El Nino Ventures Inc fka ELN

[Ed Monton]

NP says Africa offers El Nino, others virgin ground

2008-03-03 05:14 MT - In the News

Also In the News (C-FM) First Quantum Minerals Ltd

The National Post reports in its Saturday, March 1, edition that in Africa, a company like First Quantum Minerals can get its Lonshi mine operational in less than a year after a discovery is made. The Post's Peter Koven writes that First Quantum president Clive Newall says, "We wouldn't want to be in the U.S., for example, because the permitting requirements are so severe." Mr. Newall says: "It takes 10 to 20 years to take a mine into production. We just don't operate like that." Another simple truth is that it is much easier to find resources in Africa. In Canada, the easy stuff has been found. Canadian companies now develop low-grade projects with marginal economics. The most notorious is Teck Cominco's Galore Creek. That British Columbia debacle was halted late last year after costs spiralled out of control. In Africa, there are highly prospective regions that have had no serious exploration for decades, or ever. "You're looking at virgin ground that's almost untouched. It's finally being explored properly," says El Nino Ventures chief Jean Luc Roy. For investors, it comes down to picking your poison. Either go for the geological risk of Canada or the political risk of Africa.