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EL CONDOR RESOURCES ANNOUNCES $7.2 MILLION FINANCING FINALIZED AND PREFEASABILITY WORK PROGRAM ADOPTED

 EL CONDOR RESOURCES ANNOUNCES $7.2 MILLION FINANCING FINALIZED
 AND PREFEASABILITY WORK PROGRAM ADOPTED
 VANCOUVER, British Columbia, Nov. 2 /PRNewswire/ -- Robert G. Hunter, chairman of El Condor Resources Ltd. (NASDAQ: ECN, Vancouver: ECN) has announced that the company has received regulatory acceptance for its prospectus dated Oct. 22, 1992. The prospectus qualifies the distribution of 1,800,000 units of the company resulting from the conversion of previously issued convertible promissory notes and flow-through unit purchase agreements. Each unit consists of one free trading common share and a non-transferrable share purchase warrant. Two share purchase warrants are exercisable into a free trading common share at a price of $4.25 until Dec. 31, 1992.
 The company received gross proceeds from the issuance of the promissory notes and flow-through unit purchase agreements of $7.2 million on June 30, 1992, of which approximately $2.0 million has been expended to date on the company's on-going exploration programs on the Kemess Gold-Copper Project. El Condor Resources Ltd. is now a reporting issuer in the Provinces of British Columbia, Alberta and Ontario.
 The company also announced the completion of the Kemess South Phase IV Work Program amounting to $1,200,000. This program concentrated on project engineering for the Kemess South deposit and the gathering and development of environmental baseline data for mine permitting. A Kemess South joint venture meeting was held on Oct. 6, 1992 at which time a $1 million Phase V Work Program was adopted. This program is expected to advance the Kemess South deposit to pre- feasability level status.
 In addition, a field program was recently completed on certain areas in the Kemess North (El Condor - 100 percent) and data compilation of that work is proceeding.
 To date the company has developed two deposits at the Kemess Project: Kemess South with a minable reserve of 203,000,000 tons grading 0.019 oz. gold/ton and .23 percent copper, and Kemess North with a geological reserve of 83,082,000 tons grading .015 oz. gold/ton and .21 percent copper. These deposits have a total contained mineral inventory of approximately 5 million ounces gold and 1.35 billion pounds of copper.
 -0- 11/2/92
 /CONTACT: Robert G. Hunter, chairman of El Condor Resources, 604-684-6365/
 (ECN) CO: El Condor Resources Ltd. ST: British Columbia IN: MNG SU:


BP -- LA033 -- 1850 11/02/92 18:38 EST
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Date:Nov 2, 1992
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