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Five million dollar
exploration program planned for the next fiscal year April 2011- March 2012
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Airborne and ground
geophysics, 10,000 meter drill program planned
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Drilling to begin in
the spring of 2011
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Targets outlined from
the 2010 and ongoing Q1-2011 exploration programs
February 23, 2011,
Vancouver, Canada. -- El Niño Ventures Inc. ("ELN" and the "Company") (TSX.V: ELN;
Frankfurt: E7Q) is pleased to provide an update of proposed exploration
activities for its Bathurst Mining Camp El Nino Xstrata Zinc JV
project in Bathurst, New Brunswick in option/joint venture agreement with
Votorantim Metals Canada Inc.
An extensive exploration
program is planned for the next fiscal year April 2011 -- March 2012 which will
take advantage of recent technological advances in exploration and employ new
methods that have seen little or no previous application in the Bathurst Mining
Camp (BMC). While there remains the potential to discover near surface deposits,
this program has the capability to detect large buried sulfide deposits at
depths of up to 300 meters.
In May 2011, a Fugro Airborne Gravity Gradiometry survey is planned for the
property. This survey will provide better resolution than earlier fixed wing
gravity systems and may be able to directly detect large buried massive sulfide
seposits. This survey will screen MegaTEM anomalies and help plan further
detailed ground geophysical surveys, such as TEM, Titan 24, as well as
prioritize diamond drilling efforts.
A focused 10,000 metre drill program is planned to commence in the spring of
2011.
The drilling program will test several specific targets that are the result of
previous exploration initiatives.
The fiscal 2011-2012 year program is currently budgeted at $5.0M.
About the Bathurst Mining Camp (BMC) Project
The BMC Project is comprised of 2335 claims currently owned 50% El
Nino/50% Xstrata Zinc, and 1698 claims owned 100% by Xstrata Zinc. Under the
terms of the Votorantim Metals, Xstrata Zinc and El Nino option/joint venture
agreement, Votorantim can earn a 50% interest in those claims by incurring
exploration expenditures of $10 million over a period of 5 years. Votorantim
Metals may further elect to increase its interest to 70% by spending another $10
million over an additional two years. The option/joint venture agreement also
identifies an Area of Interest in which each of El Nino, Xstrata Zinc and
Votorantim Metals can participate in acquisitions made by the other. Currently,
Votorantim Metals has option agreements with 341 claims held by third parties in
the Area of Interest in respect of which El Nino and Xstrata Zinc have certain
unexercised participation rights. Earlier drilling campaigns delineated several
historical deposits of lead, zinc and copper mineralization within the 2335
claims in which El Nino currently holds 50% interest (see June 4, 2008 press
release).
About Votorantim Metals Canada Inc.
Votorantim Metals Canada Inc. is a subsidiary of Votorantim Metals, a company
that is part of the Votorantim Group, which was founded in Brazil in 1918 and
now operates in over twenty countries and has over forty-five thousand
employees. Votorantim Metals is the largest electrolytic nickel producer in
Latin America and one of the world's leaders in production of zinc and aluminium.
About El Niño Ventures Inc.
El Niño Ventures Inc. is a mineral exploration company focused on base
metals exploration and development internationally. In addition to its interest
in the BMC Project, El Nino is also focused on a copper project in the
Democratic Republic of Congo. The Kasala discovery is one of the first green
fields copper discoveries in the last 10 years in the Central African Copper
Belt.
The company is aggressively negotiating to acquire new projects to add to its
current portfolio.
On Behalf of the Board of Directors,
"Harry Barr"
Harry Barr, Chairman and Acting 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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