Votorantim Metals Canada Inc. finalizes Option/Joint Venture Agreement with El Niño Ventures and Xstrata Zinc.
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ELN News May 4 2010
May 4, 2010. Vancouver, BC - El Niño Ventures Inc. ("ELN") (TSX.V:E7Q) is
pleased to announce that Votorantim Metals Canada Inc. (Votorantim) has
finalized its Option / Joint Venture Agreement (OJV) with ELN and Xstrata Canada
Corporation -- Xstrata Zinc Canada Division (Xstrata Zinc) to earn a 50% interest
in the Bathurst Mining Camp (BMC) 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 Canada interests would be reduced to 15% from 25%
respectively.
The BMC project is comprised of 1805 claims owned 50% ELN, 50% Xstrata, 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). 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.
About Votorantim Metals Canada Inc.
Votorantim Metals Canada Inc. is a subsidiary of Votorantim Metais, 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 Metais is the largest electrolytic nickel producer in Latin America
and one of the world's leaders in production of zinc, aluminum and steel.
About El Niño Ventures
El Niño Ventures is a mineral exploration company, focused on copper/cobalt
exploration in the DRC (see releases January 12, 2009, February 25, 2009 & March
11, 2010). The Company holds a 50% interest in an extensive base metal project
located within the Bathurst mining camp in Ontario, Canada. El Niño finalized
its option agreement in April 2010 with Votorantim Metals Canada Inc. and
Xstrata Zinc whereby Votorantim may earn a 50% interest in El Niño's
landholdings by expending $10 million over 5 years and may further increase its
interest in El Niño's and Xstrata Zinc's landholdings to 70% by expending an
additional $10 million over a further two years.
On Behalf of the Board of Directors
"Harry Barr"
Harry Barr, Chairman
and Acting CEO
Further information:
Contact: Mark Feeney at
Telephone: +1.604.786.2387,
toll free 1.800.667.1870 Email:
Fax
604.683.4887, or visit www.elninoventures.com 2303
West 41st Avenue, Vancouver, B.C. Canada V6M 2A3
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.
You can view the Next News Releases item: Fri May 28, 2010, El Niño Ventures Inc. Appoints Independent Directors
You can view the Previous News Releases item: Thu Mar 11, 2010, El Niño Ventures Inc. Reports Soil Geochemistry Sampling Results on the Kasala Copper Project -- DRC
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