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November 24, 2010,
Vancouver, Canada -- El Nino 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 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 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 was 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 October 31, 2009 filed on SEDAR
on December 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.
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"
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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