VANCOUVER, June 20, 2011 /CNW/ - El Condor Minerals Inc. ("El Condor" or the "Company") is pleased to announce that it has signed a definitive Property Purchase Agreement (the "Purchase Agreement") with Quetzal Energy Ltd. (TSXV: QEI) in respect of the previously announced (May 11, 2011) acquisition (the "Acquisition") of the Horden Lake Property, a copper-nickel property with precious metal credits located in the Province of Quebec, approximately 200 kilometres north of Mattagami, Quebec.

Under the terms of the Purchase Agreement, El Condor will purchase the Horden Lake Property for a price of $5 million, comprised of $3 million in cash, of which $100,000 has been paid as a non-refundable deposit, and $2 million in common shares of El Condor. The common shares will be issued at a deemed price equal to the lesser of $0.20 per share and the price per share of a private placement (the "Private Placement Funding") of common shares that will be undertaken by El Condor for proceeds of not less than $3 million, and which will complete concurrently with, or in conjunction with, the Acquisition.

El Condor has completed its due diligence of the Horden Lake Property and has engaged an independent geological consulting firm to prepare a National Instrument 43-101-compliant technical report on the Property. Completion of the Acquisition continues to be conditional on regulatory approval. El Condor will complete the Private Placement Funding, the terms of which are currently being negotiated, in conjunction with the Acquisition.

Leigh Freeman, El Condor President and CEO, stated "We are excited about this new important asset. Horden Lake is a Canadian legacy deposit, having been discovered in the 1960's as a result of some of the earliest airborne electromagnetic surveys by a joint venture between Inco and Noranda. A combination of increased metal prices and improved infrastructure make this NI 43-101 qualified resource relevant today. And, we feel strongly that the district will continue to yield additional discoveries".

The Horden Lake Property is a copper-nickel property with platinum group and precious metal credits located within a 40-kilometer long layered ultra-mafic rock sequence. The total land package is comprised of 106 mineral claims and is in excess of 52 square kilometers.

Working Capital Private Placement

El Condor is also pleased to announce that it has completed the working capital private placement financing, previously announced May 20, 2011. The size of the offering was increased from 6,666,667 units to 7,350,036 units, for gross proceeds of $1,102,505. Each unit is comprised of one common share and one-half of one share purchase warrant. Each whole warrant entitles the holder to acquire an additional common share at a price of $0.25 per share for a period of one year.

The proceeds of the financing will be used for general working capital and corporate purposes. Finder's fees of 8% cash totaling $61,800 and 412,000 warrants to purchase common shares at a price of $0.25 per share for a period of one year were paid on portions of the private placement. All securities issued under the private placement are subject to a four month and one day hold period that expires October 15, 2011.

About El Condor Minerals Inc.

El Condor Minerals Inc. is a minerals exploration company focused on the discovery 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.


"Leigh W. Freeman"

President & CEO

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:

For information, please contact the Company at (604) 689-8336 or by e-mail at info@elcondorminerals.com

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El Condor Minerals Inc.

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