TORONTO, Oct. 3, 2003 (PRIMEZONE) -- Condor Gold Corp. (Pink Sheets:CDRGF) (the "Corporation") is pleased to announce that at its annual shareholders meeting, held September 30, 2003, all matters put forward by management for consideration by shareholders were overwhelmingly approved. In particular, management's slate of directors was approved, which included four members from the pervious board, being Alexander Stewart, Chairman and CEO, Dr. Wallace Stonehouse, Director, John Wood, Director, and Stephen Stewart, Director and Vice-President. Two new directors were added to the board, being Dr. Steven Small, of Capital Partners Corporation, and Mr. Jeffrey Wood, of Treelawn Investment Corp. The new directors provide board representation for those parties who have significant investments in the Corporation and are expected to enhance the Corporation's prospects in raising the funds necessary to continue its exploration and development projects at its Chester Township property near Gogama in northern Ontario. The Corporation also intends to add one or two new directors to the board to add exploration and mining expertise to the Corporation's board. These new directors are expected to be announced in the near future. Brief bios of the board of directors follows:
Alexander Stewart, B.A., J.D., has been President of RTO Capital Corp. for the past ten years, a corporate lawyer for over thirty years and Chairman and CEO of the Corporation and its predecessors for two years.
Dr. Wallace Stonehouse, D.V.M., graduated from veterinary college of Guelph, Ontario, and in 1969, he became a partner with a Toronto Veterinary Group where he practiced for 12 years before entering the business world. He has been involved in trading markets and capitalizing public companies for 20 years, and since 1990 he has been president of Comforce Inc. a financial advisory company.
Mr. John Wood is a retired businessman after a thirty-year career with the Chum Group Inc, holding various senior positions and retiring as Senior Vice-President and Director of Marketing in 2000.
Mr. Stephen Stewart, since May 2000, has held the position as Vice-President of RTO Capital Corp., a merchant bank involved in providing financing to small and mid-size Canadian Companies, and he also holds the position as Vice-President of RTO Zarex Ltd., a Toronto based consulting services company advising and assisting clients in areas of expansion, franchising and consolidation.
Dr. Steven Small, is the President and CEO of Capital Partners Corporation, a Toronto based merchant bank, a director of Canadian Trading and Quotation System Inc. (CNQ), Knightsbridge Human Capital Management, among other companies. Dr. Small was a founding shareholder and principal seed capital investor and director of Newcourt Credit Group. Dr. Small is also the founder and senior managing partner of a large group of dental anaesthesiologists and practices part time.
Mr. Jeffrey Wood was President of the Flowerman Group from 1992 to 1997, a company involved in the wholesale and retail distribution of plants and flowers. Since 1996, he has been President of Wood Financial & Marketing Consultants Inc., a consulting company specializing in Management, Sales and Financial Planning. He is currently a director of Treelawn Investment Corp., an investment company since 2000 and was Chief Operating Officer of Beverley's Bakeries Ltd. from 2002 to 2003.
CONDOR'S JACKRABBIT GOLD EXPLORATION AND DEVELOPMENT PROJECT
Condor controls interests in fourteen gold properties in Chester Township, Ontario, including the Murgold-Chesbar No. 3 zone and the Jackrabbit Nos. 1 and 3 zones, and is the operating partner of a joint venture with Young-Shannon Gold Mines, Limited, all located in the Corporation's Gogama gold camp. The properties are located adjacent to paved main Highway 144, just south of the Town of Gogama or about 200 km north of Sudbury. The mineral resources set out in the tables below are not mineral reserves but do have demonstrated economic viability. Effective as of June 8, 2002, the measured and indicated gold resources of the Condor properties have been recalculated and presented in accordance with NI 43-101 as follows:
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Deposit Tons Grade Ounces Classification
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Murgold- 159,000 0.43 68,400 Measured
Chesbar Resource
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Young- 222,000 0.354 77,900 Indicated
Shannon Resource
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Jack Rabbit 342,000 0.36 123,000 Indicated
Resource
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Total 723,000 0.37 269,300
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Effective as of June 8, 2002, the inferred gold resources of Northville properties in the table below have been recalculated and presented in accordance with NI 43-101 as follows:
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Deposit Tons Grade Ounces Classification
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Murgold- 240,000 0.19 41,800 Inferred
Chesbar Resource
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Young- 725,000 0.16 116,900 Inferred
Shannon Resource
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Jack Rabbit 100,000 0.36 36,000 Inferred
Resource
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Total 1,045,000 0.19 193,800
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The Corporation's Qualifying Report, in compliance with NI 43-101, is available at www.sedar.com. The measured and indicated resources lie above the 600 feet level in each prospect. The estimated inferred potential beyond the zones and below the 600-foot level is up to a million tons with a calculated gold content of just under 200,000 ounces.
JOINT VENTURE FOR DIAMOND EXPLORATION/DIALEX MINERALS INC.
In its press release of March 26, 2003, the Corporation announced that it had spent the sum of $500,000 in March and April 2003 for the acquisition of various geophysical and geochemical data related to its Attawapiskat/James Bay Lowlands joint venture with Wycliffe Resources Inc. The Corporation has also recently concluded an airborne geophysical survey of various additional mining claims, which it holds in the James Bay Lowlands, the results of which are currently being evaluated to report form by its consulting geologist, Scott Hogg & Associates Ltd. Condor's subsidiary, Dialex Minerals Inc., holds a 75% interest in this project. Condor Gold Corp. also confirms that it has recently acquired the control block position of VHS Network, Inc. and has changed the name to Dialex Minerals Inc. as first announced in its press release of June 26, 2003. Dialex trades on the OTC BB under the symbol: DLXM.
CONDOR GOLD CORP.
Condor Gold Corp. is a public company incorporated under the laws of the Province of Ontario. It 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 Jackrabbit Project is located adjacent to Highway #144 just south of the town of Gogama.
For further information, contact:
Alexander Stewart: Chairman and C.E.O., Condor Gold Corp.
Telephone: (416) 368-6161
Facsimile: (416) 368-7805
Address: 390 Bay Street, Suite 2020
Toronto, ON M5H 2Y2
Website: www.condorgold.com
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.