Condor Resources Inc.: Corporate Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 16, 2013) - Condor Resources Inc. ("Condor" or the "Company") (TSX VENTURE:CN) is pleased to provide an update on current corporate strategy and recent management changes.
With the current conditions in the mining equity markets, and to conserve cash, the Company has placed increased emphasis on its cost controls and the administration of its financial resources. Ongoing efforts to joint venture our portfolio of projects will continue, however, the Company has decided to minimize its own exploration activities in the present environment.
As part of this strategy, the Company has appointed current Director Lyle Davis as Chief Executive Officer. Mr. Davis has served as a director of the Company since 2004, and has chaired the audit committee during this time. He is a graduate of Queen's University Engineering, and holds an MBA from the University of British Columbia. Mr. Davis stated that "These are challenging times for exploration companies, but in an inherently cyclical business, Condor intends to be poised for success when the cycle returns". Founder and President Patrick Burns remains in his role as President, and will continue to lead the Company's increased focus on farm-out efforts.
Condor Resources Inc. was incorporated in 2003 by field exploration specialists focused on the generation of precious and base metals projects in South America, where management has extensive experience and a proven track record. The Company's long term objective is the discovery of a major precious/base metals deposit through its portfolio of properties in Peru and Chile.
ON BEHALF OF THE BOARD
Lyle Davis, Chief Executive Officer
Cautionary Statement Regarding Forward-Looking Information: All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Corporation does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.
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