March 11, 2013

Dear Shareholder,

On behalf of Llave Oro Inc. (“Llave” or the “Company”) we would like to provide you with a brief update

and progress report.

The Management and Board of Directors would like to thank you for your ongoing support of the company

over the past year. Many shareholders have offered ideas and assistance and we are very appreciative. As

you are aware, the past twelve months have been a challenging environment for resource sector companies

in general, and small cap companies in particular. In 2012, the market capitalization of the top 100 TSXV

companies decreased by 43% from 2011. The dollar value of equity financings completed in 2012 declined

by 41% from 2011. Against this backdrop, it becomes more evident regarding the Capital Markets

environment 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 of

property payments to 2014.

UPDATE ON PUBLIC LISTING

We believe that the financing environment for selective opportunities that demonstrate outstanding potential

is changing. After evaluating proposals from several firms, Llave Oro has engaged MGI Securities to raise

up to $2 million in a pre-IPO round while advancing the public listing of its shares on the TSXV in the

coming months.

Pricing for the financing will be set in the coming days and we will provide this information as soon as it has

been determined.

BOARD OF DIRECTORS ADDITIONS

The company expects to announce some very valuable additions to the board as we move toward the public

listing process.

CORPORATE ACTIVITY

The company has been very active evaluating properties and projects that it feels would be valuable

additions to its portfolio. We anticipate being able to share the details of some of these opportunities with

our shareholders shortly.

EXISTING PROJECTS

Popales:

The Popales project is Llave’s flagship property located in the prolific Cauca Belt and consists of two blocks

totaling 294 hectares. As you may know, our exploration team was responsible for key discoveries at

Continental 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, 38

g/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 tonnes

at 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 Ag

and 156.5 MIb Zn in the inferred category. The Buritica deposit is entering production. The Cauca Belt

also hosts AngloGold Ashanti’s La Colosa deposit and Barrick Gold’s Marsella deposit. The Cauca Belt is

seeing increased activity and we believe this region will continue to generate important discoveries in the

future. Multiple drill targets have been identified at Popales and drilling can commence once final

permitting has been received.

Buritica & Popales Comparison:

The figures below demonstrate significant similarities between the Popales and Buritica projects.

100 m.

ILLUSTRATIONS Top: Popales Veins

Bottom: Buritica Veins

Identified 45 high-grade

Buritica-like veins

Mulitple gold bearing

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

El Rayo:

The El Rayo project is located in the prolific Antioquia Batholith Belt and consists of a 270 hectares

concession. The Gramalote deposit oz. (AngloGold Ashanti and B2 joint venture) is located approximately

18 kilometers east of El Rayo and has many characteristics that strongly resemble Gramalote. Our

exploration 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 zone

measures 200 meters by 50 meters with gold anomalies ranging from 0.1g/t to 5.4 g/t Au. The second zone

measures 270 meters by 170 meters with gold grades ranging from 0.1 g/t to 2.6 g/t Au. Multiple drill

targets 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 in

the future.

Sincerely,

LLAVE ORO INC.

John Carlesso, Executive Chairman

JC/ro