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
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