El Condor Minerals Signs Horden Lake Purchase Agreement

El Condor Minerals Inc. reports it has purchased the Quetzal Energy Ltd. (TSXV:QEI) Horden Lake property, a copper-nickel property with precious metal credits in Quebec.

The press release is quoted as saying,

Under the terms of the Purchase Agreement, El Condor will purchase the Horden Lake Property for a price of$5 million, comprised of $3 million in cash, of which $100,000 has been paid as a non-refundable deposit, and$2 million in common shares of El Condor. The common shares will be issued at a deemed price equal to the lesser of $0.20 per share and the price per share of a private placement (the “Private Placement Funding”) of common shares that will be undertaken by El Condor for proceeds of not less than $3 million, and which will complete concurrently with, or in conjunction with, the Acquisition.

El Condor’s President and CEO, Leigh Freeman says,

Horden Lake is a Canadian legacy deposit, having been discovered in the 1960′s as a result of some of the earliest airborne electromagnetic surveys by a joint venture between Inco and Noranda. A combination of increased metal prices and improved infrastructure make this NI 43-101 qualified resource relevant today.

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