Changes to the Board

RNS Number : 5941C

Condor Resources PLC

03 September 2008

 



Stock Exchange Announcement

3 September 2008

For release at 07:00 hours

Condor Resources Plc

Changes to the Board

Condor Resources Plc ('Condor' or the 'Company') announces that Nigel Ferguson will step down from the Board and the position of Chief Executive Officer with immediate effect. He will remain as a consultant to the Company until January 2009.

Commenting on the change, Mark Child, Non-executive Chairman, said:

'I would like to thank Nigel for the significant contribution he has made to the Company since 2003; managing the admission of Condor to AIM in 2006 and directing Condor's operations which resulted in the significant increase in the Company's resource base by some 151% to 891,000 ounces of gold and by 22% to 22.4 million ounces of silver.

'I am pleased that Nigel has agreed to provide consulting services until January 2009 as Condor continues to drill existing resources in Nicaragua. The recent £2 million placement allows Condor to drill the more promising projects in Nicaragua and seek a broader geographical diversification of its operations so as to mitigate the impact of the uncertainty surrounding the operations in El Salvador.

'Condor's technical operations in both El Salvador and Nicaragua will be managed by Country Exploration Manager, Dr. Luc English, a qualified geologist, who is familiar with activities in both countries. Dr. English will be ably supported by the Company's General Manager, Jose Mario Gonzalez.  Dr. English will report directly to the Board of Condor.  Currently, there are no plans to seek a new Chief Executive for the business; however, the Company intends to enhance the strength of the Board in due course, as appropriate'.

- ends - 

For further information contact: 

Condor Resources plc                       Mark Child, Chairman                                                         

                                                         [phone] 

Nabarro Wells & Co Limited            Hugh Oram                                                                  

                                                        [phone]   

Farm Street Media                            Simon Robinson

                                                        [phone]

About Condor Resources Plc:

Condor Resources plc is an AIM listed exploration company focussed on developing natural resource projects in Central America. The Company was Admitted to AIM on 31st May 2006 raising £4.9m to prove up JORC Resources in Nicaragua and El Salvador. Condor has four 100% owned licences and the option to earn an 80% interest in a further four licences contained within four project areas within Nicaragua. In El Salvador, Condor has 100% ownership of four licences in two project areas. 

Since Admission to AIM, Condor has increased its JORC compliant resources from 354,500 ounces of gold and 18.3 million ounces of silver to 891,000 ounces of gold and 22.4 million ounces of silver. The Resource calculations are compiled by independent geologists Ravensgate and Geosure. Condor's objective is to prove a commercial resource.

Condor raised £2,000,000 before expenses in July 2008, which will allow the Company to continue developing its existing gold and silver projects in Central America and identify opportunities in the natural resource sector in other geographical locations. 

 

END

 

 

BOALTMFTMMAMBAP