US Symbol: ECNRF
VANCOUVER, May 2, 2012 /CNW/ - El Condor Minerals Inc. ("El Condor" or the "Company") is pleased to announce that it has entered into an agreement with Pacific North West Capital Corp. (TSX: PFN) (the "Vendor") by which the Company has the option to earn a 100% interest in the Glitter Lake Property in the James Bay lowlands region of Quebec.
The 1,008-hectare Glitter Lake Property is comprised of sixty-three claims in two separate blocks, with fifty-four claims northeast of and adjacent to the Company's Horden Lake deposit claims and an additional nine claims southwest of the Horden Lake deposit along structural/geologic trend. The northeastern Glitter Lake claim block will conjoin the Company's 122-hectare Horden Lake deposit claim block and its 4,674-hectare Northeastern claim block.
Historically, the Glitter Lake Property was explored by Inco/Noranda, Kingswood Resources, and Canalaska Ventures. Exploration work completed during these programs included significant drilling by Inco and various surface geologic and geophysical surveys. In late 2002, Pacific North West Capital conducted surface sampling programs and a project-wide airborne geophysical survey. The Company expects to expand its Horden Lake exploration and development program to include exploration drilling within the Glitter Lake Property area.
El Condor can earn a 100% interest in the Property by paying an initial $50,000 and issuing 350,000 common shares to the Vendor upon regulatory approval of the Agreement, by making additional cash payments totaling $100,000 and issuing an additional 650,000 common shares of the Company on or before the second anniversary of the Agreement, and by maintaining the Glitter Lake Claims in good standing for the 2-year term of the Agreement. A 2% net smelter return royalty has been granted to the Vendor, of which 1% may be purchased by the Company for $1,000,000. The Property is also subject to a pre-existing aggregate 2% in royalties payable to various royalty holders. The Agreement is subject to regulatory approval.
With this acquisition, the Company will control a total of approximately 6,266 hectares in the Horden Lake project area. "Glitter Lake is a strategic acquisition with a host of viable exploration targets. Its location, proximal to both our Horden Lake and Northeastern claims, should lower our exploration costs through economies of scale" commented Leigh Freeman, El Condor President & CEO.
About El Condor Minerals Inc.
El Condor Minerals Inc. is currently developing the Horden Lake Copper Project, an advanced exploration stage copper-nickel deposit in Quebec. Horden Lake is a NI 43-101 compliant resource calculated effective April 2009 using the Ordinary Kriging method and a 0.5% copper cut-off, with 8,759,200 Indicated Tonnes at 0.88% Cu and 0.21% Ni and 7,791,195 Inferred Tonnes at 0.87% Cu and 0.25% Ni. The resource is unbounded at depth as well as along both its northeasterly and southwesterly strike extensions, where historic drilling by INCO continues to intersect the mineralization.
Additional information on El Condor, its properties and its 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
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.
For further information:
For information, please contact the Company at (604) 689-8336 (ext 103) or firstname.lastname@example.org.