US Symbol: ECNRF
VANCOUVER, Nov. 17, 2011 /CNW/ - 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
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
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
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 email@example.com