TSXV Symbol: LCO
VANCOUVER,
Dec. 19, 2011 /PRNewswire/ - El
Condor Minerals Inc ("El Condor" or the "Company") is pleased to
announce that it has closed, in escrow, its transaction with
Quetzal Energy Ltd. ("Quetzal") (TSXV: QEI) whereby El
Condor will acquire Quetzal's interest in the Horden Lake Property,
a copper-nickel property with precious metal credits located in the
Province of Quebec, approximately
200 kilometres north of Mattagami, Quebec. All of the documentation,
including the cash and share consideration, necessary to complete
the transaction has been deposited with the escrow agent appointed
by the parties. The transfer documents for the Horden Lake
mineral claims are being deposited for registration with the
Registrar of Mining Titles in Quebec. Upon confirmation that the
transfer documents and the related security documents issued in
favor of Quest Capital Management Corp. ("Quest") have been
accepted for registration and that title to the claims has passed
to El Condor, the cash and share consideration will be delivered to
Quetzal.
El Condor purchased the Horden Lake Property for
a purchase price of $4 million,
comprised of $2 million in cash, of
which $100,000 has been paid as a
non-refundable deposit, and 16,666,667 common shares of El Condor
issued at a deemed price of $0.12 and
having a value of $2
million. The $2 million
in cash was obtained from Quest through a secured credit
facility. In consideration of extending the credit facility
Quest received a bonus payment of $200,000 paid in the form of 2,000,000 common
shares of El Condor.
Additionally, El Condor is pleased to announce
that it has entered into a letter agreement with J. Thomas Timmins to acquire Mr. Timmins 5%
interest in Nemiscau Mines Ltd. ("Nemiscau"). The initial 95% interest
in Nemiscau was acquired from
Quetzal. Subject to regulatory approval and receipt of
confirmation that title to the Horden Lake Property claims has been
transferred to El Condor, the Company will acquire the remaining 5%
interest from Mr. Timmins for $200,000, comprised of $100,000 in cash, of which a $25,000 deposit has been paid, and $100,000 in common shares of El Condor, issued at
$0.12 per share.
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 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.