SAN MARTIN

Prospective for: Bulk tonnage Silver/Gold

Location:

San Martin is located in the province of Castilla in the department of Arequipa, approximately 1,350 km southeast of the city of Lima and 7 km southeast of the Orcopampa gold mine, at elevations ranging from 4500m to 4800m. Access is by a 195 km unpaved public road which connects to the Pan American highway. Arequipa, the closest major centre, is approximately 160km SE of San Martin, and is accessible via 320 km of public road.

Ownership:

The 4 sq km San Martin Project is 100% owned by Condor.

Previous Work:

The San Martin epithermal sediment hosted precious metals discovery has no recorded history of prior sampling or drilling.

Geology/Mineralization:

The property is hosted within the Orcopampa-Caylloma precious metals belt of south central Peru and is underlain by Cretaceous-aged quartzites which have been hydrothermally brecciated and strongly silicified over an area observed in outcrop of 700 by 100 meters. The silicified breccia matrix and clasts include silica-barite and iron oxides along with patches of abundant fine grained grey sulphides and disseminated pyrite.

Recent activity:

During August and September 2011, the Company conducted reconnaissance mapping, and rock and soil sampling at San Martin. A total of 236 samples were taken during this period, of which 186 were taken from the 700 x 100m exposed breccia area noted above. As reported on September 7th and 12th, 2011, chip samples from two separate locations within the breccia include peak highs of 3.1g/t Au and 3490g/t Ag over 2m, and 1.97g/t Au and 3420g/t Ag over 4m.

In the latter part of September, an IP/Resistivity geophysical survey was completed at San Martin. Preliminary results confirm a correlation between the hydrothermal breccias and high resistivity near surface due to the presence of oxidation, followed by high chargeability to a depth of 200m due to the suggested presence of sulphides.

Update:

With the cooperation of the local community, Condor received the necessary approvals and drill permit in early November, and a planned 2500m Phase I drill program commenced November 17, 2011. The program is targeting the large silicified hydrothermal breccia body exposed at surface, and possible extensions at depth, as suggested by the high resistivity and chargeabiltiy anomalies.