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Condor Nickel Limited (ASX:CNK) 2010 Annual Report

Chairman’s Report
 
In the 2010 financial year, Condor Nickel Limited experienced both the highs of successful exploration programs with very encouraging results and the lows of the loss of its founder, Executive Chairman and CEO, Mr Frank Carr.
 
While this was a very sad event, Frank’s hard work and commitment will endure. It is with resolve that we will forge ahead to realise the potential of Condor Nickel Limited for the benefit of all its shareholders.
 
Prior to Mr Carr’s death, three new Directors were appointed to the Board – Mr Ian Burston AM, Mr Ross Gillon and Ms Elaine Carr. In addition, the strength of the Board has been further augmented with the appointments of Mr Laurence Freedman AM and Mr Robert Schuitema.

Condor now has a very strong, unified and independent Board which has the appropriate mix of skills and experience necessary to deliver substantial long term benefits to our shareholders. I am confident that we will enhance our resource base and thereby deliver significant value for shareholders over the longer term.
 
The current Board consists of:
 
>> Laurence Freedman AM, who brings significant experience in resources, investment management and as a director of public companies internationally;
 
>> Elaine Carr, who brings significant experience of the Company’s history. Ms Carr has also been appointed Company Secretary;
 
>>Ross Gillon, who brings a wealth of legal experience;
 
>> Brian Martin, who holds a doctorate in geochemistry and brings to the Board significant career experience spanning mining consulting, project and resource financing, banking, research analysis and policy development; and
 
>> Robert Schuitema, an experienced international resource industry investment banker and public company director.
 
Our current corporate and financial strength will enable us to:
 
>>Continue exploration at our highly-prospective tenements;
 
>>Enhance our resource base; and
 
>>Deliver substantial longer-term benefits to shareholders by entering into production.
 
Condor holds a diversified portfolio of highly prospective exploration projects which are showing excellent results. Furthermore, we are in a strong financial position with over $4m in cash and no debt.
 
Significant iron ore mineralisation has been identified at the Dingo Range Project where 80% of samples returned over 50% iron and 40% returned over 55% iron. The Board believes that this has significant potential for commercialisation.
 
In addition, recent developments at Kallona Creek have been particularly encouraging. Rock chip sampling programs have confirmed the existence of significant iron ore mineralisation with grades of up to 62%. High levels of manganese (27% - 38%) were also identified.

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