Exercise of Warrants and Opti

RNS Number : 5109V

Condor Resources PLC

03 November 2010

 

Condor Resources Plc                                                                  7th Floor                                   39 St. James's Street   London                                  SW1A 1JD                                Telephone [phone]  Fax: [phone]

3rd  November 2010

Condor Resources Plc

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

Exercise of Warrants and Options

Condor (AIM: CNR), the Central American gold exploration company, has received notices from Orca Trading GmbH to exercise 5,000,000 warrants at a price of 1.5 pence per ordinary share and from Campden Financial Services Limited to exercise 5,000,000 warrants at a price of 1 pence per ordinary share. Condor has also received notice from a consultant and some employees to exercise a total of 2,800,000 options at a price of 1 pence per ordinary share.

Orca Trading GmbH, an independent brokerage based in Germany, approached the Company to acquire shares for its clients. The Chairman approached warrant and option holders and enquired whether there were any sellers as the Company does not intend to conduct a placement in the near future.  Further to the announcement on 26^th October regarding the exercise of 2,750,000 warrants and today's announcement, the Company has received net proceeds of £180,500 in cleared funds from the exercise of the said warrants and options. When combined with the US$1,110,760 received last week, the Company is in a significantly stronger financial position to conduct verification exploration work to convert the estimated 1.84 million oz gold resource at 9g/t, calculated to Russian standards, on its 80% owned La India concession in Nicaragua to a JORC Code compliant resource.

Following this exercise the Company has outstanding 19.75 million warrants exercisable at a price of 1p per share, 5 million warrants exercisable at a price of 1.5p per share and 10 million warrants exercisable at a price of 2p per share. All outstanding warrants are exercisable up to 26 June 2011.

Following issue of the new ordinary shares, the Company's total issued share capital will be 487,261,753 ordinary shares of 1p each. Application has been made for these new ordinary shares to be admitted to trading on AIM and dealings are expected to commence at 8.00am on 5^th November 2010.

Ends

For further information please contact:

Condor Resources plc              Mark Child, Chairman

[phone]

Ambrian Partners Limited      Samantha Harrison

[phone]

Farm Street Media                     Simon Robinson

[phone]

About Condor Resources Plc:

Condor Resources plc is an AIM listed exploration company focused on developing gold and silver resource projects in Central America.  The Company was admitted to AIM on 31^st May 2006 with the stated strategy to prove up JORC Resources in Nicaragua and El Salvador.  Condor has four 100% owned licenses and 80% of La India concession in La India Mining District; three 100% owned licences in three other project areas and 20% in the Cerro Quiroz concession in 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 inferred resources from 350,000 ounces of gold and 18 million ounces of silver to 788,000 ounces of gold and 22 million ounces of silver.  The Resource calculations are compiled by independent geologists Ravensgate and Geosure.

 

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