US Symbol: ECNRF
VANCOUVER, Jan. 31, 2012 /CNW/ - El Condor Minerals Inc. ("El Condor" or the "Company") in pleased to announce the initiation of its 2012 work program at its advanced exploration stage copper project at Horden Lake, Quebec.
Horden Lake, Quebec - Metallurgical Sampling and Resource Expansion Program
The Company is pleased to announce the launch of Phase 1 of its multi-phase 2012 work program. Phase 1 consists of drilling a minimum of 3,000 meters to collect metallurgical samples for the planned engineering and optimization studies and to expand the current resource at Horden Lake. Similar to the 2008 drill program on which the Company's NI 43-101 resource report is based, much of the current drilling is designed to test and confirm additional resource data based on historic INCO & Noranda holes on the property. Drilling is to commence in February and, based on early successes, the drill program may be expanded.
The Company has contracted with Caracle Creek International Consulting Inc. of Sudbury, Ontario for Project Management of the drill program, including camp and program logistics, QA/QC of drill core assays and geophysical and database reviews. Forage Perfection Inc. of Notre-Dame-du-Nord, Quebec, has been contracted for drilling services. Both contractors have extensive experience drilling in the northern Quebec area. Caracle Creek is an international consultancy supporting the mining industy and more importantly has been responsible for the two most recent NI 43-101 reports on the Horden Lake Project. Phase 1 of the program is expected to be completed in April.
Once drilling is complete, Phases 2 & 3 of the work program will consist of metallurgical testing, a revised resource calculation and a Preliminary Economic Assessment.
On the Horden Lake Copper Project, Leigh Freeman, El Condor CEO commented: "We are going to work on engineering studies, drilling, and upgrading the historical resource in the coming months with the goal of moving Horden Lake from an advanced exploration stage to a near-term development stage project in 2012."
Advisory Appointment & Incentive Stock Options
The Company is also pleased to report the addition of Ms. Jill Nelson to its project development team. Ms. Nelson is a mining engineer with 20 years experience in project management, including engineering and management with the former coal division of Shell Mining, and more recently project management at the Rocky Mountain Arsenal in Colorado.
Additionally, the Company reports that its Board of Directors has granted incentive stock options to purchase up to 3,475,000 common shares of the Company at a price of $0.20 per share for a period of five years to its directors, officers, consultants and employees.
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. Currently the Company is developing the Horden Lake Copper Project, an advanced exploration stage copper-nickel deposit in Quebec. 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 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.
For further information:
please contact the Company at (604) 689-8336 or [email protected]