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
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 firstname.lastname@example.org