just some info on Andrew Mortimer and CDB. and how well these mob appear to look after themselves JIMO
http://www.smh.com.au/business/new-chile-mining-venture-more-like-a-proto-type-20110211-1aqpa.html
New Chile mining venture more like a Proto type
Date
February 12, 2011
Mark Hawthorne
It's a fee-for-all for the big guns at Condor Blanco Mines, Proto Resources and Superstructure International.
LIFE has been difficult for new companies seeking to hit the trading boards of the Australian Securities Exchange. Back in 2007, before the global financial crisis dried up capital markets, 314 new companies were listed on the ASX. Last year that number was just 126 - still up on the paltry 59 that listed in 2009.
One would hope, with such slim pickings to choose from, that initial public offerings would get a little more scrutiny from investors. Some may have missed the fine print in the prospectus of Condor Blanco Mines, which has been approved to list this week.
Like so many speculative mining stocks, Condor Blanco has a rather impressive story to sell. This time it's in Chile, where mining has had a bit of a bad rap of late.
Condor chief executive
Glen Darby says he has ''three high-potential prospects in the Maricunga gold belt and the adjacent Domeyko Cordillera - host of the two largest open-pit copper mines in the world''.
Darby added: ''Junior explorers have a great track record in these northern Chile tenements, and we are looking forward to delivering similarly outstanding results to our shareholders."
Let's hope so, because Condor Blanco's investors are going to deliver an outstanding result for the company's directors and advisers.
For the record, Darby's sister,
Lia Darby, is a director of Condor, and her husband,
Andrew Mortimer, is being listed as key manager. It's a close-knit group at Condor.
Mortimer and Lia Darby are joint managing directors of listed Proto Resources. Condor chairman
Pierre Richard was previously chief development officer of Proto. Condor even pays Proto $5000 a month to rent an office. Such is the extent of the Proto imprimatur on Condor, it might have been better named Proto II.
Mortimer is hard to find in the prospectus, but on the Condor website he is listed as the representative of Superstructure International, an ''independent'' adviser specialising in ''assisting companies to list on the ASX''.
Indeed, Mortimer is Superstructure chairman. His wife is also a director and in the Condor prospectus she is described as a ''related party'' of Superstructure.
The Condor boss is listed as Superstructure's ''overseas development officer'' on its website. Chairman Richard is a ''consultant'''.
Angus Middleton of SA Capital, a consultant to Condor, is also listed as a consultant to Superstructure.
In five months last year, Condor paid Superstructure $44,000 in ''capital raising fees''. When Condor hits the boards this week, Superstructure will be paid a further $270,000 in retainer fees over the next three years as ''consideration for the provision of corporate advisory services''.
Superstructure will also receive a listing bonus of $15,000, and 250,000 shares and 250,000 options.
Asked about Condor's deal with Superstructure, Glen Darby said Superstructure was ''employed to provide corporate support'' and denied he was an employee. Asked why his name was on its website, including a bio, he replied: ''Hmm, I'm still on there. I don't know. I haven't seen that. I think I'm still on the website of Proto, but I haven't done much there in a while.''
Darby also defended the listing payments for company directors. According to the prospectus, his sister will get a $15,000 cash bonus on the company listing, plus 250,000 shares worth $50,000. A clause also grants her a further 250,000 shares every financial year after listing, ''subject to all necessary shareholder approval''.
Glen Darby will also get a $30,000 annual director's fee, $30,000 a year for ''consulting services'' and is in line for a $30,000 annual bonus.
The capital raising for Condor Blanco is fully subscribed, reaping $3.5 million from shares costing 20¢ each. The company is due to start trading on the ASX next week.
