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March 7, 2011 Vancouver,
Canada -- El Niño Ventures Inc. ("ELN" and the "Company") (TSXV: ELN; Frankfurt:
E7Q) is pleased to announce that it has increased its proposed non-brokered
flow-through and non-flow-through unit financing from $1,500,000 to $2,000,000.
The Company intends to issue up to 21,428,571 non flow-through units (NFT Units)
at $0.07 per NFT Unit. Each NFT Unit consists of one common share and one-half
share purchase warrant (Warrant). Each whole Warrant entitles the holder to
subscribe for one additional common share of the Company at $0.10 per share for
a period of 18 months from closing. Notwithstanding the foregoing, if the
closing price of the common shares of the Company on the TSX Venture Exchange is
at least $0.15 per share for any 10 consecutive trading days, the Company may
accelerate the expiry time of the Warrants to 30 calendar days from the date
express written notice is provided by the Company to the warrantholder.
The Company intends to issue up to 5,000,000 flow-through units (FT Units) at
$0.10 per FT Unit. Each FT Unit consists of one common flow-through share and
one-half non flow-through share purchase warrant (Warrant). Each whole Warrant
will entitle the holder to subscribe for one additional non flow-through common
share of the Company at $0.20 per share for a period of one year from closing.
Finder's fees may be payable. The proceeds of this private placement will be
used to acquire new projects in North America, Africa and general working
capital.
The foregoing is subject to regulatory approval.
About El Niño Ventures Inc:
El Niño Ventures Inc. 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.
In February 2011, ELN announced that a $5 million exploration program has begun
consisting of airborne and ground geophysics and will include a 10,000 metre
drill program which is slated for commencement in the spring of 2011. (See press
release dated February 23, 2011).
In January 2011, ELN announced that it has provided notice Votorantim Metals
Canada Inc. (Votorantim) to enter into an Option Agreement on the Murray Brook
Polymetallic Deposit, situated in the Bathurst Mining Camp in New Brunswick,
Canada. (See press release dated January 20,2011).
ELN's management are aggressively negotiating to acquire additional projects in
an international scale that meet our corporate objectives.
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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