|
November 18, 2013, Vancouver, Canada --
El Nino Ventures Inc. ("ELN" and the
"Company") (TSXV: ELN; Frankfurt: E7Q;
OTCQX: ELNOF) announces that pursuant to
the special resolution passed by the
shareholders at the Company's Annual
General and Special Meeting on September
25, 2013, the Company will consolidate
(the "Share Consolidation") its issued
and outstanding shares (the "Common
Shares") on the basis of three (3) old
common shares of the Company for (1) new
common share of the Company (the " New
Common Shares").
There are currently 91,941,683 common
shares of the Company issued and
outstanding. Effective at the opening on
November 25, 2013, shares of El Nino
will commence trading on a
post-consolidated basis and there will
be approximately 30,647,228 new common
shares of the Company issued and
outstanding. Fractional shares
comprising of less than one-half of one
share will be deemed to have been
tendered by the registered owner to the
Company for cancellation, and will be
returned to the authorized but unissued
shares of the Company. Fractional shares
comprising of greater than or equal to
one-half of one share will be converted
into one whole common share. The new
CUSIP and ISIN numbers are: 28335E304
and CA28335E3041 respectively. The
Company does not intend to change its
name or seek a new stock trading symbol
in connection with the share
consolidation. The share consolidation
is subject to TSX Venture Exchange
approval.
The Board of Directors have approved the
share consolidation and believe that the
consolidation of the common shares
should enhance their marketability as an
investment and should facilitate
additional financings to fund future
operations.
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. 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%.
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. 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.
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. 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.
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.
|
