Posted: 03-Apr-08 at 20:57 | IP Logged

Condor Resources were floated 2 years ago at 10p. They have disappointed so far, but things could be about to change and a distressed seller is rumoured to have been the cause of the latest freefall, which looks to have cleared. See RNS 2nd April. But it's also had permit problems that could be resolved shortly, it may involve itself in further gold plays, this may cause fundraising dilution, but that's not the short term story.

These look way oversold, why, things are changing.

What's the play? This as per RNS on 19/03/08

"Assay results are pending from the last five drill holes, and as soon as these have been returned a maiden resource calculation will be undertaken. These results are expected by the end of March and the maiden resource estimate is expected soon after, at which time Condor will make an announcement on its findings".

D.Y.O.R

Posted: 06-Apr-08 at 16:27 | IP Logged

Background info

Slightly old http://www.condorresourcesplc.com/admin/Presentations/Docs/C ondor%20keeps%20on%20climbing%20World%20Mining%20Stocks,%20i ssue%20September%202007.pdf

Website http://www.condorresourcesplc.com/

Posted: 15-Apr-08 at 13:57 | IP Logged

No change here yet, but bit of background found elsewhere

http://www.executivetv.biz/nigelferguson/

Albeit out of date, adds to story.

This is the other key driver taken from the El Salvador project update

A sub-commission of the National Assembly of El Salvador is currently reviewing a document with proposed changes to the Mining Laws. Condor supports these proposed changes which will provide a platform to facilitate metals exploration and exploitation with benefits to the social, environmental and economic sectors of the country. A vote by the National Assembly to accept these changes is expected in the near future, which should initiate processes resulting in the granting of the environmental permits necessary to allow drilling Condor’s projects.

Posted: 18-Apr-08 at 09:33 | IP Logged

Slowly moving up, could the seller be clear. CIM announced a while back they were off loading.

Remains to be seen, but looks like interest gathering as it's on todays leaderboard.

Posted: 20-Apr-08 at 12:49 | IP Logged

Friday's RNS didn't light the blue torch paper, but more to come:

Condor Resources Plc (AIM:CNR) is pleased to announce a maiden resource for its El Cacao Project of some 41,000 ounces of gold to JORC Inferred category. This supplements Condor's more extensive El Salvador resource base and brings the company's global resource base up to 788,000 ounces of gold and 22.3 million ounces of silver.

Condor's Chief Executive, Mr. Nigel Ferguson, stated: "I am extremely pleased to
announce this maiden resource from our project in Nicaragua. The El Cacao
Project has produced an initial maiden resource that in our opinion can quickly
be built on through further work on the additional, plus 2,000 metres of strike
potential which is as yet untested. The Company has discovered low grade
mineralisation some 1,500 metres to the west beneath cover, which appears to be the western strike extent of the El Cacao structure."

Watch out also for news coming from elsewhere, maybe even Brazil ;)

Posted: 09-Jun-08 at 10:36 | IP Logged

Condor (AIM:CNR), an exploration company with a strong focus on the development of gold and silver resources within Central America, announces its unaudited Preliminary Results for the year ended 31 December 2007.

Highlights:

• Successfully drilled a total of 1,675 metres of reverse circulation and diamond drilling on the El Pescadito Project prospects in El Salvador in addition to which a total of 2,174 metres of trenching were completed. 

• Commenced an ongoing trenching program at La Calera, El Salvador which resulted in a significant upgrade of the projects resource base. A total of 4,598 metres of trenching have been completed during the period.

• Received positive maiden trench results of up to 7 metres width at 2.39g/t gold from the El Cacao Project in Nicaragua. 

• Received significant high grade trench results from the San Albino Project in Nicaragua including 18 metres at 6.77g/t gold and received high grade drill results, including 8 metres at 8.26g/t gold and 4 metres at 17.9g/t gold.

• Completed initial trenching of 2190 metres on the El Gigante Project in El Salvador with significant encouragement provided from the wide mineralization present including 5 metres at 2.73g/t gold.

• Completed initial drilling of some 1,300 metres of combined reverse circulation and diamond core drilling at the El Cacao Prospect, Nicaragua where 14.05 metres at 6.05 g/t gold and 2.60 metres at 88.72g/t gold were returned.

Current Global JORC Inferred Resources

Commenting on the results, Mark Child, Chairman of Condor, said "At the time of writing Condor has JORC compliant inferred resources of 890,979 oz of gold and 22.4 million oz of silver. The Board is confident that one of these prospects can be developed into a commercial resource of at least 1 million ounce of gold."

