DRC Cu-Stock (still)low Market Cap! TSX.V:ELN
- El Nino has acquired an initial 70 percent interest, over
350 square kilometers.
- Located in the world renowned DRC Copperbelt.
- El Nino's first project is adjacent to Anvil Mining (AVM:TSX), Tiger
Resources (TGX:ASX), BHP Billiton and First Quantum Minerals
(FQM:TSX).
- El Nino's President and management have extensive experience in the
DRC.
- Exploration program in progress.
- El Nino is aggressively acquiring base metal projects throughout the
DRC.
- El Nino is the Project Operator
- El Nino's market cap is approx. $11 million, working capital
$3.2 million
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VANCOUVER, May 29 /CNW/ - El Nino Ventures Inc. ("El Nino") (TSX.V: ELN;
OTCBB: ELNOF; Frankfurt: E7Q) is pleased to announce that it has acquired a 70
percent interest in a Joint Venture Agreement with GCP Group Ltd, a private
Congolese company. El Nino holds it's initial 70 percent interest in Research
Permits No. 5214, 5215, 5216 and 5217. These permits were granted by the
Cadastre Miner of the DRC and covering 352 square kilometers in one of the
most prospective exploration areas in the DRC-Zambian Copperbelt. The permits
are located between Lubumbashi and Likasi and offer easy access for
exploration which offers excellent infrastructure.
Harry Barr, Chairman of El Nino stated: "The acquisition of our first
base metals project in the DRC allows our company to fulfill our mandate of
exploring and developing base metal projects on an international scale. Our
objective, simply stated, is to control one of the leading base metal and
mineral exploration portfolios in the DRC."
On May 10th, 2006 Jean-Luc Roy was appointed President of El Nino and
brought his extensive expertise in exploration and development in Africa to
our company. Mr. Roy spent 19 years of his professional career working and
living in Africa. In Africa Mr. Roy worked for Ashanti Gold and International
Gold Resources. Before joining El Nino, Mr. Roy played an integral part in the
development of First Quantum Minerals (FQM) in the DRC as Managing Director
for five years. While in Africa Mr. Roy spearheaded teams that managed
multi-million yearly exploration budgets, helped place three mines in
production and was responsible for acquiring valuable land positions for
various companies. Mr. Roy has negotiated agreements successfully at all
levels of government in Africa.
About the DRC
The DRC Copperbelt hosts multiple world class deposits and the
exploration potential is considered one of the best in the world. In late 2006
the DRC had it's first free election in 48 years and previous to that it
established a new mining code in 2003. These events have created a renewed
confidence for investors in the DRC. Major mining companies such as Phelps
Dodge and First Quantum Minerals are now in construction on world class ore
bodies. Several junior companies are now actively exploring for copper and
other minerals in the DRC. Most known deposits in the DRC were found in the
last 1940's and 50's. From 2000 several new deposits were found by companies
like Anvil Mining and First Quantum Minerals. The potential for finding new
world class ore bodies is considered excellent by the international mining
community.
Our projects are in the same geological belt as properties that have
yielded deposits and excellent copper values for companies like Anvil Mining
Limited and Tiger Resources Limited. These projects are adjacent to land
holdings held by major companies like BHP Billiton and Gecamines.
Jean Luc Roy, the President of El Nino states: "This significant new
acquisition is the first step in our objective of controlling one of the
leading base metal portfolio's in the DRC. I am confident from my years of
working in the DRC that this new direction for El Nino will further accomplish
our growth strategy which is to develop our existing projects and continue an
aggressive acquisition program to acquire new projects and place them into
production.
I was very fortunate to be part of one of the most successful companies
in the DRC. The establishment of the new mining code in the DRC, and its first
free election in late 2006, will allow El Nino's experienced management team
to accomplish its DRC objectives and be one of the most aggressive new
exploration development company in this region."
DRC Joint Venture Terms
Under the terms of the Agreement El Nino purchased a 70 percent interest
in the Joint Venture with an option to acquire up to 90 percent of the project
by coming to an agreement with our partners, over time. An initial cash
payment of $250,000 USD will be made when all regulatory approvals have been
received and upon titles of the properties being transferred to the new SPRL
Congolese Company that is now being formed. Additional cash payments totaling
$300,000 USD will be made in three annual installments. 300,000 shares of El
Nino will initially be issued to GCP Group upon regulatory approval and
400,000 additional shares will be issued over a three year period to the GCP
Group. El Nino will fund all exploration work but will retain the services of
the CGP Group in an agreement to be negotiated at a later date to support
administrative and logistical aspects of the project. This acquisition is
subject to regulatory approval.
About El Nino Ventures Inc.
El Nino's growth strategy is to develop our existing projects and
continue an aggressive acquisition program to acquire new projects and place
them into production.
Our first new base metal acquisition in the DRC compliments our
aggressive zinc exploration plan for the Bathurst Mining Camp with our partner
Xstrata Zinc. In June 2007, our company begins a fully funded $4.5 million
dollar exploration program which includes a 25,000 meter drill program which
will use a minimum of three drill rigs drilling 24 hours a day for up to nine
months.
EL Nino is also the owner and operator of the Bancroft Uranium projects.
El Nino has optioned it's projects to Canam Uranium, and is being funded by
them, and is currently completing its first round of drilling on up to eight
uranium projects in an ex-producing Uranium camp. The drill results on the
first phase are forthcoming.
El Nino is currently in its most aggressive acquisition phase of the
company's history. El Nino has approximately $3.2 million in working capital.
On Behalf of the Board of Directors
(signed)
Jean Luc Roy, President and COO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
CUSIP No. 28335E-10-6
This news release contains certain "Forward-Looking Statements" within
the meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical fact,
included herein are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations are
disclosed in the Company's documents filed from time to time with the British
Columbia Securities Commission and the United States Securities & Exchange
Commission. This email should not be construed as an offer to buy or sell
securities of this company.
For further information: Toll Free 1-800-667-1870 or (604) 685-1870,
Email: info@elninoventures.com, Fax (604) 685-8045, or visit
www.elninoventures.com, 2303 West 41st Avenue, Vancouver, BC, Canada, V6M 2A3
