El Nino Ventures Inc. Announces Private Placement Increase to $3,000,000 and Amendment to the Terms
05 Settembre 2012 - 2:17AM
PR Newswire (Canada)
VANCOUVER, Sept. 7, 2012 /CNW/ - El Niño Ventures Inc. ("ELN" and
the "Company") (OTCQX: ELNOF) announces the board of directors has
approved the repricing of its non-brokered flow-through and non
flow-through private placement of up to a combined 33,333,333 units
for gross proceeds up to $3,000,000. On August 28, 2012 ELN was
provided with the option to earn an additional 15% in the Murray
Brook project. Under a purchase agreement signed by Votorantim
Metals Canada (VMC) on August 28, 2012 with Murray Brook Minerals
(MBM) and Murray Brook Resources Inc. (collectively the owners),
VMC acquired the right to purchase the owners remaining 30% of the
Murray Brook Project. In the event that ELN elects to earn in on
the option from VMC and the owners to earn an additional 15% in the
project, this would result in ELN having a combined total of 50%
(35% +15%) in the Murray Brook Project. Each non flow-through unit
("NFT Unit") has been re-priced to $0.09 per NFT Unit which will
consist of one common share and one-half of one non-transferable
share purchase warrant ("Warrant"). Each whole Warrant will entitle
the holder to purchase one common share of the Company at a price
of $0.15 per share for 18 months from closing, subject to an
accelerated expiry, such expiry being accelerated to 30 days in the
event the Company's shares have closed at or above a price of $0.25
per share for 10 consecutive trading days on the TSX Venture
Exchange. Each flow-through unit ("FT Unit") will consist of one
common flow-through share in the capital of the Company and
one-half of one non flow-through, non-transferable share purchase
warrant has been re-priced to $0.10 per FT Unit. Each whole
warrant will entitle the holder thereof to purchase one additional
non flow-through common share of the Company at $0.16 for a period
of 18 months from closing subject to an accelerated expiry, such
expiry being accelerated to 30 days in the event the Company's
shares have closed at or above a price of $0.26 per share for 10
consecutive trading days on the TSX Venture Exchange. The amended
private placement terms and any finders fees payable are subject to
regulatory approval. The proceeds of this private placement will be
used to fund the Murray Brook polymetallic project in Bathurst, New
Brunswick and for general working capital. About El Niño Ventures
Inc. El Niño Ventures Inc. is an international exploration company,
focused on exploring for zinc, copper, silver, gold and lead in New
Brunswick, Canada and copper in the Democratic Republic of Congo
("DRC"). About El Niño Ventures Inc. - Bathurst Projects 1.Murray
Brook Project: The Murray Brook Project is historically the 5th
largest massive sulfide deposit in the Bathurst Mining Camp and has
excellent infrastructure. Murray Brook Minerals Inc. ("MBM") has
been given formal notice by both ELN and Votorantim Metals Canada
Inc. ("VMC") and MBM has acknowledged that VMC and ELN have now
earned a 70% interest in the Murray Brook polymetallic project, of
which 35% is held equally 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 was provided the option to earn an
additional 15% in the project for a combined total of 50% (35% +
15%). (See press release dated Sept 6, 2012). The Management of ELN
is currently evaluating the proposal of this option and the terms
of the Purchase Agreement. 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 June. A recently
completed (February 2012) NI 43‐101 Mineral Resource Estimate for
the Murray Brook Zn‐Cu‐Ag‐Au-Pb 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. Figure 1 - Land
tenure map showing the location of the Murray Brook Project in the
northwest part of the Bathurst Mining Camp, New Brunswick
http://www.elninoventures.com/s/NewsReleases.asp?ReportID=546519
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 the
2012 drill results, (97 holes) will form the basis of a Preliminary
Economic Assessment (PEA or Scoping Study) study to be completed in
Q1 2013. Table-1 Murray Brook Mineral Resource Estimate Summary
_______________________________________________________________ | |
| | | | | | |NSR | |Category |NSR Cut-| Tonnes |Cu% |Pb% |Zn% |Au
g/t|Ag g/t|$/t | | |Off S/t | | | | | | | |
|_________|________|__________|____|____|____|______|______|____| |
| | | | | | | | | |Measured | $20 |1,620,873 |0.27|1.19|3.53| 0.5 |
44.1 |$111|
|_________|________|__________|____|____|____|______|______|____| |
| | | | | | | | | |Indicated| $20 |17,063,441|0.43|0.93|2.52| 0.51
| 38.8 |$101|
|_________|________|__________|____|____|____|______|______|____| |
| | | | | | | | | |M+l | $20 |18,684,314|0.42|0.95|2.61| 0.5 | 39.3
|$102|
|_________|________|__________|____|____|____|______|______|____| |
| | | | | | | | | |Inferred | $20 |3,020,893 |0.62|0.75|1.83| 0.75
| 35 |$106|
|_________|________|__________|____|____|____|______|______|____|
Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources
may be materially affected by environmental, permitting, legal,
title, taxation, socio-political, marketing, or other relevant
issues. 1. The quantity and grade of reported Inferred resources in
this estimation are uncertain in nature and there has been
insufficient exploration to define these Inferred resources as an
Indicated or Measured mineral resource and it is uncertain if
further exploration will result in upgrading them to an Indicated
or Measured mineral resource category. 2. The mineral resources in
this news release were estimated using the Canadian Institute of
Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral
Resources and Reserves, Definitions and Guidelines prepared by the
CIM Standard Committee on Reserve Definitions and adopted by CIM
Council. 3. The Dec 31, 2011 two year trailing average US metal
prices used in this estimate were $3.71/lb Cu, $1.03/lb Pb,
$0.98/lb Zn, $1,397/oz Au, $27.63/oz Ag. The C$/US$ Exchange rate
was 0.99. 4. Overall payable metal in the NSR calculation were 81%
Cu, 72% Pb, 64% Zn, 71% Au and 56% Ag. 5. Mineral resources were
determined within a Whittle pit shell with 45 degree slopes
utilizing mining costs of C$2.50/tonne for mineralized material and
waste rock, and C$1.75/tonne for overburden. 6. Costs used to
determine the C$20/tonne NSR resource cut-off value were processing
at C$15/tonne and G&A C$5/tonne. 7. The Murray Brook Mineral
Resource Estimate was undertaken by Eugene Puritch, P.Eng. of
P&E Mining Consultants Inc. 2. Bathurst Mining Camp Project:
(Tri-Party Agreement) The claim group consists of an approximately
4,712 claims in the Tri‐Party Agreement with Xstrata &
Votorantim Canada whereby Votorantim Canada may incur exploration
expenditures of $10 million over a period of 5 years to earn a 50%
interest. Votorantim Canada may further increase its interest to
70% by spending an additional $10 million over 2 years. The 2012
field season is the third year of the program and will include up
to 12,000 metres of drilling. Qualified Persons Statement This news
release has been reviewed and approved for technical content by Ali
Hassanalizadeh M.Sc., MBA, P.Geo a qualified Person under the
provisions of National Instrument 43‐101. On Behalf of the Board of
Directors "signed" Harry Barr Chairman & CEO El Niño 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. El Nino Ventures Inc.
CONTACT: Tel: +1 604 685 1870 Fax: +1 604 685 8045Email:
info@elninoventures.com or visit www.elninoventures.com650-555 West
12th Avenue, City Square, West Tower, Vancouver,B.C., Canada, V5Z
3X7
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