VANCOUVER, Aug. 6 /CNW/ - El Nino Ventures Inc. ("ELN" and the "Company")
(TSX.V: ELN; Frankfurt: E7Q) is very pleased to announce that Votorantim
Metals Canada Inc. (Votorantim) has elected, following completion of an
in-depth due diligence study, to enter into an Option Agreement with the
Company whereby Votorantim may earn up to a 70% interest in 1805 mineral
claims in the Bathurst Mining Camp, New Brunswick, in which ELN owns 50%
interest and Xstrata Canada Corporation - Xstrata Zinc Canada Division
(Xstrata Zinc), owns 50% interest. The due diligence study carried out by
Votorantim, which included a study of an additional 2907 mineral claims wholly
owned by Xstrata Zinc, involved more than 300 man days, extending over a six
month period and examined all previous geological, geochemical and geophysical
surveys as well as all existing drill data pertaining to the Property.
Votorantim Metals Canada Inc. is a subsidiary of Votorantim Metais which
is part of the Votorantim Group which was founded in Brazil in 1918 and now
operates in fifteen countries with over sixty thousand employees. Votorantim
Metais is the largest electrolytic nickel producer in Latin America and a
worldwide leader in zinc production as well as a significant producer of
aluminum and steel.
The tripartite Option Agreement now being drafted is between Votorantim,
ELN and Xstrata Zinc whereby Votorantim may elect, to earn up to a 70%
interest in mineral claims (the "Property") comprised of 1805 claims owned 50%
ELN 50% Xstrata, 2907 claims owned 100% by Xstrata Zinc, together with any
mineral claims subsequently staked by the parties within an Area of interest,
in which ELN and Xstrata Zinc hold equal interests.
Votorantim may earn a 50% interest in the Property by incurring
exploration expenditures of $10 million over a period of 5 years and may
further elect to increase its interest to 70% by spending another $10 million
over an additional two years. Upon Votorantim vesting with 50% interest in the
Property ELN will retain a 25% interest in the 1805 claims as well as a 25%
interest in any mineral claims staked subsequently by the parties within the
Area of interest. Should Votorantim increase its interest to 70% the ELN
interest would be reduced to 15%.
Several historical tonnage and grade estimates exist for zinc and copper
mineralisation occurring within the 1805 claims in which ELN currently holds
50% interest, which were derived from earlier drilling campaigns.
Mr Jean Luc Roy, President & CEO of El Nino states: "We are very pleased
with the positive outcome of the due diligence study and look forward to the
initial exploration program and appreciate Votorantim's involvement with the
Bathurst Mining Camp project."
On Behalf of the Board of Directors,
"Jean Luc Roy"
Jean Luc Roy, President and CEO
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 CUSIPNo.
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.
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