The Gold Report

Condor Resources Plc TICKER: CNR:LSE Visit Company Website Condor Resources Plc is a gold exploration company focused on proving a large commercial reserve on its La India project in Nicaragua. The company has 100% ownership of the project, which hosts a Joint Ore Reserves Committee resource of 1.62 Moz gold at 5.6 g/t. A Soviet-style resource of 2.4 Moz gold at 9.3 g/t was defined in 1991. Condor also has 1 Moz gold at 3 g/t in El Salvador, where there is a moratorium on all exploration.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Christopher Welch, Ocean Equities (4/16/12) "An updated mineral resource report for Condor Resources Plc's La India project highlights opportunities for further exploration success. . .our view is that the La India system has potential far beyond its historic resource bounds. . .the company now has a great opportunity to build on a strong knowledge base to add to the ounces already within the resource. . . we believe that a high proportion of the gold at La India could be recovered through gravity separation; this means that Condor could rapidly progress the project to begin gold production."

Christopher Welch, Ocean Equities (4/4/12) "Condor Resources Plc has announced trenching results from both its La India Vein and the Central Breccia area of its La India project in western Nicaragua. . .the deeper drilling into the hanging wall zone had shown that there was extensive mineralization in the area that was previously overlooked because the surface expression of the mineralization was obscured by cover. . .in our view Condor is in an exciting stage of exploration. . .there is good potential that the team can reveal more areas of structurally controlled mineralization where multiple high grade veins coalesce and so be amenable to bulk tonnage mining methods."

Christopher Welch, Ocean Equities (2/27/12) "Condor Resources Plc has aggressively expanded the JORC-compliant resource at La India over the past 12 months, from 513 Koz gold at 11.1 g/t, up to the currently defined 1.6 Moz. Recent results indicate that the company will be able to sustain the strong resource growth trajectory by incorporating previously untested veins into the resource and take La India towards, and beyond, the previous high-tide mark of 2.4 Moz. . .we see particular upside from the potential to mine the more closely-spaced veins in open pits."

Christopher Welch, Ocean Equities (2/10/12) "Condor Resources Plc announced initial results from a drilling and trenching program targeting the Central Breccia zone. . .the results include robust intercepts from trenches demonstrating the continuity of gold mineralization at surface. . .gold mineralization has now been proven to be hosted within a mineralized breccia over an area of 25m by 50m through trenching that was anticipated to represent the surface expression of a possible feeder zone. . .the location of the Central Breccia could be significant for Condor as it has the potential to become an open-pittable deposit at the structural center of La India."

Christopher Welch, Ocean Equities (2/6/12) "Condor Resources Plc has announced further drill results from its La India project in western Nicaragua. The results include several high-grade intersections across robust, mineable widths as well as intersections into a new vein. . .discovery of a new vein, the Natalie vein, is very positive. Clearly, the ultimate geological potential of the La India district has yet to be outlined and we suspect that many more discoveries will be made in the near term."

• Corporate Presentation (4/20/12)
• SRK Consulting Resource Estimate at La India Project, Nicaragua (4/13/12)

(10/2/11) StockTube Interview with Mark Child

(4/11/11) Mark Child Interview with Proactive Investors

(10/21/11) CNR Minsite Presentation

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