Condor Acquires Concessions in Indonesia.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 24, 1996-- Donald A. McLeod, President of Condor International Resources Inc. (VSE:COD) today announced that the Company has entered into a joint letter of intent with Spire Ventures Ltd. ("Spire"), of Vancouver, B.C., and Pt. Senuang Khatulistiwa Mining ("PSKM"), of Jakarta, Indonesia, wherein PSKM has granted to the Company and Spire the sole and exclusive right and option to acquire an 85 per cent interest (as to 42.5 per cent each) in its mineral properties located on the Indonesian island of Kalimantan.

The properties known as the Sokan Gold Project, located approximately 100 kilometers due south of Sintang on the watershed between West and Central Kalimantan are on a similar geological belt as the Busang discovery of BRE-X Minerals. The area is on the WSW extension of the central mineralized volcanic belt that includes Mt. Muro, Masupo Ria, Kelian and Busang. The Sokan Gold Project is held as five KP's and a surrounding contract of work of approximately 30,000 hectares with an additional application of 70,000 hectares of prospective (primary gold resource) area. The project area is known for its historical production of coarse alluvial gold. The Sokan Gold Project encompasses the area currently being mined for alluvial gold and the highlands which may host the hardrock source. Underlying geology is related to acid-intermediate intrusions related hydrothermal systems developed in this predominantly meta-sedimentary terrane. The systems have the potential to develop classic low sulphidation environments similar to Busang and Kelian or to sediment hosted Carlin type mineralization. This acquisition is the first of several contemplated mineral property acquisitions being considered by the Company on the island of Kalimantan, Indonesia. Shareholders will be advised promptly of any subsequent property acquisitions.

In order to exercise the option, the Company shall: (i) issue to PSKM such number of shares in its capital stock equal to US$350,000, at a deemed price based upon the greater of $0.90, being the closing price of the Company's shares on January 23, 1996, or the five day trading average of the Company's shares prior to acceptance by the Vancouver Stock Exchange of the filing of the agreement; and (ii) pay to PSKM the sum of US$150,000, payable as to US$12,500 upon signing of the letter of intent and US$137,500 within 30 days of completion of the Company's due diligence, which due diligence must be completed by both the Company and Spire on or before February 29, 1996. The Company has also agreed to reimburse PSKM for one-half of the deposit paid by PSKM to the Mines Department of Indonesia in the approximate amount of US$91,400 (as to $45,700 by the Company).

In addition, the Company and Spire are responsible for carrying out the minimum assessment work on the properties to maintain the project land holdings in good standing. PSKM will retain a 15 per cent interest in the properties, which will be a carried interest until completion of a feasibility study, and a participating interest thereafter.

The Company has agreed to pay a finder's fee for arranging the acquisition, subject to acceptance by the Vancouver Stock Exchange. The acquisition of the properties is also subject to the approval of the Vancouver Stock Exchange. -0-

NOTE: The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

CONTACT: Condor International Resources Inc.

James D. Romano, 604/687-7545; Fax: [phone]