El Condor acquires Glitter Lake Property option
US Symbol: ECNRF
VANCOUVER, May 2, 2012 /PRNewswire/ – 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
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
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.
SOURCE El Condor Minerals Inc.