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KEMESS SOUTH GOLD-COPPER DEPOSIT ENTERS MINE DEVELOPMENT ASSESSMENT AND PERMITTING PROCESS

 KEMESS SOUTH GOLD-COPPER DEPOSIT
 ENTERS MINE DEVELOPMENT ASSESSMENT AND PERMITTING PROCESS
 VANCOUVER, British Columbia, March 16 /PRNewswire/ -- Robert G. Hunter, chairman, El Condor Resources Ltd., (Vancouver: ECN) has announced that the Kemess South Joint Venture has filed with the British Columbia Government the first of two project documents required for approval of a mine development at the Kemess South Gold-Copper Project.
 The document filed -- a Pre-Application for a Mine Development Certificate -- is a comprehensive review of technical, environmental and socio-economic aspects of this 44,000 tpd open pit project. It provides government agencies with the data required to determine the terms of reference for the second project document -- An Application for a Mine Development Certificate -- which is expected to be filed with the British Columbia government within 12 months and will include results from engineering and feasibility programs that are now being planned by the Kemess South Joint Venture.
 Kemess South Joint Venture participants are El Condor Resources Ltd. (60 percent) and St. Philips Resources Inc. (40 percent). El Condor Resources is operator of the Kemess South Joint Venture. Rio Algom Ltd. has acquired an approximate 30 percent equity interest in St. Philips and has options to acquire a majority interest in that company. For purposes of the Joint Venture, Rio Algom is technical advisor to St. Philips. Rio Algom has purchased a 9.9 percent equity interest in El Condor Resources Ltd.
 Mineable reserves at the Kemess South deposit -- above a 0.4 percent copper equivalent cutoff grade -- total 228 million tons at an average grade of 0.23 percent copper and 0.019 ounces gold/ton containing 4.3 million ounces gold and 1.05 billion pounds copper. The deposit has a Net Smelter Return that is approximately double that of other large- scale, open pit metal mines currently operating in British Columbia. This high unit value when combined with the deposit's blanket-like shape, near surface position, low stripping ratio (1.28-to-1) and uniform distribution of gold and copper values makes it well-suited for large-scale, open pit mine development.
 Preliminary metallurgical tests on representative composite samples from the Kemess South deposit indicate that a conventional grinding- flotation circuit will produce a high quality, co-product gold-copper concentrate with by-product silver. Installation of a molybdenum recovery circuit will add further by-product value to the project. Comparative work index values determined from grinding of feed material for flotation tests returned values of 10.0 to 11.7. Work index results indicate that the Kemess gold-copper mineralization, when compared to other B.C. open pit mines, will be relatively easy to grind. It is expected that this will have a favourable impact on mine capital and operating costs. Acid-base accounting measurements on tailings and waste rock samples also returned favourable results and indicate that placement of these mine products will not result in acid discharge.
 Preliminary mine planning is based on a production rate of 44,000 tons milled per day over a 15-year mine life. Average annual production from the 228 million ton mineable reserve is projected to be 212,000 ounces of gold and 60 million pounds of copper in 113,000 tons of gold-copper concentrates. Gold is expected to account for 55 percent of project revenues; copper will make up the remainder. A starter pit has been designed to maximize revenues and minimize costs during the first four years of operations. The higher grade, starter pit reserves are available at a favourable stripping ratio of 0.4-to-1.
 Unexplored targets within and adjacent to the project claims have excellent potential to develop additional mineable reserves and thereby extend the indicated 15-year project life. Further project results will be released as they become available.
 Confirmation of large reserves of gold and copper at Kemess has made El Condor Resources Ltd. one of North America's leading development- stage mining companies. A number of senior mining companies, who are closely following the Kemess Project, have initiated independent mine planning and metallurgical studies. As a result, Goepel Shields and Partners Inc. have been appointed to advise the company on any proposals that might be forthcoming.
 -0- 3/16/92
 /CONTACT: Robert G. Hunter, chairman of El Condor Resources Ltd., 604-684-6465/
 (ECN.) CO: El Condor Resources Ltd. ST: British Columbia IN: MNG SU:


JL -- LA037 -- 8535 03/16/92 18:06 EST
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Date:Mar 16, 1992
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