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September 29, 2010 Vancouver, Canada -- El
Niño Ventures Inc. ("ELN" and the "Company") (TSX.V: ELN; Frankfurt: E7Q)
announces that it has re-filed its interim financial statements and management
discussion and analysis ("MD&A") for the interim period ended July 31, 2009. In
addition, the Company is currently in the process of re-filing its interim
financial statements and MD&A for the interim period ended October 31, 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
February 1, 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 six months ended July 31, 2009 filed on
SEDAR on September 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
period ended October 31, 2009 to reflect the above facts.
About El
Niño Ventures Inc.
El Niño Ventures Inc. is a
mineral exploration company, focused on copper/cobalt exploration in the DRC. 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 CEO
TSX Venture Exchange or 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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