SLIDE 1
November, 2012
SLIDE 2 CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information included in or incorporated by reference in this presentation, including information as to our future financial or operating performance and other statements that express management’s expectation or estimates of future performance, constitute “forward-looking statements”. All statements, other than statements of historical fact, are forward looking statements. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule”, and similar expressions identify forward looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by us, are inherently subject to significant business, economic and competitive uncertainties and
- contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking
- statements. Such factors include, but are not limited to: fluctuations in the currency markets; fluctuations in commodity prices; risks arising
from holding derivative instruments (such as credit risk, market liquidity risk, and mark to market risk); changes in national and local
Condor Resources Inc.
from holding derivative instruments (such as credit risk, market liquidity risk, and mark to market risk); changes in national and local government legislation, taxation, controls, regulations and political or economic developments in the countries we operate or other countries in which we do or may carry on business in the future; business opportunities that may be presented to, or pursued by, us; our ability to successfully integrate acquisitions; operating or technical difficulties in connection with mining or development activities; employee relations; the speculative nature of exploration and development, including the risks of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; adverse changes in our credit rating; and contests over title to properties, particularly title to undeveloped
- properties. In addition, there are risks and hazards associated with the business of exploration, development, and mining, including
environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf
- f, us. You are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements
made in this presentation are qualified by these cautionary statements. Specific reference is made to Condor’s prospectus on file with the Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events
- r otherwise, except to the extent required by applicable laws.
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Management
Patrick Burns, President & CEO, Director
30 years experience in Latin America. Directly involved in the discovery of Escondida.
Ever Marquez Amado, VP Exploration
Directors
Robert Boyd, Director Lyle Davis, Director Paul Larkin, Director Patrick Burns, Director Graham Scott, Director
Experienced Management Team
Exploration geologist with more than a 20 year career in mineral exploration. Previously the Senior Regional Exploration Geologist for the Andes at Newmont Peru.
Graham H. Scott, Corporate Secretary & Director
Principal of VECTOR Corporate Finance Lawyers.
John S. Watt, Chief Financial Officer
Chartered Accountant with over 37 years of business experience.
Graham Scott, Director
Technical Advisory Board
Brian Fagan Patrick Gorman Art Soregaroli
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- Condor is a project generator focused exclusively on precious and base metals
exploration in South America, particularly Peru and Chile.
- Condor’s long term objective is the discovery of a major new precious and/or base metals
deposit.
- Excellent portfolio of discovery stage properties
- 10 Projects in Peru:
Soledad, Condor de Oro, Pucamayo, Chavin, Quriurqu, San
Company Highlights
Soledad, Condor de Oro, Pucamayo, Chavin, Quriurqu, San Martin, Sol de Oro, Kury Intsa, La Libertad, & Ocros.
- 5 Projects in Chile: Cristal, Brahma/Austral, Royal, Corona, & Becker.
- Joint Ventures recently signed with BHP Billiton in Chile, and Mariana Resources in Peru.
- With more than 40 years of combined experience in the region, Condor’s exploration team
has a proven track record of discovery.
- Committed to a high standard of community & social responsibility.
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- 100% owned, 7.13 sq km property, located in the central Peruvian Andes about 34 km south of Barrick’s
Pierina mine in Peru.
- Previous work dates back to the 1960's. A 1996 drill program tested one of three breccia pipes identified at
the time.
- The best 3 holes from 1996 reported a 61.5m interval grading 1.9 g/t Au, 145.8 g/t Ag, & 1.82% copper; a
28.5m interval grading 5.0 g/t Au & 1.10% Cu; and a 33.0m interval grading 2.5 g/t Au.
- Condor geologists have now identified a total of nine breccia pipes at Soledad.
Soledad - Au/Ag/Cu prospect with historic drill results
- Condor geologists have now identified a total of nine breccia pipes at Soledad.
- Sampling highlights from the new breccia bodies include 3.1 g/t Au and 242 g/t Ag over 2 meters; and 2.1 g/t
Au and 242 g/t Ag over 2 meters.
- As well as the breccias bodies, eight quartz‐tourmaline structures and numerous polymetallic Ag‐Cu‐Pb‐Zn
veins have been identified within the alteration system.
- A 25.4 line km IP survey completed in June 2012 readily identified the breccias, but also indicated a large
broad anomaly at depth, suggesting a possible intrusive related bulk tonnage Au-Ag-Cu system.
- Permitting is underway to conduct approximately 2500m of drilling on the Soledad project.
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Soledad
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SLIDE 8
The B5 breccia pipe at Soledad showing strong FeOx.
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SLIDE 9 Cristal Copper Project – Option Agreement with BHP Billiton
- BHP Billiton earn-in agreement signed October 5 2012 on Condor’s 46 sq km Cristal project
in northern Chile.
- Mandatory US$500,000 work program during the first year of the option.
- We anticipate that BHP Billiton will be conducting airborne geophysical surveys at Cristal in
2012.
- BHP Billiton have an exclusive option to earn 65% by completing exploration expenditures of
US$18 million over 4 years. By completing an additional US$7 million of exploration expenditures, BHP Billiton can increase their interest to 75%.
- Based on a review of the public mineral concession records in Chile, BHP Billiton has
interests in the mineral concessions to the west, north, and east of Cristal, and Anglo American have interest in the concessions to the south.
- Our sources have informed us that RTZ drilled approximately 80m of > 1% Cu near the
southern boundary of the Cristal concessions in the mid 1990s.
SLIDE 10
Cristal - Satellite View
SLIDE 11 Highly Prospective Location!
