TSXV: LCO
US Symbol: ECNRF
VANCOUVER,
May 2, 2012 /PRNewswire/ - El Condor
Minerals Inc. ("El Condor" or the "Company") is pleased to announce
that it has entered into an agreement with Pacific North West
Capital Corp. (TSX: PFN) (the "Vendor") by which the Company has
the option to earn a 100% interest in the Glitter Lake
Property in the James Bay lowlands
region of Quebec.
The 1,008-hectare Glitter Lake Property is
comprised of sixty-three claims in two separate blocks, with
fifty-four claims northeast of and adjacent to the Company's Horden
Lake deposit claims and an additional nine claims southwest of the
Horden Lake deposit along structural/geologic trend. The
northeastern Glitter Lake claim block will conjoin the Company's
122-hectare Horden Lake deposit claim block and its 4,674-hectare
Northeastern claim block.
Historically, the Glitter Lake Property was
explored by Inco/Noranda, Kingswood Resources, and Canalaska
Ventures. Exploration work completed during these programs
included significant drilling by Inco and various surface geologic
and geophysical surveys. In late 2002, Pacific North West
Capital conducted surface sampling programs and a project-wide
airborne geophysical survey. The Company expects to expand
its Horden Lake exploration and development program to include
exploration drilling within the Glitter Lake Property area.
El Condor can earn a 100% interest in the
Property by paying an initial $50,000
and issuing 350,000 common shares to the Vendor upon regulatory
approval of the Agreement, by making additional cash payments
totaling $100,000 and issuing an
additional 650,000 common shares of the Company on or before the
second anniversary of the Agreement, and by maintaining the Glitter
Lake Claims in good standing for the 2-year term of the
Agreement. A 2% net smelter return royalty has been granted
to the Vendor, of which 1% may be purchased by the Company for
$1,000,000. The Property is
also subject to a pre-existing aggregate 2% in royalties payable to
various royalty holders. The Agreement is subject to regulatory
approval.
With this acquisition, the Company will control
a total of approximately 6,266 hectares in the Horden Lake project
area. "Glitter Lake is a strategic acquisition with a host of
viable exploration targets. Its location, proximal to both our
Horden Lake and Northeastern claims, should lower our exploration
costs through economies of scale" commented Leigh Freeman, El Condor President &
CEO.
About El Condor Minerals Inc.
El Condor Minerals Inc. is currently developing
the Horden Lake Copper Project, an advanced exploration stage
copper-nickel deposit in Quebec.
Horden Lake is a NI 43-101 compliant resource calculated effective
April 2009 using the Ordinary Kriging
method and a 0.5% copper cut-off, with 8,759,200 Indicated Tonnes
at 0.88% Cu and 0.21% Ni and 7,791,195 Inferred Tonnes at 0.87% Cu
and 0.25% Ni. The resource is unbounded at depth as well as along
both its northeasterly and southwesterly strike extensions, where
historic drilling by INCO continues to intersect the
mineralization.
Additional information on El Condor, its
properties and its 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
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.