why sell, page-17

Condor Blanco signs Heads of Agreement for production &
processing for Marianas Iron Ore project in Chile
ASX Release Stock Code: CDB

Highlights
? Condor has signed a Heads of Agreement (“HOA”) for production and processing of
tailings at the Marianas project in Chile.
? Trial mining and shipping of 200 tonnes of Iron Ore for commercial scale processing is to
commence immediately.
? Formal applications for mining, permitting and environmental clearances are currently
being completed by the Company’s lawyers for official lodgement.
? Under the terms of the HOA, processing will commence at 10,000t/month of 60-63% Fe
with the plan to double this output within six-twelve months.
? Significant cash flows are expected as a result of the HOA and commencement of
production to fund drilling of Condor’s Northern Chile Gold and Copper projects.