TSXV: LCO
US Symbol: ECNRF
VANCOUVER,
Jan. 31, 2012 /PRNewswire/ - El
Condor Minerals Inc. ("El Condor" or the "Company") in pleased to
announce the initiation of its 2012 work program at its advanced
exploration stage copper project at Horden Lake, Quebec.
Horden Lake, Quebec - Metallurgical Sampling and Resource
Expansion Program
The Company is pleased to announce the launch of
Phase 1 of its multi-phase 2012 work program. Phase 1 consists of
drilling a minimum of 3,000 meters to collect metallurgical samples
for the planned engineering and optimization studies and to expand
the current resource at Horden Lake. Similar to the 2008 drill
program on which the Company's NI 43-101 resource report is based,
much of the current drilling is designed to test and confirm
additional resource data based on historic INCO & Noranda holes
on the property. Drilling is to commence in February and,
based on early successes, the drill program may be expanded.
The Company has contracted with Caracle Creek
International Consulting Inc. of Sudbury,
Ontario for Project Management of the drill program,
including camp and program logistics, QA/QC of drill core assays
and geophysical and database reviews. Forage Perfection Inc.
of Notre-Dame-du-Nord, Quebec, has
been contracted for drilling services. Both contractors have
extensive experience drilling in the northern Quebec area. Caracle Creek is an
international consultancy supporting the mining industy and more
importantly has been responsible for the two most recent NI 43-101
reports on the Horden Lake Project. Phase 1 of the program is
expected to be completed in April.
Once drilling is complete, Phases 2 & 3 of
the work program will consist of metallurgical testing, a revised
resource calculation and a Preliminary Economic Assessment.
On the Horden Lake Copper Project, Leigh Freeman, El Condor CEO commented: "We are
going to work on engineering studies, drilling, and upgrading the
historical resource in the coming months with the goal of moving
Horden Lake from an advanced exploration stage to a near-term
development stage project in 2012."
Advisory Appointment & Incentive Stock
Options
The Company is also pleased to report the
addition of Ms. Jill Nelson to its
project development team. Ms. Nelson is a mining engineer
with 20 years experience in project management, including
engineering and management with the former coal division of Shell
Mining, and more recently project management at the Rocky Mountain
Arsenal in Colorado.
Additionally, the Company reports that its Board
of Directors has granted incentive stock options to purchase up to
3,475,000 common shares of the Company at a price of $0.20 per share for a period of five years to its
directors, officers, consultants and employees.
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. Currently the Company is developing the Horden
Lake Copper Project, an advanced exploration stage copper-nickel
deposit in Quebec.
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.