Condor Announces Equity Financing and Loan Transaction

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 24, 2015) - Condor Resources Inc. - ("Condor" or the "Company") (TSX VENTURE:CN) is pleased to announce that it has arranged a non brokered private placement to raise gross proceeds of up to $100,000 (the "Offering"). The private placement will consist of up to 5,000,000 units at a price of $0.02 per unit (the "Units"), with each Unit consisting of one share and one non-transferable share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.05 until the second anniversary of the Closing. Warrants will be subject to an accelerated expiry: if the closing price equals or exceeds $0.10 per share for 10 consecutive trading days, then the exercise period of the Warrants shall be reduced to 30 days, with the reduced period commencing seven calendar days following the tenth consecutive trading day.

All the securities issued pursuant to this private placement will be subject to a four (4) month hold period. Completion of the Offering is subject to receipt of all required regulatory and other approvals, including acceptance by the TSX Venture Exchange. The Offering is not subject to any minimum aggregate subscription.

The Offering is being made available to both accredited investors and existing shareholders of Condor, who as of the close of business on September 22, 2015, held common shares of Condor (and who continue to hold common shares of Condor as the time of closing), pursuant to the prospectus exemptions set out in B.C. Instrument 45-534 and in similar instruments in other provinces of Canada. In accordance with the Existing Shareholder Exemption, the Company confirms there is no material fact or material change related to the Company which has not been generally disclosed.

Unless the Company determines to increase the gross proceeds of the Offering and receives Exchange approval for such increase, if subscriptions received for the Offering based on all available exemptions exceed the maximum Offering amount of $100,000, subscriptions will be accepted at the discretion of the Company. If the Offering is over-subscribed, subscriptions pursuant to the Existing Shareholder Exemption will be pro-rated among the existing shareholders in accordance with their respective shareholdings on the record date.

In addition to the private placment, the Company proposes to arrange a loan from certain insiders, whereby the Company will borrow up to $50,000 (the "Loan"), for a term of one year, repayable in cash at the expiry of the term. Under the terms of the Loan, lenders will be paid 10% interest, and receive a 20% bonus payable in shares of the Company at a deemed price of $0.05 per share in recognition of the unsecured nature of the Loan.

Proceeds from the private placement and the Loan will be used to maintain mineral projects and exploration efforts in Peru, and for working capital.

Condor is a project generator focused exclusively on Peru, and our objective is the discovery of a major new precious metals or base metals deposit. Project acquisition and development is managed by our Lima based exploration team.

ON BEHALF OF THE BOARD

Lyle Davis, President & 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 Company 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.