La Libertad

Highlights:

• Phase 1 drill program comprising 6 holes (1937 m) was completed on February 10, 2011. Results were published; news release dated March 2, 2011.
• Porphyry Copper-Molybdenum target.
• Located 280 km NW of Lima and 80 km SW of the Antamina mine.
• Abundant surface oxide copper mineralization grading to more than 1% Cu and 0.3% Mo.
• Similar geology to the La Granja porphyry copper deposit.
• Community agreement signed.
• 100% owned.

Prospective for: Porphyry Copper/Molybdenum

Location:

The 5 sq km La Libertad project is located in the Ancash Department in northern Peru, about 280 km north of Lima and 80 km west of the Antamina Cu-Zn mine, at elevations ranging from 2700 to 3400m above sea level. The property covers the core of an intensely altered intrusive porphyry copper system in the Cordillera Occidental de los Andes copper belt.

Ownership:

The La Libertad concession was acquired by Condor in June 2007 in a sealed bid mining auction. In early 2010, Condor acquired an adjacent concession by staking.

Geology/Mineralization:

Fracture zones within the system exhibit high grade secondary copper mineralization in the form of chalcocite, malachite and chrysocolla. Prospecting and sampling in the E-W trending Shemur quebrada (gully) in 2009 discovered secondary copper enrichment occurring as disseminations, veinlets and fracture coatings of chalcocite, covellite, malachite and chrysocolla, along with well developed quartz-limonite stockwork veining in an intensely altered phyllic (quartz-sericite) quartz-feldspar porphyry intrusive. Intermittent secondary copper enrichment extends in outcrop for approximately 600 meters along the exposed bottom of the quebrada.

Based on the size of the porphyry copper system on the property, the intensity of alteration, the strongly developed quartz-limonite stockwork vein system, and the presence of high grade secondary copper enrichment, Condor geologists believe that the La Libertad prospect exhibits potential to host a significant porphyry copper-molybdenum deposit. Preliminary observations suggest similar geology to the La Granja deposit (3.2 billion tonnes grading 0.62% Cu*) located about 380km further north within the same mineralized belt.

Update:

• A total of 517 rock and soil samples have been collected at La Libertad, including 3 to 5 meter long rock chip samples. Assay results from the samples returned values ranging from negligible to a peak of 39.9% Cu, 10.75% Zn, 1.1 g/t Au, 534 g/t Ag, 0.41% Mo, and 14.85% Pb associated with the chip samples. The bottom of the Shemur quebrada returned the most elevated copper values. The distribution and values obtained from the sample program suggest a vertical downward zonation from molybdenum to copper, with an upper molybdenum shell or carapace surrounding a copper core some 300 to 400m below.
• Two lines of geophysics were completed in late 2009 on the original 2 sq km concession.
• An additional 3 sq km concession along the eastern boundary of the original concession was acquired in early 2010 by staking to cover the inferred extension (from geological mapping, sampling and geophysics) of the La Libertad porphyry Cu-Mo target.
• A mapping and sampling program was completed in July/August 2010 on the new concession.
• A community agreement has been signed.
• A Phase I drill program of approximately 2000m of diamond core drilling in 4 to 6 holes commenced December 17, 2010. The drilling has been contracted to Canchi Perforaciones Peru S.A.C.

* "Reported reserves are inferred only, and from the websites and public documents of the Companies whose deposits are mentioned."