 2012, as most of us are aware the fundamentals behind gold
continue to be favourable, given the uncertain macro environment in the Western world. It
is interesting to note Condor’s strong shareholder base, that includes investment bank
Macquarie Bank and sizeable director holdings.
INVESTMENT RECOMMENDATION
We have arrived at a valuation for Condor by ascribing $56.4 to each JORC Inferred ounce of
gold or gold equivalent and $132.5 for each JORC Indicated ounce. This computes to a total
Group valuation of $128.1m ($116.4m Nicaragua + $11.7m El Salvador) or 14.8p per share.
With exploration in El Salvador frozen for the time being, due to the moratorium on mining,
the project value from this country has been heavily discounted by 80%. If the
exploration/mining moratorium is lifted in El Salvador, 5.3p could be added to the
valuation. In Nicaragua a further 500,000 ounces of gold defined to JORC standard at La
India could move the valuation higher by 4.8p. We believe this target looks achievable
within the next 6 to 9 months. Further upside could come from the conversion of existing
Inferred ounces to Indicated, which could be further bolstered by a higher grade at an
Indicated level. We may look to change our valuation model to an NPV approach as the
project matures in 2012, which could lift the valuation significantly higher given the low
cash costs of other gold producers in Nicaragua. With the continuation of recent exploration
momentum success in Nicaragua, Optiva Securities initiates coverage on Condor Resources
with a Buy recommendation and 14.8p price target.9 January 2012
9 January 2012 OPTIVA SECURITIES2 Condor Resources Plc
“ ... produced an estimated 575,000 ounces
of gold at 13.4 g/t between 1938 and 1956.”
“... key aim of converting the former Soviet
resource figures to JORC and proving up a
large commercial reserve.”
“ ... appointment in late December 2011 of
Roger Davey to the Board provides Condor
with the expertise to advance La India
towards the mining stage.”
“A number of major untested mineralised
structures are present, which the
management believe holds the potential to
add...”
NICARAGUA
Most of Condor’s licences in Nicaragua are held within the La India Mining District
project that covers 166 sq km. These are all 100% owned and take up around 98% of the
old high grade La India Gold Mine that produced an estimated 576,000 ounces of gold at
13.4 g/t between 1938 and 1956. At its peak, production was at 41,000 ounces per
annum. With assistance from the Soviet Union government, an extensive study was
undertaken in the 1980s, along with 12,000 metres of drilling. This led to a Soviet
classification resource of 2.4m ounces at 9.5 g/t gold being defined in 1991, of which
958,000 ounces at 9.4 g/t were in the C1 + C2 category and the remainder in the P1
category. It is interesting to note that the new resource defined on the California vein
(146,000 ounces at 3.5 g/t) was not factored into the old Soviet figures.
Over the last two years Condor has focused on consolidating its licence holdings in the
country and executing an intensive exploration programme with the key aim of
converting the former Soviet resource figures to JORC and proving up a large commercial
reserve. On the La India project, some 14,700 metres have been drilled, of which assays
from 11,905 metres (66 holes) have been returned to date. A number of high‐grade gold
veins have been located on the concessions, which lie at an average depth of around 150
metres. The latest results reported on 20 December 2011 continue to be encouraging,
the highlights of which included a high grade intercept of 2.04 metres at 25.4 g/t gold.
On 30 December 2011, Condor improved its La India JORC resource by 29% to 1.62m
ounces of gold at 5.6 g/t. From what we know so far this would seem to come from
three main gold vein sets, La India (730,000 ounces at 5.3 g/t), America (405,000 at 6.2
g/t) and Mestiza (334,000 at 7.0 g/t). The management are particularly excited by the
discovery of the new California vein which is located within the La India vein set, as it
opens up the potential for the discovery of further veins that are hidden and don’t
outcrop at surface. The California vein also has several wide intercepts, for example 23
metres at 2.67 g/t that provides the potential for open pit production. Future
exploration will focus on improving the resource in the three main identified project
areas and identify bulk tonnage targets to add to the existing high grade vein system.
Condor will also look to identify a potential ‘feeder system’ for La India’s mineralisation.
Next year the management may also decide whether to move into a higher gear by
starting a bankable feasibility study and performing other similar work. The
appointment in late December 2011 of Roger Davey to the Board provides Condor with
the expertise to advance La India towards the mining stage. Mr Davey was the head of
AngloGold’s operations in Argentina, where he was responsible for the development of
the Cerro Vanguardia gold/silver open pit mine, costing $270m.
Elsewhere in Nicaragua on the Rio Luna concession, a JORC resource of 80,000 ounces of
gold at 3.5 g/t and 500,000 ounces of silver at 56 g/t has been established. The other
earlier stage concessions in the country could be the subject of a regional exploration
