TSXV: LCO
US Symbol: ECNRF
VANCOUVER,
Nov. 17, 2011 /PRNewswire/ - El
Condor Minerals Inc. ("El Condor" or the "Company") is pleased to
announce the appointment of Mr. Patrick
Highsmith as a director of the Company and to provide an
update on the acquisition of the Horden Lake Copper Deposit in
Quebec and the Company's financing
activities.
Appointment to the Board
Currently a member of the El Condor Advisory
Committee, Patrick Highsmith has
over 20 years of multi-commodity minerals industry experience from
more than 200 mines and projects around the world. He has
been directly involved with numerous deals, project start-ups, and
financings, and has held positions in mining, exploration, and
business development with Rio Tinto, BHP Billiton, and Newmont
Mining. At Newmont, he was Global Manager - Exploration
Business Development before leaving in 2008 to found Intuitive
Exploration, Inc. and the BitterRoot Group LLC. Patrick holds
Bachelor's and Master's degrees in Geological Engineering and
Economic Geology/Geochemistry from the Colorado School of Mines.
Mr. Highsmith is also a director of Orestone Mining
Corp. (TSXV: ORS) and Lithium One Inc. (TSXV: LI). He is
currently President and COO of Lithium One Inc., where he is
driving a feasibility study for 2012 delivery on the Sal de Vida
lithium and potash brine project in Argentina.
Leigh Freeman, El
Condor CEO commented: "We are extremely pleased with Patrick's
decision to join the Board from our Advisory Committee.
Patrick is an internationally-recognized geochemist/geologist who
has been involved in the development of important mineral
properties globally and who has relationships with
institutional-grade investors in North
America, Europe and
Asia. We expect his input on the
Horden Lake Project will be most valuable as we expand and develop
it over the coming years."
Mr. Highsmith assumes the seat on the Board vacated
by the resignation of Dr. Lawrence
Dick earlier this year.
Horden Lake Acquisition & Financing
Update
The Company is pleased to report, further to its
May 11, June
20 and July 5 news releases,
that the acquisition of the Horden Lake Copper Project in
Quebec is nearing completion. The
Company and Quetzal Energy Ltd. (TSXV: QEI) have renegotiated the
terms of the acquisition and the purchase price has been reduced by
$1 million. El Condor will now
purchase the asset from Quetzal for $4
million, comprised of $2
million in cash obtained through a secured credit facility,
and $2 million in shares of the
Company, issued at a deemed price of $0.12 per share. Due diligence is nearing
completion and a private placement financing in the amount of
$2.5 million for exploration and
general corporate purposes (as announced October 28, 2011) has now been arranged.
The Company expects to complete both the acquisition and the
private placement financing shortly.
On the Acquisition, Leigh
Freeman commented: "We are back on track and nearing
completion after navigating the effects of global financial
instability through September and October. We have negotiated
a fair price and assembled an appropriate deal structure for this
important asset. We look forward to going to work on
engineering studies, drilling, and upgrading the historical
resource in the coming months."
About El Condor Minerals Inc.
El Condor Minerals Inc. is a minerals exploration
company focused on the discovery and development of large precious-
and base-metal mineral systems in stable political
jurisdictions. Additional information on El Condor, its
properties and exploration and development activities is available
at the Company's website: www.elcondorminerals.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Leigh W. Freeman"
President & CEO
FORWARD LOOKING STATEMENTS: This press release
may contain forward-looking statements. Forward-looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "expects",
"plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or
conditions "will", "would", "may", "could" or "should" occur.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results may differ materially from those in forward looking
statements. Forward-looking statements are based on the
beliefs, estimates and opinions of the Company's management on the
date such statements were made. The Company expressly
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE El Condor Minerals Inc.