El Nino Ventures Inc. Change in Accounting Policy
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"
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.