TSXV Symbol:  LCO

VANCOUVER, Feb. 9 /CNW/ - El Condor Minerals Inc. ("LCO" or the "Company") is pleased to announce that it has signed a letter of intent and right of first offer agreement (the "Agreement") with Yale Resources Ltd. (TSX-V: YLL) whereby the Company will have the sole and exclusive right to acquire an option to earn a 70% interest in Yale's Carol Property, located in Sonora State, Mexico. 

The Agreement gives the Company the sole and exclusive right to enter into a definitive option agreement to acquire a 70% interest in the 756-hectare Carol Property in northwestern Mexico. In consideration for this right, the Company has paid Yale $25,000. Within fifteen days, subject to due diligence and certain conditions, the Company will enter into an Option Agreement to earn the interest in the Property by paying Yale an additional $325,000 in cash over four years.  The Company will also be required to spend $1,700,000 on exploration expenditures in 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 Option 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.

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)

Ian Foreman, P.Geo, president of Yale Resources commented "With copper recently reaching a new five-year high, the potential value of the mineralization at Carol is significant.  We are pleased that El Condor has signed on and will be kick starting work on the Carol Property".

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".

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 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.

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 statements.

SOURCE El Condor Minerals Inc.

For further information:

please contact the Company:
(604) 689-8336

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