El Condor Provides Horden Lake Acquisition & Financing Update

VANCOUVER, Nov. 23, 2011 /CNW/ - El Condor Minerals Inc. ("El Condor" or the "Company") is pleased to provide the following update on the Company's financing activities and on the acquisition of the Horden Lake Copper Deposit in Quebec.

Final submissions to the TSX Venture Exchange have been made respecting both the Horden Lake acquisition ("Acquisition") and the private placement financing ("Financing").  Further to the Company's news release dated November 17, 2011, the Company will now purchase the Horden Lake Copper deposit from Quetzal Energy Ltd. (TSXV: QEI) 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.

The size of the flow through component of the Financing, previously announced on November 17, 2011, has increased.  The Financing is now for gross proceeds of $2.75 million, comprised of 11,666,667 flow through units and 10,000,000 non-flow through units of the Company.  Proceeds from the financing will fund the Company's exploration and development program at Horden Lake and its general working capital needs. Approval for both the Acquisition and the Financing are imminent, and the Company expects to close both transactions concurrently, within the next few days.

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.

For further information:

please contact the Company at (604) 689-8336 or info@elcondorminerals.com

Profil de l'entreprise

El Condor Minerals Inc.

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