Soledad

Prospective for: Gold/Silver/Copper

Location:

The Soledad Property is located in the Cordillera Negra metallogenic province in the central Peruvian Andes. Soledad is about 34 km to the south of the Pierina gold-silver mine operated by Barrick Gold Corporation.

Ownership:

The 7.13 sq km project was acquired by sealed bid auction in late 2011, and is 100% owned.

Previous Work:

The earliest documented work on the Soledad property dates back to the 1960's when it was explored for copper. In 1996, a junior exploration company carried out surface sampling, conducted an IP geophysical survey, and completed a drill program to test one of the hydrothermal tourmaline breccia pipes on the property. The drilling encountered mineralization in five of twelve drillholes, with the best three holes containing a 61.5m interval grading 1.92 grams per tonne (g/t) gold (Au), 145.8 g/t silver (Ag), and 1.82% copper (Cu); a 28.5m interval grading 5.0 g/t Au and 1.10% Cu; and a 33m interval grading 2.54 g/t Au. The best results were associated with hydrothermal tourmaline breccias on one of several breccia pipes on the property.

Geology/Mineralization:

The property comprises a number of mineralized hydrothermal breccia bodies in an extensively altered system associated with abundant gossans and quartz veins, multiple quartz-tourmaline structures up to 500m long and 10m wide, as well as polymetallic veins with Ag-Cu-Pb-Zn mineralization. Site visits and sampling by Condor geologists confirmed the potential high grade precious and base metal values within the principal breccia which had been partially drill tested in 1996, but also led to the discovery of two other similar breccia bodies, each measuring more than 100m in diameter, that had not been previously drill tested. Samples from the two new breccia zones returned anomalous precious metals values to 400 ppb Au and 102 g/t Ag. At least eight quartz-tourmaline breccia structures were also noted, measuring up to 10m wide and 500m long.

Recent activity:

Condor geologists conducted a site visit and collected thirty-one, -- 2m long rock chip-channel samples.

Update:

Based upon the initial property visit and a review of the available historical exploration data Condor geologists believe that the Soledad property exhibits the potential for the discovery of a large intrusive related Au-Ag-Cu system at depth. Mapping and additional sampling are planned for February, followed by an IP geophysical survey.