According to the June 2015 Quarterly Activity Report - ASX:CDB...

According to the June 2015 Quarterly Activity Report - ASX:CDB released on July 31, 2015,
it states, in part:-

"Although today the main copper-gold exploration tenement position in Chile is
unchanged, the company is in the process of relinquishing its Marianas Iron Ore project rights".

"Condor retains the previously announced project rights in relation to its Gold-Silver
and Copper-Gold exploration properties. Options payments are on hold and license fees for
owned projects are being met as they fall due. Condor will reconsider this portfolio in due course
pending other acquisitions".

Until indicated otherwise, it is apparent that Condor still retains the Carachapampa
tenements.

The potential of the Carachapampa tenements is reinforced by Kingsgate Consolidated
Limited's discovery at the adjoining Nueva Esperanza project.

Kingsgate's 27 October 2014 ASX announcement entitled: - "Spectacular Gold
and Silver Assay Results at Nueva Esperanza, Chile" gives an indication of
the Carachapampa tenements potential.

It is of course disappointing that the November 2014 Condor announcement of a proposed 800m
diamond/RC? drilling programme at Carachapampa did not eventuate. But an examination of the
December Quarterly Activity Report - ASX:CDB released on February 2, 2015 where it states
"Condor is seeking to rationalise its expenditures in Chile". would indicate, quite obviously,
that insufficient funds was the primary reason.

There is of course, nothing to prevent CDB from conducting a further, perhaps more intensive
drilling programme at Carachapampa. Time will tell.