El Condor Minerals LCO:TSX.V CA$0.00 0.00000 (0.00%)
CVE:LCO

El Condor Minerals LCO:TSX.V

Company ID [CVE:LCO] Last trade:CA$0.00 Trade time:10:25AM EDT Value change:0.00000 (0.00%)

EL CONDOR ARRANGES $2 MILLION DEBT FINANCING

El Condor Minerals is pleased to report that it has arranged debt financing of an aggregate $2,000,000 by way of convertible loans to the Company.  Each of two concurrent convertible loans are for a term of five years, bear interest at a rate of 5% per annum, payable quarterly, and will be secured against the assets of the Company.   The proceeds from the financing will be used to retire the Company’s current $2,000,000 debt, which is due and payable on December 31, 2012.

All or a portion of the principal amount of the loans will be convertible for common shares in the Company at the price of $0.10 per common share, in whole or in part at the lender’s option, at any time during the 5-year term.  However should the 20-day average trading price of the common shares of the Company on the TSX Venture Exchange (the “Exchange”) exceed $1.00, the lenders will be obliged to convert the outstanding loan principal to common shares of the Company at the price of $0.10 per share. The loans also include a demand provision whereby the lenders can demand repayment at any time after the second anniversary of closing upon 120 days notice duly given to the Company.

Closing of the debt financing is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals.  All securities issued in connection with the financing will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The Company may pay finders’ fees on a portion of the financing, subject to Exchange approval.

About El Condor Minerals Inc.

El Condor Minerals Inc. is currently developing the Horden Lake Cu-Ni 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 mineralization.

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

For information, please contact the Company at (604) 689-8336 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to a U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

FORWARD LOOKING STATEMENTS: This press release contains 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.

Click here to view El Condor Minerals Corporate Presentation

Click here to view the 43-101 for the Horden Lake Project.