News

 
MMG Limited Terminates Option Agreement with El Nino
view PDF
ELN News April 9 2015
 

April 9, 2015. Vancouver, BC - El Niņo Ventures Inc. ("ELN" or the "Company") (TSX.V: ELN OTC Pink: ELNOF FRANKFURT: E7Q), El Nino Ventures Inc.("ELN" or the "Company") and MMG Africa Investments Limited, ("MMG") have mutually agreed to terminate the option agreement under which MMG would acquire the Company's 70% interest in the Kasala copper/cobalt permits located in the Democratic Republic of the Congo ("DRC") due to the uncertainty of disputed legal actions initiated by GCP Group ("GCP"), a minority shareholder of Infinity Resources Sprl ("Infinity"), the Company's Joint Venture Company.

ELN and MMG entered into an Option Agreement on 16 May 2014, whose terms required the Company to meet certain conditions precedent that would allow for MMG to begin an extensive exploration program on the Kasala project and potentially exercise the option to acquire ELN's 70% interest in the permits. Some conditions precedents are unfortunately incapable of being satisfied within the required time frame due to continued, questionable legal actions by GCP.

The Company would like to thank MMG and its management and legal team for its support and efforts in assisting ELN during the past year.

The Company is reviewing its position in continuing to support its endeavor to maintain ownership in the Kasala properties on its own or by joining with a third party.

On Behalf of the Board of Directors

"Harry Barr"

Harry Barr
Chairman & CEO
El Nino Ventures Inc.

Further Information: Tel: +1 604 685 1870 Fax: +1 604 685 8045
Email: info@elninoventures.com or visit www.elninoventures.com
650-555 West 12th Avenue, City Square, West Tower, Vancouver, B.C., Canada, V5Z 3X7


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. 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: Fri Jul 10, 2015, Democratic Republic of the Congo (DRC) Corporate Update

You can view the Previous News Releases item: Mon Dec 29, 2014, El Nino Ventures Inc. - Corporate Update

You can return to the main News Releases page, or press the Back button on your browser.