Ann: Response to ASX Query-CDB.AX, page-11

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CONDOR BLANCO SHAREHOLDERS
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LIA AND GLEN DARBY = “BAD COMPANY”?

May 22, 2016
In an article titled “Bad Company: Rap Sheet no Bar to Mine Boss”, The Australian newspaper has revealed a comprehensively damning picture of Lia and Glen Darby’s corporate performance (along with Michelle Feruglio and former Condor Blanco directors), citing questionable conduct (such as providing false information to the market) and massive destruction of shareholder value across three separate ASX listed companies over a period of more than a decade.
In particular, the article questions Michelle Feruglio’s suitability to act as a chairwoman, asks “why people found guilty of serious criminal matters can continue to run companies”, and illustrates Lia Darby and her husband’s track record of running listed companies into the ground.
The article also draws attention to the exorbitant remuneration taken from Condor Blanco by the directors concurrent to their “diabolical performance”, and raises the question of how much more money the directors may have received through indirect channels such as payments to associated entities for “corporate services”.
Bad company: rap sheet no bar to mine boss – Anthony Klan (The Australian), 21 May 2016.
20160521_Klan (The Australian)_Sinking Ship
THE CURRENT DIRECTORS OF CONDOR BLANCO MINES LTD MUST BE REMOVED AND A NEW BOARD ELECTED.

May 13, 2016
As early as February 2011, media reports suggested that Condor Blanco Mines Ltd (the Company) was set up principally “to deliver an outstanding result for the company’s directors and advisers” (Mark Hawthorne, SMH, 12 February 2011).At that time, the board included both Mr Glen Darby and Ms Lia Darby.
Since 2011, the Company’s directors have indulged their own interests while not only failing to create value for shareholders, but instead dramatically destroying it.
The share value of the Company has fallen in steady decline from above $5.00 in 2011 (adjusted for consolidation) to less than $0.009 recently, a destruction of more than 99.8% of shareholder value.
Since 20 May 2015, the period of Ms Feruglio’s tenure as Chairman, the Company’s share price has sunk from levels that at that time were more than 300% of recently traded prices.
Resolutions to remove the current Directors of the Company should be supported on the basis of the Directors’ pessimal and inexcusable corporate performance while concurrently allocating themselves exorbitant remuneration. For the Company to move forward, Ms Michelle Feruglio, Mr Glen Darby and Ms Lia Darby must all be removed and an entirely new board elected.
As reported in media and the Company’s own reports:

• The Company’s Directors have presided over destruction of more than $20 million of shareholder equity, leaving the company with a mere $31,000 at 31 March 2016, no other assets and no clear prospects for viable future enterprise.
• The Company’s Directors (including past Directors) have paid themselves more than $4.5 million in remuneration, as recorded in the Company’s Annual Reports and other financial statements. Note that this amount does not include benefits that they may have obtained indirectly (such as via payments to Ms Darby’s Superstructure International Pty Ltd).
• The Company’s Directors have failed to secure a quality, viable enterprise for the Company to move forward, despite spending $1 million of shareholder’s funds on “administration” expenses in the year ending 31 March 2016.
• The current Directors have failed to address the issue of the high profile criminal record of one of the Company’s current Directors, reported as including assault occasioning bodily harm, resisting a police officer “in execution of his duty”, multiple drink driving offences, and a two year custodial sentence for rape (currently being appealed). The current Directors seem unconcerned as to the corporate brand damage this has likely caused the Company, and they have not responded to request for explanation as to why the Company has not disclosed these matters nor taken responsive action.

Despite their abysmal corporate performance:

• Mr Glen Darby has received Director’s remuneration of more than $2 million from the Company.
• Ms Lia Darby, a Non-Executive Director, has received Director’s remuneration of more than $560,000 from the Company.

The Darbys and associated parties have demonstrated similar questionable corporate performance previously with their “leadership” of Global Metals Exploration NL (GXN) and Proto Resources & Investments Ltd (PRW), the latter of which is now in administration.
The following media articles, from as early as 2011 through to recent times, further highlight the questionable character and unacceptable performance of the Company’s board:
The following media articles, from as early as 2011 through to recent times, further highlight the questionable character and unacceptable performance of the Company’s board:

Character not an issue for troubled director Glen Darby – Anthony Klan (The Australian), 11 May 2016
Condor Blanco Mines suspended from ASX – Anthony Klan (The Australian), 07 May 2016.
Sydney mining CEO Glen Paul Darby guilty of rape but granted bail – Patrick Begley (Sydney Morning Herald), 16 May 2015.
New Chile mining venture more like a Proto type – Mark Hawthorne (Sydney Morning Herald), 12 February 2011.