El Condor Completes Escrowed Closing of Horden Lake Property Acquisition
TSXV Symbol: LCO
VANCOUVER, Dec. 19, 2011 /PRNewswire/ – El Condor Minerals Inc (“El Condor” or
the “Company”) is pleased to announce that it has closed, in escrow,
its transaction with Quetzal Energy Ltd. (“Quetzal“) (TSXV: QEI) whereby El Condor will acquire Quetzal’s interest in 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. All of the documentation, including the
cash and share consideration, necessary to complete the transaction has
been deposited with the escrow agent appointed by the parties. The
transfer documents for the Horden Lake mineral claims are being
deposited for registration with the Registrar of Mining Titles in
Quebec. Upon confirmation that the transfer documents and the related
security documents issued in favor of Quest Capital Management Corp. (“Quest“) have been accepted for registration and that title to the claims has
passed to El Condor, the cash and share consideration will be delivered
El Condor purchased the Horden Lake Property for a purchase price of $4
million, comprised of $2 million in cash, of which $100,000 has been
paid as a non-refundable deposit, and 16,666,667 common shares of El
Condor issued at a deemed price of $0.12 and having a value of $2
million. The $2 million in cash was obtained from Quest through a
secured credit facility. In consideration of extending the credit
facility Quest received a bonus payment of $200,000 paid in the form of
2,000,000 common shares of El Condor.
Additionally, El Condor is pleased to announce that it has entered into
a letter agreement with J. Thomas Timmins to acquire Mr. Timmins 5%
interest in Nemiscau Mines Ltd. (“Nemiscau“). The initial 95% interest in Nemiscau was acquired from Quetzal.
Subject to regulatory approval and receipt of confirmation that title
to the Horden Lake Property claims has been transferred to El Condor,
the Company will acquire the remaining 5% interest from Mr. Timmins for
$200,000, comprised of $100,000 in cash, of which a $25,000 deposit has
been paid, and $100,000 in common shares of El Condor, issued at $0.12
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. Additional information on
El Condor, its properties and exploration 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.
SOURCE El Condor Minerals Inc.