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El Nino Ventures and Puma Exploration Extend Murray Brook Agreement 30 Days
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ELN News June 20 2020
 

June 30, 2020 Rockport, ON, Canada -- El Nino Ventures Inc. (TSXV: ELN; OTCQB: ELNOF; FSE: E7Q.F). and Puma Exploration Inc., PUMA-TSXV, ("Puma") and have mutually agreed on a 30 days extension period in regards of the amended and restated asset purchase agreement signed on Oct. 5, 2016, as amended thereafter. Pursuant to the last amendment signed by El Nino and Puma, Puma had until June 30, 2020, to proceed with the final $1-million cash consideration. The 30 days extension granted will be used to review different potential methods to deal with the acquisition of the Project and its future development that would be beneficial for both companies. Further announcements will be forthcoming.

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: October 13, 2016) with Puma Exploration (Puma) for $3.1 million. A final payment of $1.0 million is due June 30, 2020. In the event Puma does not satisfy the conditions of the sale agreement, then ELN shall retain its 32.1% interest in the Murray Brook Project as well as receiving the geological information, reports, metallurgical tests and the surface copper zone drill sampling which to date represents about $2.4 million in exploration work completed on the Murray Brook Project since ELN entered into the original sale agreement with Puma. Additionally, in the event that Puma does not proceed with the final $1.0M payment before July 31, 2020, a 0.67% royalty (NSR) on the Murray Brook Project will be granted to ELN under the same terms as the existing royalty in the Purchase Agreement or, at the option of Puma and subject to prior approval of the TSX Venture Exchange, Puma will issue to ELN 1.5 million shares of Puma. The Company continues to investigate new acquisitions for ELN, and plans to use the Prospector Generator model which reduces risk, share dilution and increases discovery potential.


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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