El Niño Ventures
El Nino Ventures Inc. is a junior exploration company focusing its efforts on copper exploration in the Democratic Republic of Congo and base metals exploration in the Bathurst Mining Camp in Bathurst, New Brunswick and Ireland. The Company is engaged in the acquisition, exploration and development of mineral properties.
El Nino Ventures raises CDN$2.25 mln for Kasala copper project, names Mayer CFO
El Nino Ventures Inc (TSX.V: ELN) said it is raising up to CDN$2,25 million in a non-brokered private placement of up to 22.5 million units at a price of CDN$0.10 each to finance the company's 2009 exploration program for the Kasala copper project in the Democratic Republic of Congo and provide working capital.
Each unit will consist of one common share and one share purchase warrant which entitles the holder to purchase one common share at CDN $0.25 for 18 months.
El Nino has outlined its exploration program which will test the Kasala East Zone which has significant drill potential over 2.5 kilometers. In 2008, significant results were released for the Main Zone and the geophysics signature on the East Zone has the same footprint throughout with a very intense zone to the south. The Program calls for up to 5,000 meters of diamond drilling on this Zone.
The company also intends to do exploration reverse circulation drilling on its research permit 9316 just north of Lubumbashi where several active and old artisanal workings are located. This permit is located in between three world class operating mines, Ruashi, Etoile and Luswishi.
El Nino also announced the promotion of Tony Mayer from controller to chief financial officer.
President and CEO Jean Luc Roy said: "This financing will give the company the funds required to move the Kasala project forward. This project has great potential and the planned drill program will allow a full initial assessment. Much work has been done in compiling and analyzing the data from our 2008 exploration program resulting in the identification of several first class drill targets following the geological model we have put together for this project.
Other El Niño Ventures articles
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17/02/09 Jean Luc Roy, President and CEO of El Niño Ventures Speaks to Proactiveinvestors
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12/01/09 El Nino Ventures reports spectacular grades at Kasala Copper Project
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11/11/08 The Congo – A Misunderstood Mining Review
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10/10/08 El Nino Ventures Make Significant Copper and Cobalt Discovery
Other El Niño Ventures news
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02/12/09 El Nino Ventures closes private placement to raise C$1.5 mln, updates on Kasala copper project in DRC
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06/08/09 El Nino Ventures says Votorantim Metals agrees option deal for Bathurst zinc project
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16/12/08 El Niño Ventures Completes Acquisition of Phoenix Mining
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13/11/08 El Niño expects Kasala project drilling results in December and says its land position in DRC is safe
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06/05/08 El Nino starts drilling in Ireland
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14/04/08 El Nino begins 25,000 metre drill program in DRC
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03/04/08 El Nino makes board appointment
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21/02/08 El Nino Ventures confirms DRC land position is secure
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11/02/08 El Nino Ventures picks up more acreage in Ireland
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04/02/08 El Nino Ventures options additional project in the DRC
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