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April 24, 2012, Vancouver,
Canada; El Niño Ventures Inc. ("ELN" and the "Company") (TSX.V: ELN;
OTCQX: ELNOF Frankfurt: E7Q) is pleased to provide an update of the
exploration work performed during the period July 1 to December 31,
2011 for its Bathurst Mining Camp (BMC) Base Metals Tri-Party
agreement between El Nino, Votorantim Canada (VMC) and Xstrata Zinc
Joint venture project in Bathurst, New Brunswick.
VMC's work on the Xstrata-El Nino-Votorantim lands during this
period included diamond drilling and ground EM surveys. A Time
Domain EM survey was completed by Eastern Geophysics Ltd. on two
third party optioned properties; and a combined borehole and surface
TDEM survey was performed southeast of the BM&S No.6. The following
table summarizes the work completed during the period July 1 to
December 31, 2011.
Table-1 Exploration Activities
Performed from July to December 31, 2011
Diamond Drilling:
As of December 31, 2011 a total of 16 holes, totaling 5,011 metres,
have been completed on the Bathurst Mining Camp project (Figure 1).
This Phase of exploration drilling campaign focused on geophysical
and geochemical targets in the Brunswick Belt, two third party
optioned properties in the Brunswick Belt and two optioned
properties in the southwestern part of the BMC. The only hole
drilled in the Camel Back project intersected widespread alteration
with common traces of sphalerite.
Ground Geophysics- Large Loop Pulse EM:
A large grid was cut over the two third party optioned properties in
Brunswick Belt and adjoining parts of Xstrata's claims. Four loops
were laid out and readings were measured in-loop and out-of-loop.
Only a few weak areas of low resistivity were detected. Deep
drilling, which subsequently tested the at depth extent of a narrow
zone of subeconomic base metal mineralization, did not intersect any
significant sulphide or base-metal mineralization.
Borehole Geophysics:
Borehole and surface Pulse EM surveys were performed southeast of
Nepisiguit Dam in and around two drill holes completed in 2010 that
intersected stockwork style copper-iron. Only a small off-hole
response was found from the Pulse EM survey at Nepisiguit Dam and no
further work is planned.
Figure1 --Drill Holes Location Map
Airborne Geophysics -- Airborne Gravity Gradiometry (AGG):
Fugro Airborne Surveys completed the Phase 1 AGG survey over two
large areas in the Bathurst Mining Camp in May 2011. This was the
first ever commercial survey using the 'Falcon' Gravity Gradiometer
in a helicopter platform. Figure 2 shows the outlines of the
surveyed areas. A decision to proceed with Phase 2 and 3 will be
contingent upon results obtained in Phase 1. Final results have now
been received and are being interpreted in conjunction with
Votorantim's HeliTEM magnetic and EM data and other historical data,
with the objective of identifying targets for drill testing in 2012.
Figure 2 --Airborne Gravity
Gradiometry Survey
2012-2013 Exploration Plans
2012-Q1: Three drill holes were completed on third party
options, in the Brunswick Belt, for a total of 1975 metres to test
for base metal mineralization at depth. No significant
mineralization was intersected. These three drill holes as well as
three holes completed in Q4 2011 were tested by borehole pulse EM,
however no anomalies were detected.
2012-Q2 to Q4 and 2013 Q1: It is planned to drill-test
airborne gravity gradiometer targets throughout the remainder of
2012. Ground geophysical surveys will be performed if necessary to
refine some gravity targets.
Figure 3 - Land tenure map showing
the location of optioned properties in the Bathurst Mining Camp
About Bathurst Mining Camp Project-Tri Party Agreement
Bathurst Mining Camp (BMC) project consists of an initial 4,712
claims in the Tri‐Party Agreement with Xstrata & VM Canada. In
January 2009, Votorantim Metals Canada Inc. (VMC) entered into a
binding MOU with Xstrata Canada Corporation and El Nino Ventures
Inc. to pursue an Option-Joint Venture Agreement, whereby VMC may
earn up to a 70% interest in those properties by making exploration
expenditures of $20,000,000 over a period of seven years. Following
a six-month period of due diligence, the companies entered
negotiations to reach a final Option-JV Agreement which was
concluded in July 2010. Meanwhile, VMC commenced exploration in
August 2009 with a program of airborne and surface geophysical
surveys, geochemistry, geological mapping, compilation of historical
data and research into advanced exploration technologies suitable
for application in the Bathurst Mining Camp (BMC). In the early part
of 2010, VMC made application to the Government of New Brunswick (GNB)
for financial assistance in applying new exploration methods. An
Advanced Exploration Agreement between the GNB and VMC was executed
in late September, 2010 regarding the implementation of a program
that would match VMC's exploration expenditures with GNB
contributions. These expenditures are to be no less than $1,000,000
and no more than $2,500,000 per year for three years, for a maximum,
total, GNB contribution of up to $7,500,000. GNB expenditures
together with VMC's expenditures would therefore result in
exploration expenditures of up to $15,000,000 over the life of the
Agreement. The effective date for this agreement is April 1, 2010.