Chairman's Statement

I am pleased to present Condor Resources PLC's ("Condor", "the Company" or " the Group") annual report for the 12 month financial period to the 31st December 2007. It has been a busy and challenging year for your company as it continues exploration activities in Central America focused on the discovery of gold, silver and base metals, with the intention of proving a commercial resource.

The main challenge has been in the Republic of El Salvador. As reported in my Chairman's statement for 2006, the Ministry of the Environment and Natural Resources (MARN) delayed issuing environmental permits to drill on one of the key projects, La Calera. I regret to inform shareholders that this remains the case some 12 months later. The Ministry of the Economy (MINEC) is to undertake a Strategic Environmental Evaluation Study of the benefits of mining to the Republic of El Salvador, which will be completed by an independent consultancy group. MINEC has said that this study is critical to allow the issue of environmental permits by MARN and to allow the Government to make a well informed decision about the benefits of mining. MINEC has also reiterated its support for the mining industry and the benefits that it will bring, however, it is clear the Ministry wishes that all mining in the country proceeds in an environmentally responsible manner. The Board, following discussions with MARN and MINEC and a number of consultants, has recently concluded that environmental permits to drill are unlikely to be issued until after the Presidential elections in March 2009. 

In the Republic of El Salvador, Condor completed 2,015 metres of drilling and 9,012 metres of trenching in the 12 month period. The significant amount of trenching and relatively small amount of drilling reflects the fact that Condor does not have environmental permits to drill on some of its licences in El Salvador as mentioned above. The Company has excavated extensive trenches over land that has previously been drilled with the aim of increasing existing resources. Drilling was completed on the El Pescadito and the El Potosi Projects. However, the El Potosi Project was returned to the vendors in August 2007 leaving Condor with an interest in three exploration licences, within two exploration project areas in El Salvador at the end of the period. These two projects are the La Calera Project, which has 312,000 oz of gold and the El Pescadito Project, which has 434,000 oz of gold, both to a JORC Compliant inferred resource category. Both show excellent potential through additional drilling to produce in excess of 1 million ounce of gold resources each.

In Nicaragua, Condor completed 3,047 metres of drilling and 4,632 metres of trenching during the 12 month period. The drilling was completed on the El Cacao and San Albino-Murra licences. Condor has interest in six exploration concessions in Nicaragua at the end of the period. Subsequent to the year end, Condor announced three maiden JORC compliant inferred resources in Nicaragua of 41,000oz gold at the El Cacao licence, 78,000oz gold at the San Albino-Murra licence and 25,000oz gold at the Kuikunita licence. Although these resources are modest, they indicate that the systems are well mineralised and the Company believes that an increased resource figure is purely a function of additional drilling. The Arras resource in the San Albino-Murra licence is particularly encouraging as the average grade is 5.1g/t gold.

Looking to the future, Condor has produced very encouraging results from several of its prospects in El Salvador and Nicaragua. At the time of writing Condor has JORC compliant inferred resources of 890,979 oz of gold with a average grade of 1.8g/t and 22.4 million oz of silver with an average grade 41.6g/t. The Board is confident that one of these prospects can be developed into a commercial resource of at least 1 million ounce of gold. Your company has been handicapped by MARN in El Salvador, which has refused to issue environmental permits to allow drilling to commence. The Board's reading of the situation is that the permits should be issued after the conclusion of the strategic environmental evaluation study has been considered by the Government. However, it is absurd that drilling should be prevented as professional drilling alone does not damage the environment. Condor requires funding to continue its drilling program on existing projects. The Board is in the process of negotiating funding from a number of sources. I would like to thank shareholders for their confidence and support during the year. My thanks also go to my fellow directors and to a loyal, motivated and hard working team who are equally excited by the discoveries they are making in Central America.

Mark Child

Non-executive Chairman

3 June 2008

Posted: 03-Jul-08 at 07:04 | IP Logged

Well touched 1p as result of funding dilution, but having a little bounce. May get some selling short term, but now it's got funds to carry further drill's.

Commenting on the placement, Mark Child, Chairman said: "I am delighted that Condor has raised £2m with the support of existing shareholders. This ends a period of financial uncertainty for the Company and provides thefunds to continue exploration activity in Nicaragua and maintain its licences in El Salvador whilst the Ministry of the Economy undertakes a Strategic Environmental Evaluation Study on the benefit of mining to the country. As a result the Ministry of Environment and Natural Resources (MARN) ceasing to issue environmental
permits to allow trenching and drilling activities, Condor has not been permitted to drill on its key projects. The new funding will also allow Condor to diversify its geographical interests in natural resource projects."

Chairman's comments sum it up for me and nice to see a bit of director buying even at low levels. Hoping for better showing from here.

D.Y.O.R