Replies to post #11 on El Nino Ventures Inc fka ELN

[Tackler]

I thought the deal was for base metals (copper)?

El Nino options 70% interest in Congo uranium titles

2007-06-28 14:32 MT - Property Agreement

The TSX Venture Exchange has accepted for filing a joint venture agreement dated May 19, 2007, between El Nino Ventures Inc. and GCP Group Ltd. Global Consultant Partners (the vendor), pursuant to which the company has the option to acquire a 70-per-cent interest in the vendor's existing uranium titles and in all new acquisitions which may be obtained by either the company or the vendor within the agreement area enclosing the vendor's existing properties located in the Democratic Republic of Congo.

The total consideration payable by the company to the vendor is $550,000 (U.S.) cash and 700,000 common shares of the company payable over three years ($350,000 (U.S.) cash and 500,000 common shares are payable within the first year). The vendor will retain a 1.5-per-cent net smelter return of which 1 per cent will be assigned to Hassan Sabra.

The agreement also allows for the company to increase its interest from 70 per cent to 90 per cent in increments of 5 per cent at a cost of $1-million (U.S.) per 5-per-cent increment.

Insider/pro group participation: not applicable

For further details, please refer to the company's press release dated May 29, 2007, available on SEDAR.

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From May 29th:

Harry Barr, Chairman of El Niño 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.