programme in 2012.
EL SALVADOR
Condor has two 90% owned projects in El Salvador covering 175 sq km that are
prospective for both gold and silver. These have a combined attributable Inferred JORC
resource of 672,000 ounces of gold at 1.8 g/t and 19.9m ounces of silver at 97 g/t for a
gold equivalent resource of 1,035,000 ounces at 2.6 g/t. A number of major untested
mineralised structures are present, which the management believe hold the potential to
add 1m ounces of gold and 50m ounces of silver to the current resource.
The Group is unable to conduct any exploration drilling on the project as there is a
government moratorium on all exploration and mining in the country. This has
effectively been the case for the past four years in response to public opposition to the
opening of Pacific Rim’s gold/silver mine at El Dorado. Pacific Rim is currently suing the
Government of El Salvador via the Central American Free Trade Association for the $77m
it invested in exploration and infrastructure between 2002 and 2006 at El Dorado.
Condor’s has looked at a number of ways of working with the Government of El Salvador
to help lift the mining and exploration moratorium. To demonstrate that Condor takes
its corporate and social responsibilities seriously, it has gifted 10% of the projects to a
UK charitable foundation that will receive a share of any future project disposal sum or
dividend from any producing mine. The charitable foundation will then distribute this
income to selected local good causes to benefit the people of El Salvador.
9 January 2012 OPTIVA SECURITIES
3 Condor Resources Plc
VALUATIONThe ideal approach to value a resource company is to calculate a Net Present Value
for one or more flagship(s) project. For Condor many of the inputs required to
calculate a model on its key La India concessions are not known with sufficient
confidence at this point, such as the capital expenditure requirement, cash cost per
ounce and recovery rate. Instead we have taken the decision to value Condor based
upon its current exploration value, on an ounce per gold basis. As a starting point,
we have used the global average valuations for each JORC category that Edison
Investment Research recently used, being $75 per inferred ounce and $177 for each
indicated ounce. To temper these numbers, we have applied a 25% discount. The El
Salvador licences have been heavily discounted by a further 80% due to the current
moratorium on mining activity. A gold equivalent value has been calculated for the
licences with a silver resource, on a 55 to 1 silver/gold ratio. This analysis leads to a
final Group value of $128.1m or 14.8p on a per share basis being defined.
An alternative NPV valuation may prove much more positive to Condor, considering
that labour costs in Nicaragua are very cheap, as the three existing commercial gold
mines in Nicaragua were producing at an average cash cost of $550 per ounce in
2010. With Condor’s mine looking to be of a higher grade, the cash costs could be
lower than $550.
Country &
Project
Interest
%
JORC
Category
Gold Ounces Silver
Ounces
Gold
Equivalent
Ounces
Attributable
Gold
Equivalent
Per Ounce
Value
Value
$
Nicaragua
La India 100% Indicated 264,000 264,000 132.5 34,980,000
Inferred 1,356,000 1,356,000 56.4 76,478,400
Rio Luna 100% Inferred 79,000 500,000 9,091 88,091 56.4 4,968,332
Nicaragua Total 1,708,091 116,426,732
El Salvador
La Calera 90% Inferred 281,700 281,700 56.4 15,904,800
Pescadito 90% Inferred 390,600 19,890,000 361,636 752,236 56.4 22,052,400
El Salvador Total 1,034,636 58,313,990
Less 80% El Salvador Discount 11,662,798
Group Value $ 128,089,530
£ 82,638,407
Shares in Issue 558.3mPrice per Share 14.8p9 January 2012 OPTIVA SECURITIES
4 Condor Resources Plc
THIS DOCUMENT IS NOT FOR DISTRIBUTION INTO THE UNITED STATES, JAPAN, CANADA OR AUSTRALIA
Authorised and regulated by the FSA.

are you just posting the rns or you feeling lucky gib??

lol - i feel lucky baler :-))) rns will be better lol!!

however did you just notice the full ask 2,000,000 buy just gone through @ 6.5?

Grant of Options
RNS
RNS Number : 2565V
Condor Resources PLC
10 January 2012



Condor Resources Plc

7th Floor
39 St. James's Street
London
SW1A 1JD
Telephone +44 020 74081067
Fax: +44 020 74938633




10th January 2012





Condor Resources Plc

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



Grant of Options



Condor Resources Plc, the AIM quoted gold and silver exploration company focused on proving a large commercial gold reserve on its La India Project in Nicaragua, announces that it granted on 6th January 2011 (the "Grant Date"), 2,000,000 share options to Roger Davey, ACSM, MSc., C.Eng., Eur.Ing., MIMMM, a non executive director of the Company, under the Company's existing share options scheme. Roger Davey was appointed to the Board of the Company on 20th December 2011 (see announcement).



These options have an exercise price of 9p and are exercisable for a period of 5 years from the Grant Date, with the restriction that no options can be exercised within 12 months of the Grant Date, 50% of the said options can be exercisable12 months after the Grant Date and 100% of the said options can be exercisable 24 months after the Grant Date, provided that the grantee remains with the Company.