July 21, 2008, Vancouver, BC -- El Niņo Ventures Inc. ("ELN" and "the Company") (TSX.V: ELN; Frankfurt: E7Q)
is pleased to announce that it has signed a Letter of Intent with Phoenix Mining Corporation (PMC) a Congolese mining company, to earn into a 70 percent interest on Research Permit (PR) 9316 in the DRC Copperbelt.
PMC was granted exclusive rights to explore this area under a contract, signed with the Centre de Recherches Geologiques et Minieres (CRGM), a Congolese government agency on July 4, 2008.
Under the terms of the Letter of Intent ELN will be the Operator of the exploration programs to be developed for this Permit.
The Permit which occupies just over 25 square kilometers, is underlain by highly prospective geology which is what attracted ELN into this agreement .
Research Permit 9316
This permit is located just north of Lubumbashi and its southern boundary is located just south of the Likasi Road/Airport road junction. The terrain is generally flat, with a range of low hills in the NW corner (these hils are oriented N-S, divergent from the regional geological trend of NW-SE) and a lone, low hill in the central portion portion of the permit.
This permit is underlain (approximately 50%) by uppermost Roan (Mwashya Formation) sediments (blue color on the attached map) -- these same rocks (on the same structure) host the Luiswishi Mine (less than 5 km to the NW of PR 9316), the Ruashi Mine owned by Metorex out of South Africa (approx 8 Km SE) and the Etoile Mine (approx 14 Km SE). All these world class deposits are currently in operation. The other 50% of the underlain geology is Kundelungu sediments (green on the attached map) and some Holocene cover. The contact between the Mwashya and the Kundulungu is mineralised at the three mines referred to above. At least two faults (interpreted from regional maps and filtered satellite imagery) cut the Mwashya (see maps) and these are favourable structures prospective for mineralisation.
The permit has excellent infrastructure including hard-surfaced roads, rail and electrical high tension power lines. Access is good and exploration can easily be undertaken year-round. Current artisanal workings on the Permit will be investigated by ELN and all historical exploration data will be collected to better define our exploration efforts of the next few months.
Geological map of the area with location of known existing mines
Under the terms of this agreement ELN can earn into a 70 percent interest by making a payment of $200,000 USD which payment will become payable upon the regulatory approval. ELN will be the program operator and will be reponsable for all exploration and developments costs on this property. ELN will issue PMC or its principals 100,000 ELN shares on each anniversary date of this agreement for three years to a maximum total of 300,000 shares.
Surrounding permits of 9316 and underlying Geology
Jean Luc Roy President & CEO of ELN states: This acquisition is consistent with the company's philosophy of acquiring highly prospective exploration ground. The location of this Permit is what attracted us to this Permit as it lies on the same mineralized trend of world class operating mines in the area. With year-round exploration on this highly accessible property, our shareholders will benefit from a constant news flow. We will have immediate access to this ground and our intentions is to fast-track exploration.
Our drilling program in the DRC is on-going and our new sample prep laboratory is now on site. We look forward to sharing the results from drill programs as they come in.
About El Niņo Ventures
El Niņo Ventures is a junior exploration company, whose corporate objective is to revisit former mining regions and apply the latest technologies to advanced stage exploration targets. El Niņo has an option to acquire a 70% interest in over 350 square kilometers in the world renowned copper belt in the Democratic Republic of Congo ("DRC"). In addition to our copper and cobalt projects in the DRC, the Company has its project with Xstrata on the Bathurst Mining Camp and has started drilling on its Ireland properties.
On Behalf of the Board of Directors,
"Jean Luc Roy" Jean Luc Roy, President & CEO
Further information: call toll free
Telephone: +1.604.683.4886 Email:
604.683.4887, or visit www.elninoventures.com
1440 - 1166 Alberni Street, Vancouver, B.C. Canada V6E 3Z3
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release
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.
You can view the Next News Releases item: Mon Oct 6, 2008, El Nino Ventures Inc. makes significant Copper/Cobalt discovery (29 meters at 2.82% Cu and 0.34% Co) in the Democratic Republic of Congo.
You can view the Previous News Releases item: Thu Jun 26, 2008, El Nino Ventures DRC Exploration Program Review and Update
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