Letter from President
posted on Jan 20, 2008 05:25AM
Edit this title from the Fast Facts Section
Condor Resources Inc., your company, made significant advances on each of its cornerstone objectives this year: Generate / Explore / and Discover.
The classic grass roots discovery of the 100%-owned Brahma project was made in June, as the result of a generative back-to-basics field program of stream sediment sampling and prospecting. Condor geologists consider the Brahma project to represent one of the most significant new porphyry copper discoveries to come out of Chile in recent years.
The acquisition of a 100% interest in the La Libertad porphyry copper-molybdenum project in northern Peru was also announced the same month, via a sealed bid mining auction against several major competitors.
Then in September, the Company optioned the large Ocros porphyry copper project in northern Peru, where Condor has the right to earn a 75% interest from a private Peruvian company. Exactly one week later, the Company entered into an agreement to acquire a 75% stake in the Pucamayo epithermal gold-copper project, also located in Peru.
None of these exciting new targets has ever been drill-tested!
Field work throughout the remainder of the year concentrated on the Brahma and Ocros projects, where prospecting, mapping and sampling have now been completed. The target at Brahma covers a surface area of more than 3 sq km. The target at Ocros is of a similar size. A diamond drill was mobilized on to the Ocros project in early November and completed three holes by year-end for a total of 1,262 metres of drilling of the 3000 metres planned. Copper mineralization was intersected in all three holes and assay results are awaited.
Condor also contracted a Vice President of Exploration in 2007. Mr. Ever Marquez, a Peruvian national, joined the Condor team from Newmont Peru, bringing with him an impressive track record of discoveries and recognition. In 2007, Ever was awarded Newmont's most prestigious and highest distinction: "Exploration 2006 Discovery Recognition Award" for his discovery of the Breapampa-Andrea high grade gold-silver district in southern Peru.
We also worked diligently during this past year towards establishing several key strategic relationships with brokers, analysts and investment institutions that we believe will be strong market supporters as we move forward.
It was a personally satisfying moment, and a compliment to the hard work of the Condor Resources team, when I read the Canaccord Adams Special Edition 2008 Wish List published on December 19th. Condor Resources is included among their top 21 picks of junior mining companies that they "believe have upcoming exploration or development programs that provide excellent speculative potential." I noticed with interest that Condor Resources has the smallest number of shares issued of any of the 21 companies they listed.
As I look back over the year 2007, I am confident that Condor Resources has assembled one the best and most promising property portfolios of any Junior Resource company listed on the TSX Venture Exchange today.
What lies ahead? Drilling on our Ocros project will resume early in the New Year. Preparations are in progress to drill-test the Brahma project towards the latter part of the first quarter of the year -- indeed, we have a crew on the property, surveying road access and planned drill sites as I write this today, December 29th. Follow-up work is planned for the La Libertad and Pucamayo projects as well. The continuation of our ongoing, strongly field-oriented project generation program will certainly result in additional exciting new opportunities.
Our end objective is to discover an economic mineral deposit. I tell people that, "Failure is not an option." We are driven and we are focused! The Company is also well-financed as we head into 2008 to the tune of $4.4 million. With more than 40 years of combined mineral exploration experience in Latin America and a number of discoveries under our belt, I am confident that 2008 promises to be an exciting year for your Company, Condor Resources Inc.
In closing, I wish to personally thank each and every one of our Shareholders for your continued support that has made it possible to be where we are today. We at Condor Resources Inc. will continue to work hard for you towards making 2008 "The Year of the Condor!"
May your dreams come true in the New Year.
Patrick J. Burns
President and CEO
Condor Resources Inc.