Votorantim Elects To Option El Nino's Bathurst Camp Projects
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ELN News July 27, 2009
August
6, 2009 Vancouver, BC -- El Niño Ventures Inc. ("ELN" and the "Company")
(TSX.V: ELN; Frankfurt: E7Q)
is very pleased to announce that Votorantim Metals Canada Inc. (Votorantim)
has elected, following completion of an in-depth due diligence study, to
enter into an Option Agreement with the Company whereby Votorantim may
earn up to a 70% interest in 1805 mineral claims in the Bathurst Mining
Camp, New Brunswick, in which ELN owns 50% interest and Xstrata
Canada
Corporation -- Xstrata Zinc Canada Division (Xstrata Zinc), owns 50%
interest. The due diligence study carried out by Votorantim, which
included a study of an additional 2907 mineral claims wholly owned by
Xstrata Zinc, involved more than 300 man days, extending over a six
month period and examined all previous geological, geochemical and
geophysical surveys as well as all existing drill data pertaining to the
Property.
Votorantim Metals Canada Inc. is a subsidiary of Votorantim Metais
which is part of the Votorantim Group which was founded in Brazil in
1918 and now operates in fifteen countries with over sixty thousand
employees. Votorantim Metais is the largest electrolytic nickel producer
in Latin America and a worldwide leader in zinc production as well as a
significant producer of aluminum and steel.
The tripartite Option Agreement now being drafted is between Votorantim,
ELN and Xstrata Zinc whereby Votorantim may elect, to earn up to a 70%
interest in mineral claims (the "Property") comprised of 1805 claims
owned 50% ELN 50% Xstrata, 2907 claims owned 100% by Xstrata Zinc,
together with any mineral claims subsequently staked by the parties
within an Area of interest, in which ELN and Xstrata Zinc hold equal
interests.
Votorantim may earn a 50% interest in the Property by incurring
exploration expenditures of $10 million over a period of 5 years and may
further elect to increase its interest to 70% by spending another $10
million over an additional two years. Upon Votorantim vesting with 50%
interest in the Property ELN will retain a 25% interest in the 1805
claims as well as a 25% interest in any mineral claims staked
subsequently by the parties within the Area of interest. Should
Votorantim increase its interest to 70% the ELN interest would be
reduced to 15%.
Several historical tonnage and grade estimates exist for zinc and
copper mineralisation occurring within the 1805 claims in which ELN
currently holds 50% interest, which were derived from earlier drilling
campaigns.
Mr Jean Luc Roy, President & CEO of El Nino states: "We are very pleased
with the positive outcome of the due diligence study and look forward to
the initial exploration program and appreciate Votorantim's involvement
with the Bathurst Mining Camp project ."
On Behalf of the Board of Directors,,
"Jean Luc Roy" Jean Luc Roy, President & CEO
Further information:
Mark Feeney
Tel: 1.604.786.2587
mfeeney@elninoventures.com
Toll free
1.877.895.6466 or
Telephone: +1.604.683.4886 Email:
Fax
604.683.4887, or visit www.elninoventures.com
1440 - 1166 Alberni Street, Vancouver, B.C. Canada V6E 3Z3
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Provider (as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release CUSIP#
28335E-10-6
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