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Veteran Mining Geologist Joins El Nino Board
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ELN News Oct 18 2018
 


October 18, 2018 Rockport, Canada -- El Nino Ventures (ELN or the Company) (TSX.V: ELN; OTCQB: ELNOF; FSE: E7Q).

The Chairman and CEO Harry Barr stated; "The Board of Directors and management are very privileged to have Gordon Chunnett join the Board of Directors of the company. Mr. Chunnett has extensive global experience in Platinum Group Metal (PGM) operations, exploration and mine development, with particular emphasis on South Africa. He has served with Anglo Platinum Limited for approximately 31 years retiring as Head of Platinum Geology and Exploration. Subsequently he has a further 9 years of consulting to the industry. Mr. Chunnett has unparalleled experience in the Bushveld and Great Dyke, which served well for the International Exploration projects that he headed up in Brazil, Canada, Russia, China, Zimbabwe and elsewhere. Mr. Chunnett is currently an International Geological Consultant focused on PGMs and a host of other minerals

About El Nino Ventures

El Nino Ventures Inc. (ELN) has in the past years been a Base Metals exploration company with its focus being on the Murray Brook Project in the Bathurst region of New Brunswick, Canada. ELN signed an option to purchase agreement regarding the sale of its interest on this project (News Release: Oct 13th, 2016) with Puma Explorations for $3.1 million dollars. In May 2018 ELN received the second cash payment of $1,500,000 from Trevali Mining Corporation, a mid-tier zinc, base metal company who Puma signed a funding agreement with and El Nino acknowledged that agreement.

The 3rd and final payment of an additional 1 million (total 3.1 million) is due by May 10, 2019. In addition, a royalty, net smelter return (NSR) for the life of the project will be paid to ELN as outlined below.

1) The NSR will start at 0.25% at a zinc price of US$1.04/lb and will increase in increments of 0.25%, to a maximum of 1.75% above US$1.50/lb Zinc.

2) This NSR, which is in relation to approximately 32% of the production from the Murray Brook Property, and includes the Mining Lease and the Camel Back claims, for the life of the Murray Brook deposit and any new discovery made on the total project.

3) On October 17, 2018 the price of Zinc was $1.21/lb USD according to Kitco.

El Nino has 2,000,000 warrants of Puma and the terms of the warrant are as follows: El Nino will be given the right to buy 2,000,000 warrants of Puma's ordinary shares (the warrants) expiring 3 years after the closing of the transaction based on the following exercise prices:

1) 0 to Year 1 (Nov 15, 2017): Equal to the price of the acquisition equity financing;

2) Year 1 to Year 2 (Nov 15, 2018): a 20% premium to the price indicated in 1) above; and

3) Year 2 to Year 3: a 20% premium to the price indicated in 2) above.

In the event Puma/Trevali do not complete the final option payment to acquire ELN's interest, ELN will receive its entire interest in the Murray Brook project, back in good standing. Outside of investigating new innovative ways to move ELN's business plan forward, the Company also has an aggressive mineral acquisition program underway with a focus on gold and base metal projects that are a mix of grass roots, brownfields and advanced stage projects. The Company plans to use the Prospector Generator Model which reduces risk, share dilution and increases discovery potential.

Stock Option Grant

In addition, the Company announces that it has granted 300,000 incentive stock options to consultants of the Company at an exercise price of $0.10 per share for a period of five (5) years from the date of grant in accordance with the Company's Stock Option Plan. The Stock Options granted will be subject to vesting restrictions, acceptance by the TSX Venture Exchange and will be subject to regulatory hold periods in accordance with applicable Canadian Securities Laws.

On Behalf of the Board of Directors

"Harry Barr"

Harry Barr
Chairman & CEO
El Nino Ventures Inc.


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: 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.
 



 

 
 

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