El Niño Announces Initial 50% Earn-In for Murray Brook Project, Bathurst New Brunswick; Gives Notice to Earn Additional 20%
VANCOUVER, May 11, 2012 /CNW/ - El Niño Ventures Inc. ("ELN" and the "Company") (TSX.V: ELN; Frankfurt: E7Q; OTCQX: ELNOF) is pleased to announce that Murray Brook Minerals Inc. ("MBM") has been given formal notice by ELN and Votorantim Metals Canada Inc. ("Votorantim") of a 50% earned interest in the Murray Brook, polymetalic project, Bathurst, New Brunswick. MBM has also been provided with a valid notice that ELN and Votorantim are exercising their option to acquire and become owner of an additional 20% (for a total of 70%) beneficial interest in the Murray Brook mining claims.
As of April 30, 2012, earn-in expenditures and property payments (by both ELN and Votorantim) have totaled $3,702,791 and $300,000 respectively, of which ELN has contributed 50% as its share of the costs to earn its initial 25% interest. All expenditures which exceed the initial earn-in amount of $2,250,000 will be counted towards the $2,250,000 required to earn the additional 20%. Upon earning in for 70%, the parties will enter into a formal J/V Agreement consisting of the following; ELN-35%/Votorantim-35%/MBM-30%.
Although terms of the Option Agreement provided for a period of three years to earn the initial 50% and two years to earn the additional 20%, it is anticipated that the complete earn-in for 70% will be accomplished in less than 1 ½ years. This accelerated exploration program is a testament to both ELN and Votorantim's commitment to advancing the project, due to encouraging results (see ELN press releases dated: February 28, January 23 and 16, 2012, November 28, 2011, August 30, 2011).
With approximately 4,000 metres of drilling currently remaining for this phase and a summer program of surface exploration such as limited ground geophysics and property wide geological mapping, prospecting and sampling to determine further targets for an anticipated fall drill program, the Company looks forward to continuing to advance the Murray Brook project during the balance of 2012.
About VM Canada (Votorantim Metals Canada Inc.)
Votorantim Metals Canada Inc. is a subsidiary of Votorantim Metals; a company that is part of the Votorantim Group that was founded in Brazil in 1918 and operates in twenty countries with over forty thousand employees. Votorantim Metais is the largest electrolytic‐nickel producer in Latin America and one of the world's leaders in the production of zinc, aluminum and nickel.
About El Niño Ventures Inc.
El Niño Ventures Inc. is an international exploration company, focused on exploring for lead, zinc, copper, gold and silver in New Brunswick, Canada and copper in the Democratic Republic of Congo ("DRC").
On Behalf of the Board of Directors
Chairman & CEO
El Niño Ventures Inc.
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