TSXV Symbol: LCO
VANCOUVER, Feb. 22 /CNW/ - El Condor Minerals Inc. ("LCO" or the
"Company") is pleased to announce that it has entered into an Option
Agreement with Yale Resources Ltd. (TSX-V: YLL) whereby the Company has
the option to acquire a 70% interest in Yale's Carol Property, located
in southern Sonora State, Mexico.
The Agreement gives the Company the option to acquire a 70% interest in
the 756-hectare Carol Property in northwestern Mexico, by paying Yale
cash consideration of $50,000 upon signing, by making additional cash
payments of a total of $300,000 staged over four years, and by making
exploration expenditures on the Property of $1,700,000, also staged
over four years. The Property is subject to a 3% net smelter return
royalty, which can be purchased by the Company for $750,000.
El Condor will be the operator for the Carol Project during the length
of the Agreement and as such will oversee exploration and development
work on the Property and designate contractors, which may include
Minera Alta Vista, Yale's Mexican subsidiary.
Leigh Freeman, El Condor president and CEO stated "We are excited to be
entering into the Carol Agreement. Our intent is to bring our
significant exploration experience to bear on this skarn/porphyry
copper geological system, where early exploration is promising and
where we see the potential for unusually high copper and gold values".
About the Carol Property
The 756-hectare Carol Property is located in the foothills of the Sierra
Madre Occidental belt, in southern Sonora State, approximately 5
kilometers north of the Piedras Verdes porphyry copper mine that has a
reported proven and probable reserve of 191 million tonnes grading
0.36% copper. The Carol Project is a drill-ready exploration project
with initial targets generated from multiple field seasons, with work
to date consisting of detailed geological mapping, soil geochemistry,
rock chip sampling, and trenching.
Carol hosts two skarn zones: Balde South and Balde North. The Balde
South measures approximately 1,100 metres long and 400 metres wide,
while the Balde North, located 800 metres away, measures approximately
300 metres by 800 metres. Highlights from the 2008 trenching program
are (see YLL news release dated March 6, 2008):
24.0 m grading 1.20 % Cu and 2.24 % Zn
10.0 m grading 2.19 % Cu, 1.07 % Zn, 18.26 g/t Ag and 0.91 g/t Au
22.0 m grading 1.15 % Cu, 0.61 % Zn, and 28.57 g/t Ag
22.0 m grading 0.54 % Cu and 4.45 % Zn
16.5 m grading 1.10 % Cu and 2.45 % Zn
Yale discovered a new gold target at the southern edge of the Balde
South area; the two gold intervals, separated by 20 metres, are as
follows (see YLL news release dated February 26, 2010):
Interval 1: 0.60 g/t gold over 16 metres (re-sampled)
Interval 2: 0.39 g/t gold over 16 metres (new)
Although Carol is considered drill-ready, El Condor's new exploration
program is likely to include geophysical surveys over the mineralized
targets already defined by trenching.
Ian Foreman, P.Geo, is the Qualified Person under National Instrument
43-101, for the Carol Project and is responsible for the technical data
in this news release.
All of the samples mentioned in this release were prepared and analyzed
by Inspectorate at their labs in Hermosillo and Vancouver as well as
Stewart Labs in their labs in Zacatecas and Kamloops. Gold analyses
were performed by 30 gram fire assay with an AA finish. Silver and
base metals were analyzed as part of a multi-element ICP package using
an aqua regia digestion; samples with more than 100 g/t silver, 1%
copper, 1% lead and/or 1% zinc (over limit) were re-analyzed using 'ore
grade' detection limits.
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
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.
Statements in this press release, other than purely historical
information, including statements relating to the Company's future
plans and objectives or expected results, may include forward-looking
statements. Forward-looking statements are based on numerous
assumptions and are subject to all of the risks and uncertainties
inherent in resource exploration and development. As a result, actual
results may vary materially from those described in the forward-looking
SOURCE El Condor Minerals Inc.
For further information: