TORONTO, ONTARIO, Canada, April 21, 2003 (PRIMEZONE) -- Condor Gold Corp. (Pink Sheets:CDRGF) (the "Corporation") considers it prudent to report the following further assay results from Borehole E-03-27. In our press release of March 26, 2003, Condor announced a potentially multi-million ounce, geological inferred, low grade, large tonnage, open pittable gold resource (with economic credits from industrial minerals and rare earth elements). As stated in the said release, borehole E-03-027 located on one of Condor's wholly owned properties, was drilled through the overburden-diabase-diorite to intersect a major thickness of 828.8 feet (from 152.6 to 1,015 feet at end of hole) of low grade, large tonnage Cu-Au porphyry. The one half of the core submitted for assay yielded a weighted average of approximately 0.75 grams of gold.
Standard core handling and processing procedures were modified as follows: Prior to cutting the core, the diamond saw and catchment apparatus was thoroughly cleaned and then re-cleaned of the deposited cutting "fines" and sludge after sawing approximately each 100 feet of core. This exercise was repeated eight times over the 815.0 feet. The collected cutting "fines" and sludge were then bagged for eventual assay follow up preceded by oven drying at Activation Laboratories Ltd. accredited by SCC to ISO/IEC. The actual results are tabled below.
SAMPLE FROM TO THICKNESS ASSAY ASSAY (wt
(gms) average)
525616 200 ft 299.4 99.4 ft 0.717 71.27
525617 299.4 400.4 101.0 1.240 125.24
525618 400.4 499.6 99.2 2.390 237.09
525619 499.6 599.5 99.9 1.340 133.87
525620 599.5 700.7 101.2 0.599 60.62
525621 700.7 799.3 98.6 1.810 178.47
525622 799.3 899.6 100.3 1.040 104.31
525623 899.6 1,015.0 115.4 1.460 167.48
The weighted average of the 815.0-foot interval (i.e., 200 to 1.015) based on the analysis of the cutting "fines" and sludge is 1.51 grams of gold. All variables considered, the one and a half gram value might more accurately reflect the absolute concentration of Au in this porphyry intersection.
The previous report in the March 26, 2003, press release was based on an average sample width of 2.5 feet. Pinpoint specks of visible gold (VG) were noted at thirteen intervals within the porphyries exhibiting minor veining; 411.7, 413.5, 417.6, 423.7 (cluster of 20 grains), 424.5 (one coarse 1 to 2 mm grain), 451.4, 634.5, 751.5, 755.9 (2 grains), 797.9, 918.0, 965.8 (2 grains) and 998.0. All core samples were sawn and one-half of the core samples underwent multi-element geochemical analysis using ICP-OES finish preceded by acqua regia extraction at Activation Laboratories Ltd. accredited by SCC to ISO/IEC. Gold determinations involved the fire assay -- ICP-OES method of analysis. The cutting "fines" and sludge were similarly analyzed following the initial oven drying.
The disseminated gold represents an open pittable, potentially multi-million ounce, geologically inferred, low-grade resource of immense importance and potential, particularly when the additional host rock credits from silica flux (already confirmed by Lakefield Research Limited) and plastic filler and rare earth elements are factored in to the total open pit evaluation.
CONDOR GOLD CORP.
The Corporation is a public company incorporated under the laws of Ontario and is traded on the U.S. Pink Sheets under the quotation symbol: CDRGF. The Corporation, through its subsidiaries, owns or controls interests in gold properties in the townships of Chester, Benneweis and Yeo, with a total strike length of eighteen miles. The properties are located adjacent to a paved main Highway No. 144 just south of the town of Gogama, Ontario, or about 147 kilometers north of Sudbury. Frank P. Puskas, B.Sc., M.Sc., a qualified person under National Instrument 43-101 has reviewed and verified the data, including the analytical and test data referred to in this press release. The Corporation's Qualifying Report can be viewed at www.sedar.com. Further information can be obtained from the Corporation's website.
For further information, contact:
Alexander Stewart: Chairman and Chief Executive Officer, Condor
Gold Corp.
Telephone: (416) 368-6161
Facsimile: (416) 368-7805
Address: 390 Bay Street, Suite 2020
Toronto, Ontario
M5H 2Y2
Website: www.condorgold.com
The Corporation currently has 72,337,200 common shares outstanding.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities of the Corporation in any jurisdiction. The purchase warrants and the underlying common shares described above were not registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent an applicable exemption from the registration requirement.