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June 29, 2010 Vancouver, Canada -- El Niño Ventures Inc. ("ELN" and the "Company")
(TSX.V: ELN; Frankfurt: E7Q) ("ELN" or the "Company")
announces that it has re-filed its interim financial statements and management
discussion and analysis ("MD&A") for the interim period ended April 30, 2009. In
addition, the Company is currently in the process of re-filing its interim
financial statements and MD&A for the interim periods ended July 31, 2009 and 31
October 2009. The following is a summary of the material revisions to the
Company's amended and restated financial statements and MD&A.
The Company became aware that further unauthorized exploration/mining activities
were being conducted on the Infinity Project by the Country Manager. The
unauthorized activities being carried out by the Country Manager and the
inability of the Company to assert control over its investment Infinity
Resources SPRL ("Infinity") and Harmony Resources SPRL ("Harmony") and its local
management caused the Company to conclude that it did not exercise control or
significant influence over its investments in Infinity and Harmony during the
year ended January 31, 2010. As a result, the Company determined that it should
have derecognized the assets and liabilities of Infinity and Harmony effective 1
February 2009. Based on the foregoing, the Company concluded that the previously
filed consolidated financial statements and MD&A for the periods ended April 30,
2009, July 31, 2009 and October 31, 2009, which were filed with SEDAR on June 29,
2009, September 29, 2009 and December 29, 2009, respectively, should no longer
be relied upon. Accordingly, the Company's consolidated interim financial
statements and MD&A for the three months ended April 30, 2009 filed on SEDAR on
June 29, 2009 have been restated using the cost method rather than on a
consolidated basis, the details of which are disclosed in the amended and
restated financial statements. In addition, the Company is in the process of
amending and restating the interim financial statements and MD&A for the interim
periods ended July 31, 2009 and October 31, 2009 to reflect the above facts.
About El Niño Ventures Inc.
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
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.
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