VANCOUVER, May 4 /CNW/ - El Nino Ventures Inc. ("ELN") (TSX.V:E7Q) is pleased to announce that Votorantim Metals Canada Inc. (Votorantim) has finalized its Option / Joint Venture Agreement (OJV) with ELN and Xstrata Canada Corporation - Xstrata Zinc Canada Division (Xstrata Zinc) to earn a 50% interest in the Bathurst Mining Camp (BMC) project by incurring exploration expenditures of $10 million over a period of five years. Votorantim can increase its interest to 70% by spending another $10 million over an additional two years thereafter ELN and Xstrata Zinc Canada interests would be reduced to 15% from 25% respectively.
The BMC project is comprised of 1805 claims owned 50% ELN, 50% Xstrata, 2907 claims owned 100% by Xstrata Zinc, together with an Area of Interest in which ELN and Xstrata Zinc hold equal interest. Earlier drilling campaigns delineated several historical deposits of lead, zinc and copper mineralization within the 1805 claims in which ELN currently holds 50% interest (see June 4, 2008 press release). Insufficient work has been carried out to classify any of the historic occurrences as current mineral resources and the historical estimates should not be relied upon.
About Votorantim Metals Canada Inc.
Votorantim Metals Canada Inc. is a subsidiary of Votorantim Metais, a company that is part of the Votorantim Group, which was founded in Brazil in 1918 and now operates in twenty countries and has over sixty-five thousand employees. Votorantim Metais is the largest electrolytic nickel producer in Latin America and one of the world's leaders in production of zinc, aluminum and steel.
About El Nino Ventures
El Nino Ventures is a mineral exploration company, focused on copper/cobalt exploration in the DRC (see releases January 12, 2009, February 25, 2009 & March 11, 2010). The Company holds a 50% interest in an extensive base metal project located within the Bathurst mining camp in Ontario, Canada. El Nino finalized its option agreement in April 2010 with Votorantim Metals Canada Inc. and Xstrata Zinc whereby Votorantim may earn a 50% interest in El Nino's landholdings by expending $10 million over 5 years and may further increase its interest in El Nino's and Xstrata Zinc's landholdings to 70% by expending an additional $10 million over a further two years.
On Behalf of the Board of Directors,
"Harry Barr"Harry Barr, Chairman and Acting 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.
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: For further information: Mark Feeney, Tel: (604) 786-2587, Toll Free: 1-800-667-1870, Fax: (604) 685-8045, Email: email@example.com or visit: www.elninoventures.com