Qualified Persons Statement
This news release has been reviewed and approved for technical
content by Ali Hassanalizadeh M.Sc. P.Geo a qualified Person under
the provisions of National Instrument 43‐101.
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.
- Murray Brook Project:
The Murray Brook project,
which has an excellent infrastructure, is the fifth largest,
massive-sulfide deposit in the Bathurst Mining Camp. VMC can
earn up to a 50% interest in the Murray Brook Project by
funding $2,250,000 of exploration expenditures over a period
of 3 years. ELN has elected to participate by paying 50% of
VMC's exploration costs. VMC and ELN have a second option to
acquire a further 20% by incurring an additional $2.5
million in exploration costs.
In 2011, ELN and VMC spent $2.1
million on exploration; and completed 10,000 meters of drilling.
Drill results to date have been very encouraging.
A recently completed (February 2012) NI 43‐101 Mineral Resource
Estimate for the Murray Brook Zn‐Cu‐Pb‐Ag‐Au deposit, which
includes explanatory footnotes, is presented below. The resource
estimate is based on various assumptions regarding mining
methods, processing and metal recoveries, payable metal NSR
credits and metal prices. This estimate makes no provision for
capital costs to mine the deposit, nor mill the material mined,
as resources are not reserves and the reader should not presume
economic viability.
Table-1 Murray Brook Mineral
Resource Estimate Summary
Mineral resources which are
not mineral reserves do not have demonstrated economic
viability.
The estimate of mineral resources may be materially affected by
environmental, permitting, legal, title, taxation,
socio-political, marketing, or other relevant issues.
- The quantity and grade of
reported Inferred resources in this estimation are uncertain
in nature and there has been insufficient exploration to
define these Inferred resources as an Indicated or Measured
mineral resource and it is uncertain if further exploration
will result in upgrading them to an Indicated or Measured
mineral resource category.
- The mineral resources in
this news release were estimated using the Canadian
Institute of Mining, Metallurgy and Petroleum (CIM), CIM
Standards on Mineral Resources and Reserves, Definitions and
Guidelines prepared by the CIM Standard Committee on Reserve
Definitions and adopted by CIM Council
- The Dec 31, 2011 two year
trailing average US metal prices used in this estimate were
$3.71/lb Cu, $1.03/lb Pb, $0.98/lb Zn, $1,397/oz Au,
$27.63/oz Ag. The C$/US$ Exchange rate was 0.99.
- Overall payable metal in the
NSR calculation were 81% Cu, 72% Pb, 64% Zn, 71% Au and 56%
Ag.
- Mineral resources were
determined within a Whittle pit shell with 45 degree slopes
utilizing mining costs of C$2.50/tonne for mineralized
material and waste rock, and C$1.75/tonne for overburden.
- Costs used to determine the
C$20/tonne NSR resource cut-off value were processing at
C$15/tonne and G&A C$5/tonne.
- The Murray Brook Mineral
Resource Estimate was undertaken by Eugene Puritch, P.Eng.
of P&E Mining Consultants Inc.
Votorantim Metals Canada Statement:
Technical details in this news release were provided by VM
Canada whose professional geologists conduct operations
consistent with mineral industry best practices. VM Canada
accepts no responsibility for this news release or any
inferences made from the technical details provided herein.
About VM Canada (Votorantim Metals Canada Inc.)
Votorantim Metals Canada Inc. is a subsidiary of Votorantim
Metais; 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 Metais 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
"Harry Barr"
Harry Barr
Chairman & CEO
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.
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