- Company acquires initial interest of 70 percent in PR 2461 in the DRC
- Research permit is located just east of the Kinsevere Project of Anvil
- Option to earn 85 percent.
VANCOUVER, Feb. 4 /CNW/ - El Nino Ventures Inc. ("El Nino") (TSX.V: ELN;
OTCBB: ELNOF; Frankfurt: E7Q) is pleased to announce an agreement with MIMECO
AG (MIM) to acquire a 70 percent interest in PR 2461 in the DRC under the
terms specified below. El Nino will be the Operator and will be responsible
for all exploration costs. This Agreement is subject to regulatory approval.
This Permit is situated just east of the Anvil Mining Kinsevere project.
It has excellent accessibility and its geology makes this a highly prospective
copper and cobalt project.
This Permit, which covers more than 55 square kilometers, is principally
underlain by the highly prospective Roan Formation, which hosts most of the
important copper deposits in the DRC Copperbelt. Comprehensive airborne
geophysical surveys and geochemical surveys are planned for 2008. The Company
anticipates it should also be in a position to carry out initial drilling in
this area during 2008.
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Jean Luc Roy, President of El Nino states, "We look forward to working
with MIM in maximizing the potential of this research permit. This acquisition
fits into our overall corporate strategy to selectively increase our land
position in the DRC through the acquisition of quality exploration ground. Our
objective is to build a mining company by delineating proven reserves and
placing them into production. We are now finalizing our 2008 exploration
program which will include a substantial drill program planned to test several
targets delineated on Research Permit 5217 during the 2007 exploration
program. We also plan to drill test other areas of our landholdings which we
have prioritized from the analysis of our airborne geophysical surveys.
Terms and Conditions of Agreement:
Under the terms of this Agreement El Nino acquires an initial 70 percent
interest in PR 2461 by issuing 200,000 shares of El Nino to MIM, subject to
regulatory approval and El Nino making an exploration commitment of $1,500,000
over three years. $500,000 must be spent in the first year of the agreement. A
new SPRL Congolese company will be created whereby El Nino will hold a
70 percent interest and MIM a 30 percent interest. El Nino has the right at
anytime to increase its interest to 85 percent by paying MIM the sum of
$15,000,000. The issuance of shares to MIM will be made once the title of
PR 2461 is transferred into the new SPRL company which is now being
About El Nino Ventures Inc.
El Nino Ventures is a junior exploration company, whose corporate
objective is to revisit former mining regions and apply the latest
technologies to advanced stage exploration targets. El Nino has acquired a 70%
interest in over 350 square kilometers in the world renowned copper belt in
the Democratic Republic of Congo. In addition to our copper project in the
Congo, El Nino is currently in the middle of a 25,000 meter drill program on
the Bathurst Mining Camp via an option/joint venture agreement with Xstrata
On Behalf of the Board of Directors
Jean Luc Roy, President and CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release
CUSIP No. 28335E-10-6
This news release contains certain "Forward-Looking Statements" within
the meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical fact,
included herein are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations are
disclosed in the Company's documents filed from time to time with the British
Columbia Securities Commission and the United States Securities & Exchange
Commission. This email should not be construed as an offer to buy or sell
securities of this company.
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