VANCOUVER, Feb. 26, 2013 /CNW/ - El Niño Ventures Inc. ("ELN" and the "Company") (TSX.V: ELN) (Frankfurt:
E7Q) (OTCQX: ELNOF) is pleased to announce a non-brokered flow-through and non flow-through
private placement of up to a combined 33,333,333 units for gross
proceeds up to $2,000,000.
Each non flow-through unit ("NFT Unit") at a price of $0.06 per NFT Unit
will consist of one common share and one-half of one non-transferable
share purchase warrant ("Warrant"). Each Warrant will entitle the
holder to purchase one common share of the Company at a price of $0.12
per share for 18 months from closing.
Each flow-through unit ("FT Unit") will consist of one common share and
one-half of one non flow-through, non-transferable share purchase
warrant at a price of $0.065 per FT Unit. Each Warrant will entitle
the holder thereof to purchase one additional non flow-through common
share of the Company at $0.13 for a period of 18 months from closing.
The proceeds from the private placement received from the sale of the
flow-through units will be used for the further development and
exploration of the Murray Brook Polymetallic project and exploration of
adjacent Camel Back property (Figure 1), both located in the in
Bathurst mining camp, New Brunswick. The proceeds from the sale of NFT
Units will be used as working and general working capital.
The private placement and any finder's fees payable are subject to
regulatory approval. Any securities issued pursuant to the offering
shall be subject to a four month and a day hold period commencing on
the closing date.
Work in 2013 will include an amended Resource Estimation, refinement to
Phase 1 Metallurgy Study, Preliminary Economic Assessment Study and
phase 2 Metallurgy Study (pilot plant) of Murray Brook project and
Property scale exploration including geophysical surveys and drilling
at adjacent Camel Back project.
About El Niño Ventures Inc. Bathurst Projects
El Niño Ventures Inc. has two active projects in the Bathurst Mining
1. Murray Brook Project
The Murray Brook project is a polymetallic, massive sulfide deposit and is one of the largest deposits discovered to date in the Bathurst Mining
Camp, New Brunswick. The Murray Brook property is located 60 km west of Bathurst. It is
supported by excellent infrastructure, including paved roads, grid
electricity and communities to provide goods, services and skilled
A $3 million exploration budget was approved for the 2012 exploration
program. It included $2.5 million for drilling to bring resources into
the measured category at the Murray Brook deposit and $500,000 for
exploration of the Murray Brook and Camel Back properties, both of
which are covered by the option agreement with Murray Brook Minerals.
To date, more than 28,000 metres of drilling has been completed with
encouraging results. In February 2012, an NI43-101 compliant resource
estimation was announced (see news release. The technical report is filed on SEDAR.com and also available on ELN's website.
An updated NI43‐101 mineral resource estimation and metallurgical test
results are slated for completion by the end of March 2013. Results of
these reports will be incorporated in a Preliminary Economic Assessment
"PEA" that is slated for completion in the first quarter of 2013.
ELN and Votorantim Metals Canada (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 purchase an additional 15% in the
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
Figure 1 - Exploration of Murray Brook and adjacent Camel Back
properties for additional VMS deposits (http://www.elninoventures.com/s/NewsReleases.asp?ReportID=573973)
2. Bathurst Option Joint Venture Project (BOJV)
Consists of an initial 4,712 claims in the Tri‐Party Agreement with
Xstrata & VM Canada whereby VM Canada may incur exploration
expenditures of $10 million over a period of 5 years to earn a 50%
interest. VM Canada may further increase its interest to 70% by
spending an additional $10 million over 2 years.
Qualified Person Statement
This news release has been reviewed and approved for technical content
by Ali Hassanalizadeh M.Sc. MBA
P.Geo a qualified Person under the provisions of National Instrument
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.
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
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