October 12 2010,
Vancouver, Canada. -- El Niño Ventures Inc. ("ELN" and the "Company") (TSX.V: ELN;
Frankfurt: E7Q) wishes to announce that further to its news releases dated
September 7 and September 16 the Company has now completed its non-brokered
private placement and accordingly has issued 16,135,000 units (the "Units") at a
price of $0.05 per Unit for gross proceeds of $806,750. Each Unit consists of
one common share and one non-transferable share purchase warrant. Each share
purchase warrant will now entitle the holder to purchase one common share of the
Company over a period of three years at a price of $0.10 per share. In
connection with the closing of the financing, the Company has paid $13,125.00 in
finder's fees. All of the securities issued pursuant to this private placement
are subject to a hold period that expires on February 6, 2011.
The proceeds of this private placement will be used to acquire new projects and
general working capital.
About El Niño Ventures Inc.
El Niño Ventures is an exploration company, focused on exploring for
Copper/Cobalt in the Democratic Republic of Congo ("DRC"). In addition the
Company had entered into an Option agreement with Votorantim and Xstrata Zinc
whereby Votorantim, by incurring exploration expenditures of $10 million over a
period of 5 years. Votorantim may further elect to increase its interest to 70%
by spending another $10 million over an additional two years. The Votorantim
option is on an extensive land package in the Bathurst Mining Camp that ELN
currently shares 50/50 with Xstrata Zinc Canada.
El Niño Ventures has grown its asset base substantially over the last year. Our
discovery on what is now known as the Kasala Project gives the Company a bona
fide development project going forward. The results on this project are very
consistent and have a true thickness that bears the foundation of a world class
project over time.
On Behalf of the Board of Directors,
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
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.