El Nino Ventures announces: Non-Brokered Private Placement, Update on the Democratic Republic of Congo ("DRC") Projects, Appointment of CFO
ELN News May 4, 2009
May 4, 2009 Vancouver, BC -- El Niņo Ventures Inc. ("ELN" and the "Company") (TSX.V: ELN; Frankfurt: E7Q)
is pleased to announce a non-brokered private placement of up to 22,500,000 units at a price of $0.10 per unit ("Unit") for gross proceeds of up to $2,250,000.
Each Unit will consist of one common share (a "Common Share") and one share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one Common Share at a price of $0.25 per share for a period of 18 months, subject to accelerated expiry, such expiry being accelerated to 30 days in the event the Company's shares have closed at or above a price of $0.30 per share for ten consecutive trading days. A finder's fee may be payable in cash, shares and/or warrants in relation to this financing, in accordance with regulatory policies. The foregoing is subject to regulatory approval.
The proceeds of this private placement will be used to satisfy the Company's 2009 exploration program for the DRC project and for general working capital.
The Company has outlined its exploration program which will test the Kasala East Zone which has significant drill potential over 2.5 kilometers. In 2008, significant results were released for the Main Zone and the geophysics signature on the East Zone has the same footprint throughout with a very intense zone to the south. The Program calls for up to 5,000 meters of diamond drilling on this Zone.
The results of 2008 have given the Company a very good geological model to follow and that is why the Company believes that this extension has substantial potential. The positive results of last years drill campaign came from the Kasala Main Zone situated in the same signature environment as the Kasala East Zone which is much larger. Highlights of the 2008 drill campaign are as follows:
Numerous intercepts with widths from 50 metres to 91 metres of mineralization of over 1.0 % Cu
High grade intercepts: 7 metres @ 7.07% Cu (Hole MDB-DD-019)
10 metres @ 6.07% Cu (Hole MDB-DD-011B)
11 metres @ 3.68% Cu (Hole MDB-027)
21 metres @ 2.42% Cu (Hole MDB-026)
The Company also intends to do exploration Reverse Circulation drilling on its Research Permit 9316 just north of Lubumbashi where several active and old artisanal workings are located. This permit is located in between three world class operating mines, Ruashi, Etoile and Luswishi.
The Company is also pleased to announce the promotion of Mr. Tony Mayer from Controller to Chief Financial Officer ("CFO").
A graduate of the University of Alberta (Bachelor of Commerce, major in accounting) and a member of the Institute of Chartered Accountants of British Columbia, Mr. Mayer has over eight years' experience in accounting and finance. For the past three years, his work has focused on the mining industry. Mr. Mayer was Controller of Yukon Zinc Corporation and also an Audit Manager with BC Hydro. Mr. Mayer obtained his Chartered Accountant designation while articling with PricewaterhouseCoopers LLP. He also sits on the Council of the Institute of Chartered Accounts of British Columbia.
Mr. Jean Luc Roy, President & CEO stated: "This financing will give the Company the funds required to move the Kasala Project forward. This project has great potential and the planned drill program will allow a full initial assessment. Much work has been done in compiling and analyzing the data from our 2008 exploration program resulting in the identification of several first class drill targets following the geological model we have put together for this Project. I also take this opportunity to welcome Tony Mayer as our new CFO. Tony will be an integral part of the development of our Company in the years to come."
On Behalf of the Board of Directors,
"Jean Luc Roy" Jean Luc Roy, President & CEO
Telephone: +1.604.683.4886 Email:
604.683.4887, or visit www.elninoventures.com
1440 - 1166 Alberni Street, Vancouver, B.C. Canada V6E 3Z3
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Provider (as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release CUSIP#
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
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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
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to reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events. Investors should not place undue reliance on