March 11, 2013Dear Shareholder,On behalf of Llave Oro Inc. (“Llave” or the “Company”) we would like to provide you with a brief updateand progress report.The Management and Board of Directors would like to thank you for your ongoing support of the companyover the past year. Many shareholders have offered ideas and assistance and we are very appreciative. Asyou are aware, the past twelve months have been a challenging environment for resource sector companiesin general, and small cap companies in particular. In 2012, the market capitalization of the top 100 TSXVcompanies decreased by 43% from 2011. The dollar value of equity financings completed in 2012 declinedby 41% from 2011. Against this backdrop, it becomes more evident regarding the Capital Marketsenvironment the company has faced and how this has impacted plans for further development, financing,and the listing of its shares. In response to this environment the company has negotiated deferrals ofproperty payments to 2014.UPDATE ON PUBLIC LISTINGWe believe that the financing environment for selective opportunities that demonstrate outstanding potentialis changing. After evaluating proposals from several firms, Llave Oro has engaged MGI Securities to raiseup to $2 million in a pre-IPO round while advancing the public listing of its shares on the TSXV in thecoming months.Pricing for the financing will be set in the coming days and we will provide this information as soon as it hasbeen determined.BOARD OF DIRECTORS ADDITIONSThe company expects to announce some very valuable additions to the board as we move toward the publiclisting process.
CORPORATE ACTIVITYThe company has been very active evaluating properties and projects that it feels would be valuableadditions to its portfolio. We anticipate being able to share the details of some of these opportunities withour shareholders shortly.EXISTING PROJECTSPopales:The Popales project is Llave’s flagship property located in the prolific Cauca Belt and consists of two blockstotaling 294 hectares. As you may know, our exploration team was responsible for key discoveries atContinental Gold’s Buritica project. The mineralization on the property has striking similarities to Buritica,which boasts a measured and indicated resource of 3.7 million tonnes at an average grade of 13.6 g/t Au, 38g/t Ag, and 0.7% Zn for contained metal of 1.6M oz Au, 4.6M oz Ag, and 55.8 MIb Zn; plus 13.3M tonnesat an average grade of 8.8 g/t Au, 33 g/t Ag, and 0.5% Zn for contained metal of 3.8M oz Au, 14.2 M oz Agand 156.5 MIb Zn in the inferred category. The Buritica deposit is entering production. The Cauca Beltalso hosts AngloGold Ashanti’s La Colosa deposit and Barrick Gold’s Marsella deposit. The Cauca Belt isseeing increased activity and we believe this region will continue to generate important discoveries in thefuture. Multiple drill targets have been identified at Popales and drilling can commence once finalpermitting has been received.
Buritica & Popales Comparison:The figures below demonstrate significant similarities between the Popales and Buritica projects. Identified 45 high-grade Buritica-like veins Mulitple gold bearing 100 m. veins identified through preliminary exploration Grades up to 68 g/t AU at Popales Distribution and type of high-grade veins at Popales is very similar to Buritica ILLUSTRATIONS Top: Popales Veins Bottom: Buritica Veins
El Rayo:The El Rayo project is located in the prolific Antioquia Batholith Belt and consists of a 270 hectaresconcession. The Gramalote deposit oz. (AngloGold Ashanti and B2 joint venture) is located approximately18 kilometers east of El Rayo and has many characteristics that strongly resemble Gramalote. Ourexploration team was also responsible for key discoveries at Gramalote prior to it being sold to Anglo Gold.To date, the geochemistry of rock chip and soil samples indicate two mineralized zones. The first zonemeasures 200 meters by 50 meters with gold anomalies ranging from 0.1g/t to 5.4 g/t Au. The second zonemeasures 270 meters by 170 meters with gold grades ranging from 0.1 g/t to 2.6 g/t Au. Multiple drilltargets have been identified and environmental permits for drilling have been received.We thank you again for your support and look forward to advising you of further successful developments inthe future.Sincerely,LLAVE ORO INC.John Carlesso, Executive ChairmanJC/ro