|El Nino Announces completion of its 35% Earn-In, Receives Notice of option to earn additional 15% (for a total of 50%), Murray Brook Polymetalic Project, New Brunswick, Canada|
ELN September 6 2012
September 6, 2012 Vancouver, Canada -- El
Niņo Ventures Inc. ("ELN" and the
"Company") (TSX.V: ELN; Frankfurt: E7Q;
OTCQX: ELNOF) is pleased to announce
that Murray Brook Minerals Inc. ("MBM")
has been given formal notice by both ELN
and Votorantim Metals Canada Inc. ("VMC")
that a 70% earned interest in the Murray
Brook polymetalic project, Bathurst, New
Brunswick has been completed.
ELN and VMC currently own 70% of the
project, of which 35% is held by each of
the two parties.
Under a purchase agreement signed by VMC
on August 28, 2012 with MBM and Murray
Brook Resources Inc. (collectively the
owners), VMC acquired the right to
purchase the additional 30% of the
Murray Brook Project from the owners.
ELN has been provided the option to earn
an additional 15% in the project for a
combined total of 50% (35% +15%).
Management of ELN is currently
evaluating the proposal of this option
and the terms of the Purchase Agreement.
In order for ELN to earn its 35% it has
provided VMC with a total of $2,250,000
as its share of 50% in expenditures
costs. This amount consists of
$1,125,000 for its initial 25% earn-in
expenditures and a further $1,125,000
for the additional 10% earn-in.
Although the terms of the Participation
Agreement provided for a three-year
period to earn the initial 50% and two
years to earn the additional 20%, ELN
and VMC completed their earn-in in less
than 18 months. Encouraging drill
results and a very positive NI 43-101
resource estimation accelerated the
exploration and development programs and
is a testament to both ELN and
Votorantim's commitment to aggressively
advancing the project (see ELN press
releases dated: February 28 and May 17,
June 5, June 27, July 17, July 30,
August 14 and August 28, 2012).
As a private Company, MBM has requested
that the terms and conditions of the
purchase agreement remain confidential
until the option to purchase the
additional 30% has been finalized.
On another matter, the Company further announces that it
will not be proceeding with the current brokered
private placement with Desjardins
About The Murray Brook Project
The Murray Brook Project is historically
the 5th largest massive sulfide deposit
in the Bathurst Mining Camp and has
excellent infrastructure (Figure 1).
During 2011 and 2012, ELN and VMC
completed more than 28,000 metres of
drilling with encouraging results. The
2012 drill program was completed in
A recently completed (February 2012) NI
43-101 Mineral Resource Estimate for the
Murray Brook Zn-Cu-Pb-Ag-Au deposit,
which includes explanatory footnotes, is
presented below. The resource estimate
is based on various assumptions
regarding mining methods, processing and
metal recoveries, payable metal NSR
credits and metal prices. This estimate
makes no provision for capital costs to
mine the deposit, nor mill the material
mined, as resources are not reserves and
the reader should not presume economic
viability. The Technical Report on the
2012 NI 43-101 Mineral Resource Estimate
is filed on SEDAR.com and is available
on ELN's website.
Metallurgical test-work of bulk sample
material from the Murray Brook deposit
is currently underway at RPC
Laboratories (Fredericton, New
Brunswick), under the direction of
Votorantim Metals Canada Inc., Operators
of the Murray Brook Project. Three holes
were drilled to provide sample materials
for metallurgical tests. The test-work
is focused on determining potential
metal recoveries based on a recommended
metals recovery process flowsheet which,
subsequently, will form the basis for a
small scale metallurgical pilot plant
program. Metallurgical results, along
with a revised resource estimate which
will incorporate 2012 drill results,
will form the basis of a Preliminary
Economic Assessment (PEA or Scoping
Study) study to be completed in Q1 2013.
Phase 2 of Metallurgical studies
(Pilot Plant), Preliminary Economic
Assessment Studies, Geotechnical
drilling, detailed delineation of base
of oxidation and Environmental
assessment studies are slated for
completion in 2013.
Votorantim Metals Canada Inc. Statement
Technical details in this news release
were provided by Votorantim whose
professional geologists conduct
operations consistent with mineral
industry best practices. Votorantim
accepts no responsibility for this news
release or any inferences made from the
technical details provided herein.
Figure 1 - Land tenure map showing the
location of the
Murray Brook Project in the northwest
part of the Bathurst Mining Camp, New
Qualified Persons Statement
This news release has been reviewed
and approved for technical content by
Ali Hassanalizadeh M.Sc. P.Geo. MBA, a
qualified Person under the provisions of
National Instrument 43-101.
About Murray Brook Minerals Inc.
Murray Brook Minerals Inc. is a
privately owned mining exploration
company which holds interests in
properties in the Bathurst Mining Camp
including the Murray Brook Project and
Legacy Copper Deposit.
About Votorantim Metals Canada Inc.
Votorantim Metals Canada Inc. is a
subsidiary of Votorantim Metais; a
company that is part of the Votorantim
Group that was founded in Brazil in 1918
operates in over twenty countries and
has forty thousand employees. Votorantim
Metais is one of the five main zinc
manufacturers worldwide, the main
electrolytic nickel manufacturer in
Latin America, and the Brazilian leader
in the production of primary aluminum.
About El Nino Ventures Inc.
El Niņo Ventures Inc. is an
international exploration company,
focused on exploring for lead, zinc,
copper, gold and silver in New
Brunswick, Canada and copper in the
Democratic Republic of Congo ("DRC").
On Behalf of the Board of Directors
Chairman & CEO
El Nino Ventures Inc.
Further Information: Tel: +1 604 685
1870 Fax: +1 604 685 8045
Email: firstname.lastname@example.org or visit www.elninoventures.com
650-555 West 12th Avenue, City Square, West Tower, Vancouver, B.C.,
Canada, V5Z 3X7
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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
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additional or different regulatory and legal requirements and
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You can view the Next News Releases item: Fri Sep 7, 2012, El Niño Ventures Inc. Announces Private Placement Increase to $3,000,000 and Amendment to the Terms
You can view the Previous News Releases item: Tue Aug 28, 2012, El Nino Ventures Inc. announces a 122 metre thick mineralized interval of massive sulfide mineralization assaying 6.15% Zinc, 0.10% Copper, 1.92% Lead, 0.64 gpt Gold and 70.6 gpt Silver at the Murray Brook Deposit, New Brunswick
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