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Condor Metals Ltd (ASX:CNK) COO Employment Arrangements

New Chief Operating Officer Employment Package
Condor Metals Ltd new Chief Operating Officer (COO), Mr John McKinstry formally commenced employment on 31 January, 2011.
Mr McKinstry's remuneration package is:
Base Salary - $100,000 plus statutory superannuation.
Short Term Bonus ­ to be determined by the Condor Metals Board based on Mr McKinstry's performance of developing Condor's iron ore/manganese projects and nickel project.
Issuance of 1,000,000 fully paid Condor Metals Ltd shares at $0.175 cents per shares, subject to a three year interest free loan with 50% of the shares subject to 2 year "no sale" undertaking and the remaining 50% of the shares subject to 3 year "no sale" undertaking.
Mr McKinstry provides services to Carrick Gold Ltd (ASX: CRK) an affiliated company of Condor Metals and is remunerated separately for these services.
Condor Metals is looking to make other appointments (internally and external consultants) to increase the size of its technical team working on the various projects.
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