El Nino Announces completion of its 35% Earn-In, Receives Notice of option to earn additional 15% (for a total of 50%), Murray
September 05 2012 - 9:32PM
PR Newswire (Canada)
VANCOUVER, Sept. 6, 2012 /CNW/ - El Niño Ventures Inc. ("ELN" and
the "Company") (OTCQX: ELNOF) is pleased to announce that Murray
Brook Minerals Inc. ("MBM") has been given formal notice by both
ELN and Votorantim Metals Canada Inc. ("VMC") that a 70% earned
interest in the Murray Brook polymetalic project, Bathurst, New
Brunswick has been completed. ELN and 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 earn
an additional 15% in the project for a combined total of 50% (35%
+15%). Management of ELN is currently evaluating the proposal of
this option and the terms of the Purchase Agreement. In order for
ELN to earn its 35% it has provided VMC with a total of $2,250,000
as its share of 50% in expenditures costs. This amount consists of
$1,125,000 for its initial 25% earn-in expenditures and a further
$1,125,000 for the additional 10% earn-in. 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 months. Encouraging
drill results and a very positive NI 43-101 resource estimation
accelerated the exploration and development programs and is a
testament to both ELN and Votorantim's commitment to aggressively
advancing the project (see ELN press releases dated: February 28
and May 17, June 5, June 27, July 17, July 30, August 14 and August
28, 2012). As a private Company, MBM has requested that the terms
and conditions of the purchase agreement remain confidential until
the option to purchase the additional 30% has been finalized. On
another matter, the Company further announces that it will not be
proceeding with the current brokered private placement with
Desjardins Securities Inc. About The Murray Brook Project The
Murray Brook Project is historically the 5(th) largest massive
sulfide deposit in the Bathurst Mining Camp and has excellent
infrastructure (Figure 1). During 2011 and 2012, ELN and VMC
completed more than 28,000 metres of drilling with encouraging
results. The 2012 drill program was completed in June. A recently
completed (February 2012) NI 43‐101 Mineral Resource Estimate for
the Murray Brook Zn‐Cu‐Pb‐Ag‐Au deposit, which includes explanatory
footnotes, is presented below. The resource estimate is based on
various assumptions regarding mining methods, processing and metal
recoveries, payable metal NSR credits and metal prices. This
estimate makes no provision for capital costs to mine the deposit,
nor mill the material mined, as resources are not reserves and the
reader should not presume economic viability. The Technical Report
on the 2012 NI 43-101 Mineral Resource Estimate is filed on
SEDAR.com and is available on ELN's website. Metallurgical
test-work of bulk sample material from the Murray Brook deposit is
currently underway at RPC Laboratories (Fredericton, New
Brunswick), under the direction of Votorantim Metals Canada Inc.,
Operators of the Murray Brook Project. Three holes were drilled to
provide sample materials for metallurgical tests. The test-work is
focused on determining potential metal recoveries based on a
recommended metals recovery process flowsheet which, subsequently,
will form the basis for a small scale metallurgical pilot plant
program. Metallurgical results, along with a revised resource
estimate which will incorporate 2012 drill results, will form the
basis of a Preliminary Economic Assessment (PEA or Scoping Study)
study to be completed in Q1 2013. Phase 2 of Metallurgical studies
(Pilot Plant), Preliminary Economic Assessment Studies,
Geotechnical drilling, detailed delineation of base of oxidation
and Environmental assessment studies are slated for completion in
2013. Votorantim Metals Canada Inc. Statement Technical details in
this news release were provided by Votorantim whose professional
geologists conduct operations consistent with mineral industry best
practices. Votorantim accepts no responsibility for this news
release or any inferences made from the technical details provided
herein. Figure 1 - Land tenure map showing the location of the
Murray Brook Project in the northwest part of the Bathurst Mining
Camp, New Brunswick
http://www.elninoventures.com/s/NewsReleases.asp?ReportID=545854
Qualified Persons Statement This news release has been reviewed and
approved for technical content by Ali Hassanalizadeh M.Sc. P.Geo.
MBA, a qualified Person under the provisions of National Instrument
43‐101. About Murray Brook Minerals Inc. Murray Brook Minerals Inc.
is a privately owned mining exploration company which holds
interests in properties in the Bathurst Mining Camp including the
Murray Brook Project and Legacy Copper Deposit. About Votorantim
Metals Canada Inc. Votorantim Metals Canada Inc. is a subsidiary of
Votorantim Metais; a company that is part of the Votorantim Group
that was founded in Brazil in 1918 operates in over twenty
countries and has forty thousand employees. Votorantim Metais
is one of the five main zinc manufacturers worldwide, the main
electrolytic nickel manufacturer in Latin America, and the
Brazilian leader in the production of primary aluminum. About El
Nino 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 "signed" Harry Barr Chairman & CEO El Nino 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 statements. El Nino Ventures Inc.
CONTACT: Tel: +1 604 685 1870 Fax: +1 604 685 8045 Email:
info@elninoventures.com or visit www.elninoventures.com 650-555
West 12th Avenue, City Square, West Tower, Vancouver, B.C., Canada,
V5Z 3X7
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