Condor Overview

Summary

  • 90%* owned by Lumina 10% owned by the Instituto de Seguridad Social de las Fuerzas Armadas ("ISSFA"), which is the pension fund for Ecuador's armed forces personnel
  • Located 31 km south of the 9.5 million ounce Fruta del Norte project and 55 km south of Ecuacorriente's 4 million oz Mirador Project.
  • 43-101 Gold Resource:
    - Indicated Resource of 8.0 M oz of gold1
    - Inferred resource of 2.6 M oz of gold1
  • 43-101 Silver Resource:
    - Indicated resource of 28.5 M oz of silver1
    - Inferred resource of 9.1 M oz of silver1
  • 43-101 Copper Resource:
    - Inferred resource of 2.3 B lbs of copper1

*Lumina’s level of ownership on the Condor concessions varies between 90% and 100%; 6,900 ha of the 8,269 ha are 90% owned by Lumina

Location & Access

The Condor Project is located within Zamora-Chinchipe province in SW Ecuador. The region is serviced by air from the City of Loja, which is a three hour drive from the property. Access is by paved highways via provincial capital of Zamora and 30 km east to the village of Zumbi. From Zumbi approximately 35 km of gravel road passes through several villages with a variety of services before arriving to the property. The property and surrounding area can be accessed by vehicle via a number of maintained dirt and gravel roads.

Region

The Cordillera del Condor region in southeast Ecuador where the Condor Project is located, has received considerable attention following the discovery and definition of both the Fruta del Norte gold deposit by Kinross/Aurelian Resources, now owned by Lundin Gold, and the Mirador copper-gold deposits of Ecuacorriente. Fruta del Norte is located approximately 31 km north of the Condor. Mirador lies 55 km north of the project. The Condor Project concessions surround the Jerusalem project of Dynasty Metals and Mining.

Mineralization

Three distinct mineralization types are recognized at the Condor Project:

  • An intermediate sulphidation narrow-vein epithermal system in the historical Chinapintza area;
  • Intermediate sulphidation epithermal gold bearing diatremes, volcanoclastic and breccia bodies at Los Cuyes, Enma and Soledad; and
  • Gold-copper porphyry mineralization at Santa Barbara and copper-molybdenum porphyry mineralization at El Hito.

The Northern Area consists of intermediate sulphidation epithermal gold and silver mineralization hosted by several breccia bodies and their associated altered and mineralized felsic intrusions, collectively referred to as the Condor Sector, and by systems of narrow mineralized veins exemplified by the Chinapintza mineralization. The area has untested porphyry potential.

Northern Sector:

  • Chinapintza, Los Cuyes, Soledad, Enma
  • Epithermal, hydrothermal breccias, high grade veins
  • 2.034 Moz Au @ 0.85g/t Au Indicated (Los Cuyes, Soledad, Enma)

The Southern Area contains two significant porphyry-style occurrences, the Au-CU mineralization at Santa Barbara and the Cu-Mo system at El Hito. Recent prospecting suggests the possibility of structurally controlled higher grade gold and silver mineralization in the Southern Area.

Southern Sector:

  • Santa Barabara, El Hito
  • Copper rich gold porphyry/skarn
  • 8 Moz Indicated/Inferred Resource @ 0.6g/t
  • 2.3 Blbs of Cu @ 0.3%
  • Significant brownfields growth potential
  • Multiple advance targets

Resources

TONNAGE

GRADE

CONTAINED METAL

(000 t)

(g/t Au)

(g/t Ag)

(% Cu)

(000 oz Au)

(000 oz Ag)

(lbs Cu)

CONCESSION

INDICATED

Los Cuyes

46,800

0.82

6.19

1,234

9,314

Soledad

34,900

0.63

7.21

707

8,090

Enma

1,005

2.88

32.83

93

1,061

Santa Barbara

364,572

0.51

0.90

0.10

5,978

10,080

0.8 billion

Total Indicated

447,277

0.55

2.0

8,012

28,545

0.8 billion

INFERRED

Soledad

20,000

0.50

6.90

300

4,500

Santa Barbara

177,601

0.40

0.80

0.10

2,300

4,625

0.4 billion

Total Inferred

197,601

0.40

1.40

2,600

9,125

0.4 billion

INFERRED (Copper)

El Hito

161,000

0.31

1.1 billion

Total Inferred Cu

161,000

0.31

1.1 billion

• Gold resources have been calculated using a 0.25 g/t Au cutoff grade and copper resources at El Hito were calculated using a 0.2% Cu cutoff grade

• EGX’s Qualified Person, Mit Tilkov, P.Geo., VP Exploration of Ecuador Gold and Copper Corp. as defined by NI 43-101

1 The Company's core asset is the Condor Project, which contains an Indicated Mineral Resource of 8.012 million ounces gold, 28.545 million ounces silver and 0.8 billion pounds of copper (within 447.28 million tonnes grading 0.55 grams/tonne gold, using a 0.25 grams/tonne gold cut-off). Additionally an Inferred Mineral Resource of 2.60 million ounces gold, 9.125 million ounces silver and 0.4 billion pounds of copper (within 197.6 million tonnes grading 0.4 grams/tonne gold, using a 0.25 grams/tonne gold cut-off). The Condor Project also contains a second Inferred Mineral Resource of 1.1 billion lbs of copper (within 161.0 million tonnes grading 0.31% copper, using a 0.2% copper cut-off).