Yet more news...El Condor, Yale Resources sign Carol option deal
El Condor Minerals Inc(C:LCO)
Shares Issued 42,313,983
Last Close2/18/2011
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Tuesday February 22 2011 - News Release
Also Yale Resources Ltd (C:YLL)News Release
Mr. Leigh Freeman of El Condor reports
EL CONDOR FINALIZES CAROL PROPERTY OPTION
El Condor Minerals Inc. has entered into an optionagreement with Yale Resources Ltd. whereby the company hasthe option to acquire a 70% interest in Yale's Carol Property, locatedin southern Sonora State, Mexico.
The Agreement gives the Company the option to acquire a 70% interest inthe 756-hectare Carol Property in northwestern Mexico, by paying Yalecash consideration of $50,000 upon signing, by making additional cashpayments of a total of $300,000 staged over four years, and by makingexploration expenditures on the Property of $1,700,000, also stagedover four years. The Property is subject to a 3% net smelter returnroyalty, which can be purchased by the Company for $750,000.
El Condor will be the operator for the Carol Project during the lengthof the Agreement and as such will oversee exploration and developmentwork on the Property and designate contractors, which may includeMinera Alta Vista, Yale's Mexican subsidiary.
Leigh Freeman, El Condor president and CEO stated "We are excited to beentering into the Carol Agreement. Our intent is to bring oursignificant exploration experience to bear on this skarn/porphyrycopper geological system, where early exploration is promising andwhere we see the potential for unusually high copper and gold values".
About the Carol Property
The 756-hectare Carol Property is located in the foothills of the SierraMadre Occidental belt, in southern Sonora State, approximately 5kilometers north of the Piedras Verdes porphyry copper mine that has areported proven and probable reserve of 191 million tonnes grading0.36% copper. The Carol Project is a drill-ready exploration projectwith initial targets generated from multiple field seasons, with workto date consisting of detailed geological mapping, soil geochemistry,rock chip sampling, and trenching.
Carol hosts two skarn zones: Balde South and Balde North. The BaldeSouth measures approximately 1,100 metres long and 400 metres wide,while the Balde North, located 800 metres away, measures approximately300 metres by 800 metres. Highlights from the 2008 trenching programare (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 BaldeSouth area; the two gold intervals, separated by 20 metres, are asfollows (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)
Although Carol is considered drill-ready, El Condor's new explorationprogram is likely to include geophysical surveys over the mineralizedtargets already defined by trenching.
Ian Foreman, P.Geo, is the Qualified Person under National Instrument43-101, for the Carol Project and is responsible for the technical datain this news release.
All of the samples mentioned in this release were prepared and analyzedby Inspectorate at their labs in Hermosillo and Vancouver as well asStewart Labs in their labs in Zacatecas and Kamloops. Gold analyseswere performed by 30 gram fire assay with an AA finish. Silver andbase metals were analyzed as part of a multi-element ICP package usingan 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 'oregrade' detection limits.
? 2011 Canjex Publishing Ltd.