Mr. Lyle Davis reports

CONDOR RESOURCES INC.: CONDOR DE ORO PROJECT UPDATE

Condor Resources Inc. has been notified by Mariana Resources Ltd. that Mariana is withdrawing from their option agreement on the Condor de Oro project in northern Peru. Under the terms of the option agreement announced October, 2012, Mariana was required to complete cumulative exploration work of $25-million (U.S.) and make payments to Condor totalling $5-million (U.S.) over four years to earn a 51-per-cent interest in the 102-square-kilometre project. Condor is pleased with the extent and quality of work completed by Mariana, and to have the project returned in good standing with significant value added.

Over the two years of the option, the project has been advanced considerably, particularly with the completion of 2,585 metres in eight diamond drill holes on the Pucayacu target. The eight shallow and widely spaced holes at this target confirmed the existence of a very large multiphase intrusive system, and all holes encountered altered and mineralized lithology. A summary of results from the eight holes can be found on the company website. Results from three different holes include 100 metres of 0.3 gram per tonne gold from surface, 25 metres of 0.2 gram per tonne gold from three metres and 4.8 metres of 26.0 grams per tonne gold.

Ever Marquez, Condor's vice-president of exploration, commented: "We believe the wide-spaced drilling to date has been encouraging and has confirmed the presence of a large, disseminated gold-copper-molybdenum system in this underexplored, prolific area of the Cordillera del Condor. Further drilling is warranted at the Pucayacu target, as well as the many untested targets on the Condor de Oro concessions, in order to advance the project to a commercial discovery."

Mariana's work at Condor de Oro was concentrated on the Pucayacu gold-copper target. The larger Yuracyacu target on the northern part of the concessions was not evaluated with drilling. An overview of the two targets can be seen at the company website.

The Condor de Oro concessions are owned by Exploraciones Aguila Dorada SAC. Condor has an irrevocable option to acquire 85 per cent of the issued shares of EAD.

We seek Safe Harbor.