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September 12, 2013 Vancouver, Canada --
El Niño Ventures Inc. ("ELN"and the
"Company") (TSX.V: ELN; Frankfurt: E7Q;
OTCQX: ELNOF is pleased to announce that
it has completed the first tranche
closing of its non-brokered flow-through
and non flow-through private placement
for gross proceeds of $54,000.
The Company issued 2,500,000 non
flow-through units (NFT Units) at a
price of $0.02 per NFT Unit. Each NFT
Unit consists of one common share and
one-half of one non-transferable share
purchase warrant ("Warrant"). Each
Warrant will entitle the holder thereof
to purchase one additional common share
of the Company for a period of 24 months
from the closing date at a price of
$0.05 per share during the first year
and $0.10 per share during the second
year.
In addition, the Company issued 200,000
flow-through units ("FT Unit") at $0.02
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 Warrant will entitle the holder
thereof to purchase one additional
common share of the Company for a period
of 24 months from the closing date at a
price of $0.05 per share during the
first year and $0.10 per share during
the second year.
The private placement is in reliance on
the temporary relief measures
established by the TSX Venture Exchange
(the "Exchange"), and is being conducted
in accordance with the temporary relief
criteria set out in the Exchange's
bulletin of April 12, 2013, in relation
to the extension and modification of
temporary relief from certain pricing
requirements (the "Temporary Relief
Measures"). The Company has paid
$280.00 and 14,000 warrants in finder's
fees in connection with this first
tranche Closing. This private placement
has been approved by the Company's board
of directors, excluding those directors
that may have a direct interest in the
private placement.
The proceeds from the sale of the first
tranche of NFT Units will be used as
follows:
Pending Arbitration Costs: $25,000
Legal Costs: $15,000
AGM Costs: $10,000
Maintain 35% earned interest in Murray
Brook project: $4,000
Total: $54,000
The Company confirms that no funds
raised as part of the private placement
will be used to pay any liabilities owed
to any related parties in this Closing.
The shares issued with respect to the
Offering will be subject to a four-month
hold period in accordance with
applicable Canadian Securities Laws.
Completion of the Offering and any
finder's fees payable is subject to
regulatory approvals, including approval
of the Exchange under Temporary Relief
Measures.
About El Niño Ventures Inc. Bathurst
Projects
El Niño Ventures Inc. has two active
projects in the Bathurst Mining Camp:
1. Murray Brook Project
The Murray Brook Project is located 60
km west of Bathurst, in the northwest
part of the Bathurst Mining Camp (Figure
1). The Murray Brook deposit is a
zinc-lead-copper-silver massive sulphide
which is the subject of a recently
completed Preliminary Economic
Assessment. The project is supported by
excellent infrastructure including paved
roads, grid electricity and communities
to provide goods, services and skilled
labour.
ELN and VMC currently own 100% of the
Murray Brook Project and VMC is the
operator. VMC controls 65% and ELN
controls 35%.
Figure 1. Murray Brook Project and
Camel Back property location map,
Bathurst Mining Camp, New Brunswick.
To date, more than 28,000 metres of
drilling has been completed on the
Murray Brook Project. The first
NI43-101 mineral resource estimation and
the first metallurgical results were
published in press releases dated
February 2012 and January 2013,
respectively. On June 5, 2013 a positive
Preliminary Economic Assessment was
announced (see news release). The
results of the PEA demonstrate the
potential technical and economic
viability of establishing a new mine and
mill complex on the Murray Brook
property. The projected cash flows
indicate an after-tax NPV at a 5%
discount rate of $96.4 million, an IRR
of 11.4%, and a payback period of 5.4
years. The NI43-101 Technical Report is
now filed on SEDAR and is also available
on the ELN website (see
http://www.elninoventures.com).
2. Bathurst Option Joint Venture
The BOJV project is a Tri‐Party
Agreement with Glencore Canada
Corporation and VMC covering much of the
area of the Bathurst Mining Camp in
northeastern New Brunswick (Figure 1).
The project commenced in July 2009. VMC
can earn 50% by spending $10 million
over 5 years. VMC can further increase
its interest to 70% by spending an
additional $10 million over 2 more
years. Exploration expenditures to date
by VMC total about $6.7 million. A $2
million dollar drill program was
announced on September 10, 2013. (see
news release).
BOJV project originally consisted of
4712 claims owned 50% ELN and 50%
Glencore Canada Corporation and 2907
claims owned 100% by Glencore Canada
Corporation, together with an Area of
Interest in which ELN and Glencore
Canada Corporation hold equal interest.
Due to the Area of Interest, the BOJV
generates new projects for ELN at no
initial cost. An example of such
project generation for ELN is the Murray
Brook Project.
Votorantim Metals Canada Inc.
Statement
Technical details in this news release
were provided by VMC whose professional
geologists conduct operations consistent
with mineral industry best practices.
VMC accepts no responsibility for this
news release or any inferences made from
the technical details provided herein.
About Votorantim Metals Canada Inc.
VMC is a subsidiary of Votorantim Metais
a company that is part of the Votorantim
Group that was founded in Brazil in
1918. The Votorantim Group operates in
twenty countries and has over 40,000
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. VMC in
conjunction with Glencore Canada
Corporation and El Nino Ventures is
operator of the Bathurst Option and
Joint Venture which is actively
exploring for base metal deposits within
the Bathurst Mining Camp.
About El Nino Ventures Inc.
El Niño Ventures Inc. is an
international exploration company,
focused on exploring for zinc, lead,
copper, silver and gold 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. |
