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El Condor Minerals Inc.
Asset and Share Purchase Transaction

We acted as counsel to El Condor Minerals Inc. in connection with its acquisition of the Horden Lake Copper Deposit located in Quebec from Quetzal Energy Ltd. and related transactions. El Condor acquired Quetzal’s interest in the property through the direct acquisition of certain mining claims and the acquisition of Quetzal’s 95% interest in Nemiscau Mines Ltd., a private Quebec company. In exchange for Quetzal’s interest in Horden Lake, El Condor paid a purchase price of $4 million, comprised of $2 million in cash obtained through a secured lending facility and $2 million in common shares of El Condor.

Immediately following the transaction with Quetzal, El Condor acquired the remaining 5% interest in Nemiscau Mines Ltd. from a private individual in exchange for a purchase price of $200,000, which was satisfied through a combination of cash and common shares of El Condor.

In connection with the Horden Lake acquisition, El Condor completed a $2.75 million private placement financing. El Condor proposes to use the proceeds of the financing to fund the exploration and development program at Horden Lake and its general working capital requirements. El Condor Minerals Inc. is a mineral exploration company listed on the TSX Venture Exchange under the symbol “LCO”.