Austral

The Austral porphyry copper system was discovered during reconnaissance prospecting of the Brahma porphyry Cu-Mo project and subsequently acquired by staking. Porphyry copper deposits often occur in clusters and Austral is considered to be satellite porphyry related to the Brahma project.

Prospective for: Porphyry Copper/Gold

Location:

The 30 sq km Austral property adjoins the Brahma property in southern Chile, southeast of the city of Talca. The project is located 8 km northeast of the main Brahma target.

Ownership: 100% owned.

The Austral property comprises a sequence of andesitic volcanics intruded by mineralized and altered quartz feldspar porphyry intrusive exposed as a 'window' along the base of a steep valley slope. Copper mineralization occurs most commonly within the quartz-sericite (phyllic) alteration zone and has been traced over a length of 1500 m by 500 m in width. Mineralization remains open in all directions under cover. Historically, small scale mining has occurred within fracture zones containing copper oxides at Austral. A total of 91 surface rock samples returned 46 samples (51%) grading 0.10% to 0.68% Cu with associated anomalous Mo-Au-Ag-Pb and Zn values.

A one-line geophysical IP survey was completed over the target in mid 2008 to attempt to define the limits of the mineralization under cover.

In February 2009, Condor was advised by a major international mining company that they had completed an inclined diamond drill-hole totaling 321m depth which was collared within a third party adjacent mineral claim and terminated on the Austral property. This drill hole was completed without the knowledge or consent of Condor. Subsequent to drilling and assaying of the hole by this company, the drill-hole location and assay results were voluntarily forwarded to Condor and, subject to confirmation by Condor, indicate the presence of significant amounts of copper and gold mineralization. Copper values in the hole were highly anomalous, with numerous individual 1m core samples returning values of 1% to 1.1% Cu, and gold values ranging from negligible to 0.248 g/t Au.

No commercial relationship currently exists between this undisclosed major company and Condor, although discussions are continuing in a spirit of amicable cooperation.