February 2, 2012 Vancouver, Canada -- El Niño Ventures Inc. ("ELN"
and the "Company") (TSX.V: ELN; Frankfurt: E7Q; OTCQX: ELNOF) announces that
further to its news release dated November 21, 2011, the Company will be
proceeding with its non-brokered flow-through and non flow-through private
placement of up to 10,000,000 units for gross proceeds up to $1,500,000.
Each non flow-through unit ("NFT Unit") at a price of $0.13 per NFT Unit will
consist of one common share and one-half of one non-transferable share purchase
warrant ("Warrant"). Each whole Warrant will entitle the holder to purchase one
common share of the Company at a price of $0.23 per share for 18 months from
closing, subject to an accelerated expiry, such expiry being accelerated to 30
days in the event the Company's shares have closed at or above a price of $0.40
per share for 10 consecutive trading days on the TSX Venture Exchange.
Each flow-through unit ("FT Unit") will consist of one common flow-through share
in the capital of the Company and one-half of one non flow-through share
purchase warrant at a price of $0.15 per FT Unit. Each whole warrant will
entitle the holder thereof to purchase one additional non flow-through common
share of the Company at $0.25 for a period of 18 months from closing subject to
an accelerated expiry, such expiry being accelerated to 30 days in the event the
Company's shares have closed at or above a price of $0.40 per share for 10
consecutive trading days on the TSX Venture Exchange.
The proceeds of this private placement will be used to fund the 2012 exploration
budget at the Murray Brook Polymetallic project in Bathurst, New Brunswick and
general working capital.
The Company may pay finder's fees in connection with this private placement as
permitted by applicable securities laws and the TSX Venture Exchange. All of the
securities to be issued by the Company in connection with this private placement
will be subject to a hold period which expires four months and a day after the
closing date.
The closing of the private placement is subject to approval from the TSX Venture
Exchange.
About El Niño Ventures Inc.:
El Niño Ventures Inc. is an international exploration company, focused on
exploring for lead, zinc, copper, gold and silver in New Brunswick, Canada and
copper in the Democratic Republic of Congo (ʺDRCʺ).
Murray Brook Project
In January 2011, ELN announced that it has provided notice to Votorantim Metals
Canada Inc.
(Votorantim) to enter into a Participation Agreement on the Murray Brook Massive
Sulphide Polymetallic deposit situated in the Bathurst Mining Camp in New
Brunswick, Canada. (See press release dated January 20th, 2011).
The first phase of the 2011 drill program was completed in
spring/summer 2011 and significant intersections of zinc, copper, lead, gold and
silver were reported. The second phase of the drilling program was initiated in
September 2011 and results are expected before year end. (See press release
dated August 30, 2011). The Murray Brook 2012 Exploration program budget is
currently set at $2.5 Million. This program will consist of a multi phase drill
program and a NI43-101 resource estimate with preliminary tonnage and grade
calculations to be completed in Q1-Q2 2012.
Bathurst Tri Party Agreement
Also in the Bathurst Mining Camp, El Niño has an additional project whereby it
holds a 50% interest in an extensive base metal deposit. Located within the
Bathurst Mining Camp in Bathurst, New Brunswick, earlier drilling campaigns have
been carried out on several historical deposits of lead, zinc and copper
mineralization within the large claim block owned 50% ELN, 50% Xstrata Zinc. El
Niño subsequently entered into an option agreement with Votorantim Metals Canada
Inc. and Xstrata Zinc Canada (The Bathurst Tri Party Agreement) whereby
Votorantim may earn a 50% interest in El Niñoʹs landholdings by expending $10
million over 5 years and may further increase its interest in El Niñoʹs
landholdings to 70% by expending an additional $10 million over a further two
years. (Please see press release dated February 23, 2011 ).
ELN's management is negotiating to acquire additional projects on an
international scale that meet our corporate objectives.
On Behalf of the Board of Directors,
"John Oness"
John Oness, COO & Director
Neither the TSX Venture Exchange nor 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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