CNR Condor Gold Plc

RNS Number:8078D
Condor Resources PLC
31 May 2006

Date:                         31st May 2006

On behalf of:                 Condor Resources Plc ("Condor" or "the Company")


Condor Resources Plc

Admission to AIM


Condor, an exploration company focussed on El Salvador and Nicaragua, announces
that trading in the Company's shares commenced today on the AIM market of the
London Stock Exchange at 08:00 under the ticker symbol CNR.


The commencement of trading follows the placing of a total of 40.95 million
shares at 10p per share ("the Placing"), raising gross proceeds of #4.1 million
for the Company (#3.7 million net of expenses). There will be a total of 122.3
million shares in issue on admission, resulting in an initial
market-capitalisation of approximately #12.2 million.


Condor, holds the rights to, or the rights to farm into, mineral exploration
concessions over a combined area of some 940km(2) of ground in prospective areas
of El Salvador and Nicaragua. The Company has Inferred Mineral Resources (to
JORC standards) of 354,500oz gold and 18.3Moz silver and a summary is set out in
the Independent Competent Person's Report contained in the Company's Admission
Document.


The Placing will enable the Company to pursue its exploration strategy of
upgrading and expanding upon its current Inferred Mineral Resources through a
drilling, sampling and assaying programme on its most advanced projects.


Commenting on the Company's admission to AIM, Nigel Ferguson, CEO, said:

"We are delighted to be admitted to AIM. We intend to use the proceeds from this
placement to pursue our exploration strategy of upgrading and expanding upon our
current Inferred Resources through an extensive drilling, sampling and assaying
program, including the El Pescadito and La Calera Projects. We also intend to
drill test several other prospective targets within other project areas."


Nabarro Wells & Co. Limited acted as Nominated Advisor and Broker of Record to
the Company.


For further information:


Condor Resources Plc

Nigel Ferguson, CEO                         +44 20 7016 5100



Nabarro Wells & Co. Limited

Hugh Oram                                  +44 20 7710 7400

Jonathan Naess                             +44 20 7710 7400
               


Notes to Editors:


Additional information about Condor and its management:


Over the past 3 years, the Company has assembled a management team with
considerable experience both in the mining sector and in financial markets.


Non Executive Chairman, Mark Child has 21 years of equity capital markets
experience, as an institutional stockbroker and in corporate finance/private
equity, mainly in emerging markets.


Chief Executive Officer, Nigel Ferguson, is a geologist with 20 years of
experience in the exploration and definition of precious and base metal Mineral
Resources. Mr. Ferguson is experienced at working in overseas locations and has
held several senior technical management roles Mr. Ferguson has been managing
Condor' recent exploration in Central America and will continue to play a key
technical role for the Company.


Executive Director, Stephen Dobson, has more than 20 years experience in
corporate finance and international capital management including a range of
positions as managing director of leading global investment bank and advisor to
numerous Australian and internationally based listed investment companies,
specialising in capital raisings and strategic project development.


Non Executive Director, Klaus Eckhof, has managed his own geological consultancy
company since 1994 and has considerable experience in assessing and acquiring
mineral prospects around the world.  Mr. Eckhof is an executive director of the
ASX and AIM listed company Moto Goldmines Ltd and holds several other
directorships on Canadian and Australian listed mining companies.


Exploration Areas:


El Salvador

Within the two licences contained within the Pescadito Project in El Salvador,
The Group has reported Inferred Mineral Resources, as defined by the JORC
standard, of some 354,500 ounces of gold and 18.3 million ounces of silver
within two contiguous licences.



At the La Calera Project, the third 100 per cent. owned licence, previous drill
testing has outlined mineralized structures in the Rosa and Rosa West Prospects
with excellent potential for shallow, potentially open pittable gold Mineral
Resources as well as subsequent high grade underground Mineral Resources.


The fourth licence area, the El Potosi Project, where Condor is earning a 100
per cent. interest, contains the historical El Potosi Mine which produced an
estimated 60,000 ounces of gold at between 18 and 30g/t prior to 1950. The Group
has completed a first phase drilling programme of Reverse Circulation ("R.C.")
and diamond drilling to test these structures. Ravensgate has reported that the
extent of the historical mining at El Potosi, combined with the number of
mineralised vein systems within the concession (e.g., El Capulin) and recent
encouraging results from the first phase drilling programme, suggest that the
area is highly prospective for gold mineralisation.


Nicaragua

An option and farm in Agreement within Nicaragua over five licences and one
licence which is under application contained within three project areas, affords
the Group exposure to a number of projects, many of which have historical mines
and workings.


At the Segovia Project area, Condor has concentrated on the high grade
structures containing the historical San Albino Mine, and through recent surface
sampling has recovered grades of between 3 and 72 g/t Au. Condor's field work to
date has confirmed several high grade quartz veins within the district, some of
which contain visible gold.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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