El Niño Acquires First Copper Project in the Democratic Republic of Congo (DRC)
El Niņo has acquired an initial 70 percent interest, over 350
Located in the world renowned DRC Copperbelt
El Niņo's first project is adjacent to Anvil Mining (AVM:TSX),
Tiger Resources (TGX:ASX), BHP Billiton and First Quantum Minerals (FQM:TSX)
El Niņo's President and management have extensive experience in
Exploration program in progress
El Niņo is aggressively acquiring base metal projects throughout
El Niņo is the Project Operator
El Niņo's market cap is approx. $11 million, working capital $3.2
May 29 2007, Vancouver, BC -- El Niņo Ventures Inc. ("El Niņo")
(TSX.V: ELN; OTCBB: ELNOF; Frankfurt: E7Q) is pleased to announce that
it has acquired a 70 percent interest in a Joint Venture Agreement with GCP
Group Ltd, a private Congolese company. El Niņo holds it's initial
70 percent interest in Research Permits # 5214, 5215, 5216 and
5217. These permits were granted by the Cadastre Miner of the DRC and covering
352 square kilometers in one of the most prospective exploration areas in the
DRC-Zambian Copperbelt. The permits are located between Lubumbashi and Likasi
and offer easy access for exploration which offers excellent infrastructure.
Harry Barr, Chairman of El Niņo stated: The acquisition of
our first base metals project in the DRC allows our company to fulfill our
mandate of exploring and developing base metal projects on an international
scale. Our objective, simply stated, is to control one of the leading
base metal and mineral exploration portfolios in the DRC.
On May 10th, 2006 Jean-Luc Roy was appointed President of El Niņo
and brought his extensive expertise in exploration and development in Africa to
our company. Mr. Roy spent 19 years of his professional career working and
living in Africa. In Africa Mr. Roy worked for Ashanti Gold and International
Gold Resources. Before joining El Niņo, Mr. Roy played an integral part
in the development of First Quantum Minerals (FQM) in the DRC as Managing
Director for five years. While in Africa Mr. Roy spearheaded teams that
managed multi-million yearly exploration budgets, helped place three mines in
production and was responsible for acquiring valuable land positions for various
companies. Mr. Roy has negotiated agreements successfully at all levels of
government in Africa.
About the DRC
The DRC Copperbelt hosts multiple world class deposits and the exploration
potential is considered one of the best in the world. In late 2006 the
DRC had it's first free election in 48 years and previous to that it
established a new mining code in 2003. These events have created a
renewed confidence for investors in the DRC. Major mining companies such as
Phelps Dodge and First Quantum Minerals are now in construction on world class
ore bodies. Several junior companies are now actively exploring for copper and
other minerals in the DRC. Most known deposits in the DRC were found in
the last 1940's and 50's. From 2000 several new deposits were found
by companies like Anvil Mining and First Quantum Minerals. The potential
for finding new world class ore bodies is considered excellent by the
international mining community.
Our projects are in the same geological belt as properties that have
yielded deposits and excellent copper values for companies like Anvil
Mining Limited and Tiger Resources Limited. These projects are adjacent
to land holdings held by major companies like BHP Billiton and Gecamines.
Jean Luc Roy, the President of El Niņo states: This
significant new acquisition is the first step in our objective of controlling
one of the leading base metal portfolio's in the DRC. I am confident
from my years of working in the DRC that this new direction for El Nino will
further accomplish our growth strategy which is to develop our existing projects
and continue an aggressive acquisition program to acquire new projects and place
them into production.
I was very fortunate to be part of one of the most successful companies in
the DRC. The establishment of the new mining code in the DRC, and it's first
free election in late 2006, will allow El Nino's experienced management team
to accomplish it's DRC objectives and be one of the most aggressive new
exploration development company in this region.
DRC Joint Venture Terms
Under the terms of the Agreement El Niņo purchased a 70 percent interest in
the Joint Venture with an option to acquire up to 90 percent of the project by
coming to an agreement with our partners, over time. An initial cash payment of
$250,000 USD will be made when all regulatory approvals have been received and
upon titles of the properties being transferred to the new SPRL Congolese
Company that is now being formed. Additional cash payments totaling $300,000 USD
will be made in three annual installments. 300,000 shares of El Niņo will
initially be issued to GCP Group upon regulatory approval and 400,000 additional
shares will be issued over a three year period to the GCP Group. El Niņo will
fund all exploration work but will retain the services of the CGP Group in an
agreement to be negotiated at a later date to support administrative and
logistical aspects of the project. This acquisition is subject to
About El Niņo Ventures Inc.
El Nino's growth strategy is to develop our existing projects and continue
an aggressive acquisition program to acquire new projects and place them into
Our first new base metal acquisition in the DRC compliments our aggressive
zinc exploration plan for the Bathurst Mining Camp with our partner Xstrata
Zinc. In June 2007, our company begins a fully funded $4.5 million dollar
exploration program which includes a 25,000 meter drill program which will use a
minimum of three drill rigs drilling 24 hours a day for up to nine months.
EL Nino is also the owner and operator of the Bancroft Uranium projects. El
Nino has optioned it's projects to Canam Uranium, and is being funded by them,
and is currently completing it's first round of drilling on up to eight
uranium projects in an ex-producing Uranium camp. The drill results on the
first phase are forthcoming.
El Nino is currently in its most aggressive acquisition phase of the
company's history. El Nino has approximately $3.2 million in working capital.
2303 West 41st Avenue, Vancouver, BC Canada V6M 2A3
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release
This news release contains certain "Forward-Looking Statements"
within the meaning of Section 21E of the United States Securities Exchange Act
of 1934, as amended. All statements, other than statements of historical fact,
included herein are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could cause actual
results to differ materially from the Company's expectations are disclosed in
the Company's documents filed from time to time with the British Columbia
Securities Commission and the United States Securities & Exchange
Commission. This email should not be construed as an offer to buy or sell
securities of this company.
You can view the Next News Releases item: Mon Jun 11, 2007, El Niño Ventures starts Operations in the (DRC) Congo and the Government of New Brunswick approves 2.5 million dollar Grant for Bathurst New Brunswick
You can view the Previous News Releases item: Wed May 2, 2007, El Niño & CanAm - First to Revisit Bancroft Uranium District after 30 Years and Intercept up to 0.31 % (6.2 lbs/Ton) Uranium
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