VANCOUVER, Sept. 6, 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 both ELN and Votorantim Metals Canada Inc. ("VMC") that a 70%
earned interest in the Murray Brook polymetalic project, Bathurst, New
Brunswick has been completed.
ELN and VMC currently own 70% of the project, of which 35% is held by
each of the two parties.
Under a purchase agreement signed by VMC on August 28, 2012 with MBM and
Murray Brook Resources Inc. (collectively the owners), VMC acquired the
right to purchase the additional 30% of the Murray Brook Project from
the owners. ELN has been provided the option to earn an additional 15%
in the project for a combined total of 50% (35% +15%).
Management of ELN is currently evaluating the proposal of this option
and the terms of the Purchase Agreement.
In order for ELN to earn its 35% it has provided VMC with a total of
$2,250,000 as its share of 50% in expenditures costs. This amount
consists of $1,125,000 for its initial 25% earn-in expenditures and a
further $1,125,000 for the additional 10% earn-in.
Although the terms of the Participation Agreement provided for a
three-year period to earn the initial 50% and two years to earn the
additional 20%, ELN and VMC completed their earn-in in less than 18
months. Encouraging drill results and a very positive NI 43-101
resource estimation accelerated the exploration and development
programs and is a testament to both ELN and Votorantim's commitment to
aggressively advancing the project (see ELN press releases dated: February 28 and May 17, June 5, June 27,
July 17, July 30, August 14 and August 28, 2012).
As a private Company, MBM has requested that the terms and conditions of
the purchase agreement remain confidential until the option to purchase
the additional 30% has been finalized.
On another matter, the Company further announces that it will not be
proceeding with the current brokered private placement with Desjardins
About The Murray Brook Project
The Murray Brook Project is historically the 5th largest massive sulfide deposit in the Bathurst Mining Camp and has
excellent infrastructure (Figure 1).
During 2011 and 2012, ELN and VMC completed more than 28,000 metres of
drilling with encouraging results. The 2012 drill program was completed
A recently completed (February 2012) NI 43‐101 Mineral Resource Estimate
for the Murray Brook Zn‐Cu‐Pb‐Ag‐Au deposit, which includes explanatory
footnotes, is presented below. The resource estimate is based on
various assumptions regarding mining methods, processing and metal
recoveries, payable metal NSR credits and metal prices. This estimate
makes no provision for capital costs to mine the deposit, nor mill the
material mined, as resources are not reserves and the reader should not
presume economic viability. The Technical Report on the 2012 NI 43-101
Mineral Resource Estimate is filed on SEDAR.com and is available on
Metallurgical test-work of bulk sample material from the Murray Brook
deposit is currently underway at RPC Laboratories (Fredericton, New
Brunswick), under the direction of Votorantim Metals Canada Inc.,
Operators of the Murray Brook Project. Three holes were drilled to provide sample materials for metallurgical
tests. The test-work is focused on determining potential metal
recoveries based on a recommended metals recovery process flowsheet
which, subsequently, will form the basis for a small scale
metallurgical pilot plant program. Metallurgical results, along with a revised resource estimate which will
incorporate 2012 drill results, will form the basis of a Preliminary
Economic Assessment (PEA or Scoping Study) study to be completed in Q1
Phase 2 of Metallurgical studies (Pilot Plant), Preliminary Economic
Assessment Studies, Geotechnical drilling, detailed delineation of base
of oxidation and Environmental assessment studies are slated for
completion in 2013.
Votorantim Metals Canada Inc. Statement
Technical details in this news release were provided by Votorantim whose
professional geologists conduct operations consistent with mineral
industry best practices. Votorantim accepts no responsibility for this
news release or any inferences made from the technical details provided
Figure 1 - Land tenure map showing the location of the Murray Brook
Project in the northwest part of the Bathurst Mining Camp, New
Qualified Persons Statement
This news release has been reviewed and approved for technical content
by Ali Hassanalizadeh M.Sc. P.Geo. MBA, a qualified Person under the
provisions of National Instrument 43‐101.
About Murray Brook Minerals Inc.
Murray Brook Minerals Inc. is a privately owned mining exploration
company which holds interests in properties in the Bathurst Mining Camp
including the Murray Brook Project and Legacy Copper Deposit.
About Votorantim Metals Canada Inc.
Votorantim Metals Canada Inc. is a subsidiary of Votorantim Metais; a
company that is part of the Votorantim Group that was founded in Brazil
in 1918 operates in over twenty countries and has forty thousand
employees. Votorantim Metais is one of the five main zinc
manufacturers worldwide, the main electrolytic nickel manufacturer in
Latin America, and the Brazilian leader in the production of primary
About El Nino 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 Nino Ventures Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements. Note: This release contains forward-looking statements that involve
risks and uncertainties. These statements may differ materially from
actual future events or results and are based on current expectations
or beliefs. For this purpose, statements of historical fact may be
deemed to be forward-looking statements. In addition, forward-looking
statements include statements in which the Company uses words such as
"continue", "efforts", "expect", "believe", "anticipate", "confident",
"intend", "strategy", "plan", "will", "estimate", "project", "goal",
"target", "prospects", "optimistic" or similar expressions. These
statements by their nature involve risks and uncertainties, and actual
results may differ materially depending on a variety of important
factors, including, among others, the Company's ability and
continuation of efforts to timely and completely make available
adequate current public information, additional or different regulatory
and legal requirements and restrictions that may be imposed, and other
factors as may be discussed in the documents filed by the Company on
SEDAR (www.sedar.com), including the most recent reports that identify important risk
factors that could cause actual results to differ from those contained
in the forward-looking statements. The Company does not undertake any
obligation to review or confirm analysts' expectations or estimates or
to release publicly any revisions to any forward-looking statements to
reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events. Investors should not place undue
reliance on forward-looking statements.
SOURCE: El Nino Ventures Inc.
For further information:
Tel: +1 604 685 1870 Fax: +1 604 685 8045
Email: email@example.com or visit www.elninoventures.com
650-555 West 12th Avenue, City Square, West Tower, Vancouver,
B.C., Canada, V5Z 3X7