🕐20.01.11 - 18:27 Uhr
El NiƱo Provides Notice to Votorantim to Enter Into an Option on the Murray Bro
ok Deposit, Bathurst Mining Camp, New Brunswick
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Re: News Releases - Thursday, January 20, 2011
El Nio Provides Notice to Votorantim to Enter Into an Option on
the Murray Brook Deposit, Bathurst Mining Camp, New Brunswick
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January 20, 2011, Vancouver, Canada.
-- El Nio Ventures Inc.
("ELN"
and the "Company") (TSX.V: ELN; Frankfurt: E7Q) is pleased to announce
that it has provided notice to Votorantim Metals Canada Inc.
(Votorantim) to enter into an Option Agreement on the Murray Brook
Deposit, situated in the Bathurst Mining Camp in New Brunswick, Canada.
On November 1st, 2010 Votorantim entered into an Option and Joint
Venture Agreement with Murray Brook Minerals Inc.
(MBM) and Murray
Brook Resources Incorporated (MBR) concerning the Murray Brook Mining
Lease No.
252 and the Camel Back Claims Block No.
4925 (the
Properties).
The properties are situated between the Caribou and
Restigouche mine sites about 60 km west-southwest of Bathurst, New
Brunswick (Figure 1 - please follow the hyperlink below).
http://www.elninoventures.com/s/NewsReleases.asp?ReportID=438573
Under Votoratims Option and Joint Venture Agreement with MBM and MBR,
Votorantim can earn a 50% interest in the Properties, by funding
$2,250,000 in exploration expenditures and making payments totalling
$300,000 over a three year priod commencing November 1, 2011.
Votorantim can earn an additional 20% interest in the Properties by
funding an additional $2,250,000 in exploration expenditures over an
additional two year period.
Under the provisions set forth in the existing tri-party Joint Venture
agreement between Xstrata Canada Corporation -- Xstrata Zinc Canada
Division (Xstrata Zinc), ELN and Votorantim, signed on May 4 2010, (see
May 4, 2010 press release), whereby Votorantim is earning a 50%
interest and has the option to earn an additional 20% interest in the
Bathurst Mining Camp (BMC) project.
ELN is granted, together with
Xstrata Zinc, the option to acquire up to 50% of Votorantims
acquisitions within the area of interest by funding 50% of the earn in
commitment.
After reviewing drill results provided by Votorantim as part of a due
diligence exercise, El Nino Ventures has provided notice to both
parties to enter into an Option Agreement on the Murray Brook Deposit.
The Company is planing to release these drill results over the next 30
days.
ELN believes that the addition of the Properties to the current
portfolio of projects under option and joint venture in the Bathurst
Mining Camp will increase the potential to add shareholder value.
Votorantim continues to explore the region and therefore, the Company
has advised Votorantim that it has elected to exercise its right to
acquire 50% of Votorantims interest in the Properties.
Votorantim is currently earning a 50% interest in the Bathurst Mining
Camp (BMC) tri-party Joint Venture 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 interests would be
reduced to 15% from 25% respectively.
About the Bathurst Mining Camp (BMC) Project
The BMC project is comprised of 1805 claims owned 50% ELN, 50% Xstrata
Zinc, 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).
Figure 2.
Geology Map with outline of the Murray Brook and Camel Back
Projects.
http://www.elninoventures.com/s/NewsReleases.asp?ReportID=438573
About the Murray Brook and Camel Back Properties
The 505 hectare Murray Brook mining lease (ML252) contains the Murray
Brook deposit, discovered in 1956 and mined by Novagold Resources from
1989 to 1992.
Total production was 1,384 kg of gold and 9,829 kg of
silver from 2.7 Mt of oxide ore (Gossan).
A resource was defined below
the open pit (Gossan) prior to the implementation of NI 43-101
standards of disclosure and historically reported by NovaGold in 1988
to be 20.2 Mt grading 1.4% Zn, 0.3% Cu, 0.6% Pb, 25 g/t Ag and 0.3 g/t
Au.
A copper rich zone within this deposit contains an estimated 2.087
Mt grading 2.0% Cu, 1.1% Zn, 0.4% Pb, 46 g/t Ag and 0.3 g/t Au.
Under
the provisions of NI 43-101, 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.
The Camel Back claim block consists of 215 claims covering 4100
hectares situated between the Murray Brook mining lease and the Caribou
mining lease (ML246).
The Caribou, Murray Brook and Restigouche
deposits are all hosted within the California Lake Group: the Caribou
deposit within volcano-sedimentary rocks of the Spruce Lake Formation
while the Murray Brook and Restigouche deposits within sedimentary
rocks of the Mount Britain Formation.
According to geological and
geophysical data, the presence of favourable stratigraphic sequence and
some untested EM anomalies shows that the Camel Back block still merits
further exploration for discovering new deposits.
About Votorantim Metals Canada Inc.
Votorantim Metals Canada Inc.
is a subsidiary of Votorantim Metals, 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 Metals is the largest
electrolytic nickel producer in Latin America and one of the worlds
leaders in production of zinc, aluminium and steel.
About El Nio Ventures Inc.
El Nio Ventures Inc.
is an exploration company, focused on exploring
for Copper/Cobalt in the Democratic Republic of Congo ("DRC").
In
addition the Company had entered into an Option agreement with
Votorantim and Xstrata Zinc whereby Votorantim, by incurring
exploration expenditures of $10 million over a period of 5 years.
Votorantim may further elect to increase its interest to 70% by
spending another $10 million over an additional two years.
The
Votorantim option is on an extensive land package in the Bathurst
Mining Camp that ELN currently shares 50/50 with Xstrata Zinc Canada.
In the DRC, the Kasala Copper Project gives the Company a bona fide
development project going forward.
Exploration results on this project
are very consistent and demonstrate the potential for a world class
project over time.
On Behalf of the Board of Directors
"Harry Barr"
Harry Barr, Chairman and Acting CEO
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accepts responsibility for the adequacy or accuracy of this release.
Note: this release contains forward-looking statements that involve
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These statements may differ materially from
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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 Companys 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.
This email should not be construed as an offer to buy or sell
securities of El Nio Ventures Inc.
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Copyright (c) 2011 EL NINO VENTURES INC.
(ELN) All rights reserved.
For more information visit our website at
http://www.elninoventures.com/ or send mailto:
Message sent on Thu Jan 20, 2011 at 8:35:58 AM Pacific Time
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