VANCOUVER, Dec. 20, 2012 /CNW/ - El Nino Ventures Inc. ("ELN" and the "Company") (TSX.V: ELN; OTCQX: ELNOF Frankfurt: E7QN) announces that the Company will re-file its interim financial statements and management discussion and analysis ("MD&A") for the interim periods ended April 30, 2012 and July 31, 2012 as a result of a change in the Company's accounting policy related to its exploration and evaluation properties.
The Company will now capitalize exploration and evaluation expenditures, including the cost of acquiring licenses. The Company previously expensed its exploration and evaluation expenditures as incurred. Costs incurred before the Company has obtained the legal rights to explore an area will continue to be expensed as incurred.
The Company is of the opinion that capitalizing the exploration and evaluation expenditures, which is acceptable under International Financial Reporting Standards, provides a better basis of comparison to other similar junior mining companies.
About El Nino Ventures Inc.
El Niño Ventures Inc. is an international exploration company, focused on exploring for zinc, copper, gold, silver and lead in New Brunswick, Canada and copper/cobalt in the Democratic Republic of Congo ("DRC").
On Behalf of the Board of Directors,
John Oness, COO & Director
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.
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