Condor Resources Inc. and the Concerned Shareholders of Condor reached a Settlement Agreement. The Agreement includes the following provisions: Condor will use its best efforts to hire a bilingual CEO to be based in Lima, Peru by March 31, 2014. Condor's founder, Patrick Burns, will serve as an advisor to the Company in addition to his ongoing role as a member of the Company's board of directors.

Francisco de Undurraga will serve as an advisor to the Company's board of directors, and will have the right to be appointed to the Condor board upon his request prior to the 2014 Annual General Meeting.