- 102 sq km in the Cordillera del Condor
Cordillera del Condor Belt Condor de Oro
- 102 sq km in the Cordillera del Condor
- 125 km south west of Kinross’s Fruta del
Norte project
- 55 km east of Zijin Mining Group’s Rio
Blanco project
- Potential for the discovery of a large bulk
tonnage precious and base metals deposit.
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- Letter of Intent signed October 2012 with Mariana whereby Mariana can earn 51% net
interest in part or all of the project under 2 separate options.
- Area 1 option covers 34 sq km block on the southern part of the concessions, and includes
the Pucayacu target. Mariana can earn the 51% interest over 4 years with cash payments
- f US$2.5 million, and US$12.5 million in work programs.
Condor de Oro – joint venture with Mariana Resources Ltd.
- The LOI stipulates 1500m of diamond drilling on Area 1 during the first year of the option.
- Area 2 option covers the remaining 68 sq km at Condor de Oro, and includes the
Yuracyacu target. Mariana have an exclusivity period until Dec 31 2012 on Area 2.
- If Mariana proceeds with the option on Area 2, they can earn a 51% interest over 4 years
with cash payments of $US2.5 million, and US$12.5 million in work programs.
- Ray Angus, COO of Mariana said “This is an opportunity for Mariana to drill untested
potential company-maker gold and base metal targets in this highly prospective belt...”
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SLIDE 13 Pucayacu Target at Condor de Oro (Gold – Silver – Copper)
Panoramic view showing base camp with helicopter pad located in center of the Panoramic view showing base camp with helicopter pad located in center of the Au Au-
Ag-
Cu mineralized system. 13
SLIDE 14 Chavin
- 100% owned property covers an area of 8
sq km located 45km NW of the Pierina gold-silver mine operated by Barrick Gold Corporation and 10km SW
the Pashpap Cu-Mo porphyry project.
- A total of $500,000 of work completed at
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- A total of $500,000 of work completed at
Chavin since 2010, including geological mapping, topographical surveys, extensive surface mapping, and construction of an 8 km access road.
- Chavin is a drill ready high grade precious
metals vein system with potential for a disseminated bulk tonnage target at depth.
SLIDE 15
Main vein at Chavin, 1.5m wide, 120/50SW with massive sulphides comprising sphalerite-galena- chalcopyrite-pyrite-pyrrhotite with banded quartz-carbonate halos. Assayed 0.3 g/t Au, 72 g/t Ag, 1.4% Pb & 1.6% Zn. 15
SLIDE 16
- A new discovery of a potential high grade bulk tonnage Au-Ag mineralized system within the
Orcopampa-Caylloma precious metals belt in southern Peru.
- A sediment-hosted pervasive silicified hydrothermal breccia in Cretaceous quartzites with
silica-barite-sulphides and FeOx.
- Discovery Zone measures 700m by 100m at surface, with highly anomalous Au-Ag
mineralization including peak highs of 3.1 g/t Au and 3,490 g/t Ag over 2m and 1.97 g/t Au and
San Martin – potential bulk tonnage silver deposit
mineralization including peak highs of 3.1 g/t Au and 3,490 g/t Ag over 2m and 1.97 g/t Au and 3,240 g/t Ag over 4m.
- A 10 hole, 2001m diamond drill program completed April 2012 and tested the 700m x 100m
exposed breccias.
- At or near surface silver mineralization in all 10 holes. For example, Hole 1: 15m of 69 g/t;
Hole 7: 13m of 49 g/t; Hole 8: 9m of 65 g/t Ag.
- Analysis of the Phase I drill program indicates the centre of the mineralized system remains
- pen at depth and additional drilling is recommended.
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SLIDE 17
San Martin Geochemistry Rock AG (PPB)
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SLIDE 18 Historic small mining activity
Corona
- Large epithermal lithocap surrounded by
remobilized secondary copper
suggesting an intrusive porphyry copper system at depth.
18 Hand cobbed secondary copper ore piles at Corona
geochemistry supports this hypothesis.
- IP and Resistivity geophysics also suggest
a possible porphyry copper system at depth.
- Potential to host economic polymetallic
mineralization.
SLIDE 19
October 29, 2012 Shares Outstanding: 68,153,241 Options: 5,755,000 Warrants: 1,500,000 Fully Diluted: 75,408,241
Share Structure
Fully Diluted: 75,408,241 Working Capital (August 31, 2012): $0.87 million
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SLIDE 20
- Condor is committed to working with the local communities to complete its exploration
programs and develop sustainable projects for the future.
- Discussions and presentations involving the local communities are standard Company
policy.
Community Relations
Meeting with local authorities 20 Meeting with company personnel
SLIDE 21 Condor de Oro:
- Mariana Resources mobilized to site November 2012.
- Completion of their due diligence on Area 2 required by Dec 31st, includes 200 samples.
- Mariana have mandatory 1500m drill program to complete by October 2013 on Area 1.
Cristal:
- BHP Billiton expected to complete an IP survey in 2012, followed by a drill program in 2013.
Mandatory $500,000 work program to be completed by October 2013.
Moving Forward
Mandatory $500,000 work program to be completed by October 2013. Soledad:
- 2500m drill program planned to confirm historic results and to selectively drill newly identified
- breccias. Drilling to commence with receipt of drill permit.
New Joint Ventures:
- Condor is actively seeking joint venture partners on several of its other projects, and hopes to
announce additional JVs before year end.
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Head Office Condor Resources Inc. Suite 120, 601 West Cordova Street Vancouver, BC Canada, V6B 1G1
Contact Information
Canada, V6B 1G1 Phone: 604-642-5707 Fax: 604-647-0107 Toll Free: 1 866-642-5707 info@condorresources.com www.condorresources.com Business Development/Corporate Communications Lyle Davis ldavis@condorresources.com
