Location

CONDOR copper-gold-silver project is located in the Province of Zamora, at the Condor Mountains region, Republic of Ecuador, the most important mineral district in this country.

It is the only concession within Lundin Gold 90,000 hectares concessions that does not belong to Lundin Gold.

It is 4 km east of Fruta del Norte world class gold discovery currently being developed by Lundin Gold, 100 meters south of El Tigre Gold Anomaly (Machinaza Target of Lundin Gold) and in the middle of the Copper Belt 6 km south of Corriente Resources Inc.’s Mirador Project. (See maps below)

Geological Characteristics

Primary Deposit

• 43101 Report in place.
• Exploration was able to establish aluvial deposits as well as the presence of 8 anomalous zones consistent with the geochemical signatures of other discoveries nearby.
• 26 kilometers of cut lines spaced 100 meters apart where 971samples were collected and sent for analysis (at ALS Chemex Labs) established the presence of 8 anomalous zones,consistent with the geochemical signatures of other discoveries nearby, where an igneous deeply buried (400 meters) copper-gold-silver deposit is located, this was determined using the MMI (Metal Mobile Ion) Technology®. Drilling and Geophysics studies are required to measure the primary deposit. (See Map of anomalous Zones below)

Aluvial Deposit

• Initial aluvial sampling was performed in 2007 by Ryan Grywul, during the preparation of the 43101 report, determining the presence of an important aluvial gold zone, this was confirmed by Velrub Ltd. in 2012.
• A second report prepared by Velrub Ltd. in 2014 determine the existence of minimum 240 kilograms of gold at the low terraces.
• In February 2016, Velrub Ltd. performed an aluvial study on the medium and high terraces determining additional 80 kilograms of gold, totaling a minimum of 320 kilograms of gold for immediate recovery as project is ready to enter into production on the aluvial deposit.

Legal Status

Condor concession is in good standing, as all the legal annual obligations established in the Ecuadorian Law which are the following ave been fulfilled:

• 2016 Mining Patent was paid on March 29, 2015 and filed at ARCOM Zamora on March 31, 2016;
• Annual Exploration Report corresponding to 2015 was filed at ARCOM Zamora on March 31, 2015;
• Mining Audit of Exploration corresponding to 2015 was filed at ARCOM Zamora on March 31, 2015; and,
• Taxes on the 70 hectares farm located within the boundaries of the concessions are paid.

All the legal and technical documents are ready in our offices in Quito for due diligence purposes.