Pucamayo

Highlights:

• A new discovery by Condor geologists in late 2009, highlighted by two distinct zones.
• High grade 'bonanza-style' gold-silver mineralization with channel samples up to 86.6 (g/t) Au over 3 meters (m) and 5.85 g/t Au over 10m in the West Zone.
• In the East Zone, channel samples up to 0.95 g/t Au and 343 g/t Ag over 5m.
• The size of the targets and the extensive anomalous gold and silver mineralization suggest potential for the discovery of one or more economic gold-silver deposits.
• Phase 1 drill program at Pucamayo West was completed in March -- April of 2011.
• Highlights of the drill program included values of 340.9g/t Ag, 0.62g/t Au, 1.80% Cu, 1.77% Pb, and 2.27% Zn over 2.2 m in hole PUC-004.
• The majority of the drill holes successfully intersected the quartz-carbonate veins surrounded on the hangingwall and footwall by silicification with quartz-sulphide veinlets.
• The mineralization at Pucamayo West remains open along strike as well as at depth, and below fluvioglacial cover.

Prospective for: Gold/Silver

Location:

The 51 sq km Pucamayo project is located 180 km SE of Lima at an elevation of 3800 to 4200 m and within the same precious metals belt as the multi-million ounce Yanacocha, Alto Chicama, and Peirina Au-Ag deposits.

Ownership:

85% interest in 36 sq km where the vendor holds a 1% net smelter returns royalty, and a 15% interest carried to commercial production. Condor has the right to purchase the royalty at any time for US$2,000,000. The property vendor's interest is fully-carried and non-contributing until the completion of a feasibility study, at which time the property vendor will receive an additional 1 million shares. All costs incurred by Condor on behalf of the property vendor following completion of the feasibility study will be recouped with interest from the property vendor's 15% share of production proceeds.

Two concessions (15 sq km total) were acquired by staking and are held 100% by Condor. The two concessions are adjacent and to the east.

Geology/Mineralization:

The property covers two epithermal precious metals targets: the West Zone, a low to intermediate sulphidation, 'bonanza-potential' multi-phase vein system within an area covering approximately 4 sq km, and 8km to the northeast, the East Zone, an intermediate to high sulphidation potential disseminated bulk tonnage target measuring 1.2 km long by 200m to 700m in width.

West Zone

The West Zone comprises a total of five NW and NE trending multi-phase quartz-carbonate replacement veins, the largest of which has been traced for 1500m along strike with an average width of 15m to 25m. Much of the area is covered by recent unconsolidated sediments and gravel, but where exposed, channel samples have returned values of up to 86.6 g/t Au and 84.8 g/t Ag over 3m, 5.85 g/t Au and 1.69 g/t Ag over 10m, 2.0 g/t Au and 85.1 g/t Ag over 3m, 3.1 g/t Au and 7.31 g/t Ag over 2m and 2.9 g/t Au and 21 g/t Ag over 3m. These results are typical of 'bonanza style' gold and silver systems which host potential for very high grades such as at the multi-million ounce El Penon gold-silver deposit in northern Chile and the Orcopampa district in Southern Peru. Surface sampling at varying topographic elevations suggests that grades increase at lower elevations, considered a positive indicator for higher subsurface grades in these bonanza epithermal vein systems. All veins are open for extension along strike and down-dip.

East Zone

The East Zone is located 8km northeast of the West Zone, and is characterized by an erosion window which has partially exposed a high sulphidation epithermal system with disseminated precious metals mineralization covering an area approximately 1.2 km long by 200m to 700m in width and a surrounding series of at least seven epithermal quartz veins. The East Zone remains open in all directions. Part of this target is comprised of a quartz vein stockwork and hydrothermal breccias with vuggy silica and silicified fissures or ledges with pervasive disseminated secondary iron oxides. The hydrothermal breccias are exposed in outcrop over an area of 350m by 100m and continue below recent glacial fluvial sediments. A total of 119 chip and channel samples were collected over the East Zone and results range from negligible to a high of 0.96 g/t gold and 554 g/t silver. Channel samples within the breccias returned values of up to 0.95 g/t Au and 343 g/t Ag over 5m, 0.93 g/t Au and 394 g/t Ag over 5m, and 0.53 g/t Au and 216 g/t Ag over 4m. A 1m channel sample across one of the banded quartz-carbonate veins returned 0.36 g/t Au, 554 g/t Ag, 1.40% Cu, 29.20% Pb and 21.20% Zn.

Tinco

The 6 sq km Tinco claim is one of the three concessions to the east of the original Pucamayo property, and is the location of a 2 by 1.5 km high sulphidation epithermal alteration zone located immediately to the southeast and contiguous with the East Zone breccias. Hosted in felsic Tertiary volcanics, preliminary prospecting at Tinco has identified pervasive quartz-alunite-clay alteration assemblages along with exposures of vuggy silica. In addition, hydrothermal breccias with chalcedonic, granular and vuggy silica clasts and locally abundant limonite have been observed. Tinco covers a large complex epithermal multiphase alteration system which Condor geologists believe exhibits potential for the discovery of additional precious metals mineralization similar to that encountered at Pucamayo East.

Update:

Drill permit for Pucamayo East awaiting community agreement.

Additional geophysics was completed on Pucamayo West during August 2011 to provide information at depth on the NW-SE striking main vein and to examine the projected intersection of several mineralized veins. Of primary interest is the intersection of the main NE-SW structure and the NNE vein (which vein returned 86.6g/t Au over a 3m channel sample) and where initial geophysics suggested the existence of a potentially large high chargeability anomaly approximately 200m below surface. The Company is awaiting receipt of the Val'dor Geophysics report, and anticipates that follow up drilling will be recommended at Pucamayo West.