|
October 18, 2018 Rockport, Canada -- El
Nino Ventures (ELN or the Company) (TSX.V:
ELN; OTCQB: ELNOF; FSE: E7Q).
 |
The Chairman and CEO Harry Barr
stated; "The Board of Directors
and management are very
privileged to have Gordon
Chunnett join the Board of
Directors of the company. Mr.
Chunnett has extensive global
experience in Platinum Group
Metal (PGM) operations,
exploration and mine
development, with particular
emphasis on South Africa. He has
served with Anglo Platinum
Limited for approximately 31
years retiring as Head of
Platinum Geology and
Exploration. Subsequently he has
a further 9 years of consulting
to the industry. Mr. Chunnett
has unparalleled experience in
the Bushveld and Great Dyke,
which served well for the
International Exploration
projects that he headed up in
Brazil, Canada, Russia, China,
Zimbabwe and elsewhere. Mr.
Chunnett is currently an
International Geological
Consultant focused on PGMs and a
host of other minerals
About El Nino Ventures
El Nino Ventures Inc. (ELN) has
in the past years been a Base
Metals exploration company with
its focus being on the Murray
Brook Project in the Bathurst
region of New Brunswick, Canada.
ELN signed an option to purchase
agreement regarding the sale of
its interest on this project
(News Release: Oct 13th, 2016)
with Puma Explorations for $3.1
million dollars. In May 2018 ELN
received the second cash payment
of $1,500,000 from Trevali
Mining Corporation, a mid-tier
zinc, base metal company who
Puma signed a funding agreement
with and El Nino acknowledged
that agreement. |
The 3rd
and final payment of an additional 1
million (total 3.1 million) is due by
May 10, 2019. In addition, a royalty,
net smelter return (NSR) for the life of
the project will be paid to ELN as
outlined below.
1)
The NSR will start at 0.25% at a
zinc price of US$1.04/lb and will
increase in increments of 0.25%, to
a maximum of 1.75% above US$1.50/lb
Zinc.
2) This NSR, which is in relation to
approximately 32% of the production
from the Murray Brook Property, and
includes the Mining Lease and the
Camel Back claims, for the life of
the Murray Brook deposit and any new
discovery made on the total project.
3) On October 17, 2018 the price of
Zinc was $1.21/lb USD according to
Kitco.
El
Nino has 2,000,000 warrants of Puma
and the terms of the warrant are as
follows: El Nino will be given the right
to buy 2,000,000 warrants of Puma's
ordinary shares (the warrants) expiring
3 years after the closing of the
transaction based on the following
exercise prices:
1) 0
to Year 1 (Nov 15, 2017): Equal to
the price of the acquisition equity
financing;
2) Year 1 to Year 2 (Nov 15, 2018):
a 20% premium to the price indicated
in 1) above; and
3) Year 2 to Year 3: a 20% premium
to the price indicated in 2) above.
In the
event Puma/Trevali do not complete the
final option payment to acquire ELN's
interest, ELN will receive its entire
interest in the Murray Brook project,
back in good standing. Outside of
investigating new innovative ways to
move ELN's business plan forward, the
Company also has an aggressive mineral
acquisition program underway with a
focus on gold and base metal projects
that are a mix of grass roots,
brownfields and advanced stage projects.
The Company plans to use the Prospector
Generator Model which reduces risk,
share dilution and increases discovery
potential.
Stock Option Grant
In addition, the Company announces
that it has granted 300,000 incentive
stock options to consultants of the
Company at an exercise price of $0.10
per share for a period of five (5) years
from the date of grant in accordance
with the Company's Stock Option Plan.
The Stock Options granted will be
subject to vesting restrictions,
acceptance by the TSX Venture Exchange
and will be subject to regulatory hold
periods in accordance with applicable
Canadian Securities Laws.
On Behalf of the Board of Directors
"Harry Barr"
Harry Barr
Chairman & CEO
El Nino Ventures Inc.
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: 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.
|
