El Condor Amends Terms of Financing

NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES FOR DISSEMINATION IN THE UNITED STATES

TSX-V:  LCO
US Symbol:  ECNRF

VANCOUVER, Sept. 20, 2011 /CNW/ - El Condor Minerals Inc ("El Condor" or the "Company") announces amended terms of its financing for aggregate gross proceeds of up to $6,000,000, originally announced on July 29, 2011.  The financing is now comprised of a non-brokered private placement of up to 8,823,530 units (the "NFT Units") at a price of $0.17 per NFT Unit for gross proceeds of up to $1,500,000 and up to 6,000,000 flow through units (the "FT Units") at a price of $0.25 per FT Unit for gross proceeds of up to $1,500,000, concurrent with a secured credit facility from a third-party lender in the amount of $3,000,000.

Each NFT Unit will consist of one common share and one half of one share purchase warrant (a "NFT Warrant").  Each whole NFT Warrant will entitle the holder to purchase one common share at a price of $0.27 per share for a period of one year from closing.  Each FT Unit will consist of one common share in the capital of the Company which will be designated as a flow-through share pursuant to the Income Tax Act (Canada) and one half of one share purchase warrant (a "FT Warrant").  Each whole FT Warrant will entitle the holder to purchase one common share in the capital of the Company at a price of $0.35 per share for a period of one year from closing.

The credit facility in the amount of $3,000,000 is for a term of 14 months, bears interest at a rate of 12% per annum, payable monthly, and is secured against the assets of the Company. A bonus payment of $300,000 is payable to the lender in the form of 2,000,000 common shares of the Company. 

Closing of the financing is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals.  All securities issued in connection with the financing will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The Company may pay finders' fees on all or part of the financing within the policies of the TSX Venture Exchange.

The proceeds from the financing will be used for the acquisition of the Horden Lake Property, to fund the exploration and development programs at Horden Lake, and for general working capital and corporate purposes.

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

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to a U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

FORWARD LOOKING STATEMENTS: This press release contains 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.

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El Condor Minerals Inc.

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