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April 18, 2012 Vancouver, Canada
-- El Niño Ventures Inc. ("ELN" and the "Company") (TSX.V: ELN;
Frankfurt: E7Q; OTCQX: ELNOF) is pleased to announce that it has
closed the third and final tranche of its non-brokered flow-through
and non flow-through private placement for gross proceeds of an
additional $147,760. In aggregate, the private placement has been
oversubscribed to total gross proceeds of $1,511,400.
In the third tranche, the Company issued 530,846 non flow-through
units (NFT Units) at a price of $0.13 per NFT Unit. Each NFT Unit
consists 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 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.
In addition, the Company issued 525,000 flow-through units ("FT
Unit") at $0.15 per FT Unit. Each FT Unit consists of one common
flow-through share and one-half of one non-transferable, non
flow-through, share purchase warrant. Each whole Warrant will
entitle the holder to purchase one non flow-through common share of
the Company at a price of $0.25 per share 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 has paid $6,213 and 42,140 warrants in finder's fees in
connection with this third and final tranche closing of the private
placement.
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 August 18, 2012, four months and one day after the closing
date.
About El Niño Ventures Inc. Bathurst Projects
- Bathurst Mining Camp Project:
(Tri-Party Agreement)
Consists of an initial 4,712 claims in the Tri‐Party Agreement
with Xstrata & VM Canada whereby VM Canada may incur exploration
expenditures of $10 million over a period of 5 years to earn a
50% interest. VM Canada may further increase its interest to 70%
by spending an additional $10 million over 2 years.
In February 2011, ELN announced
that a $5,000,000 exploration program on the Bathurst Mining
Camp Base Metals Project has begun consisting of airborne and
ground geophysics and will include a 10,000 metre drill program
which is currently underway. (See news release dated February
23, 2011). Airborne geophysics survey has been completed and
survey results are pending.
- Murray Brook Project: Under
Votorantimʹs Option and Joint Venture Agreement with Murray
Brook Minerals and Murray Brook Resources, both privately held
companies, Votorantim can earn a 50% interest in the properties
by funding $2,250,000 in exploration expenditures and making
payments totalling $300,000 over a three year period that
commenced November 1, 2010. Votorantim can earn an additional
20% interest in the properties by funding an additional
$2,250,000 in exploration expenditures over an additional two
year period. ELN has elected to enter into a participation
agreement wherein it can earn 50% of Votorantim's interest by
paying 50% of the costs incurred by Votorantim in the Option and
Joint Venture Agreement.
The Murray Brook Deposit
The Murray Brook deposit is a polymetallic, volcanic hosted
massive‐sulfide deposit in the Bathurst Mining Camp, New
Brunswick. The property is located approximately 60 km west of
the town of Bathurst. A gravel road links the property to a
paved highway. An electricity grid is nearby, as are communities
with goods, services and skilled labor. The Gossan Zone
overlying the massive sulfide deposit was mined for gold and
silver during the open‐pit mining operations carried out by
Novagold Resources Inc. during the early 1990s. The hanging wall
is moderately chloritic and is locally intensely deformed. The
foot wall consists of fine grained, felsic tuff and tuffaceous
sediments with moderate to strong chlorite and sericite
alteration. Sulfides are mainly fine grained, massive, weakly
laminated pyrite with disseminated and banded sphalerite,
chalcopyrite and galena.
Figure 1- Land tenure map
showing the location of the Murray Brook Project in the
Bathurst Mining Camp
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 the results announced (please see news releases
dated
August 30, 2011,
November 28, 2011,
January 16th and
January 23, 2012).
About VM Canada (Votorantim Metals Canada Inc.)
Votorantim Metals Canada Inc. is a subsidiary of Votorantim
Metals; a company that is part of the Votorantim Group that
was founded in Brazil in 1918 operates in twenty countries
and has over forty thousand employees. Votorantim Metals is
the largest electrolytic‐nickel producer in Latin America
and one of the world's leaders in the production of zinc,
aluminum and nickel.
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 ("DRC").
On Behalf of the Board of
Directors
John Oness
COO & Director
El Nino Ventures Inc.
Further Information: Tel: +1 604 685
1870 Fax: +1 604 685 8045
Email: info@elninoventures.com or visit www.elninoventures.com
650-555 West 12th Avenue, City Square, West Tower, Vancouver, B.C.,
Canada, V5Z 3X7
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.
Cautionary Note Regarding Forward Looking Statements. 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. |
