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Market: TSX
Sector: General Mining
EPIC: ELN
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El Niño Ventures
www.elninoventures.com

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.

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El Nino Ventures says Votorantim Metals agrees option deal for Bathurst zinc project

6th Aug 2009, 4:32 pm
El Nino Ventures says Votorantim Metals agrees option deal for Bathurst zinc project

El Nino Ventures Inc said (TSX-V: ELN) Votorantim Metals Canada Inc has elected, following completion of in-depth due diligence, to enter into an option agreement with the company which will allow Votorantim to earn up to a 70 percent interest in 1,805 mineral claims in the Bathurst Mining Camp, New Brunswick.

ELN currently owns 50 percent interest and Xstrata Canada Corp -- Xstrata Zinc Canada Division the remainder in the zinc and copper project Bathurst. The due diligence study carried out by Votorantim included a study of an additional 2,907 mineral claims wholly owned by Xstrata Zinc.

The tripartite option agreement now being drafted is between Votorantim, ELN and Xstrata Zinc whereby Votorantim may elect to earn up to a 70 percent interest in mineral claims comprised of 1,805 claims owned 50 percent by ELN, 50 percent Xstrata, and 2,907 claims owned 100 percent by Xstrata Zinc.

Votorantim may earn a 50 percent interest in the property by incurring exploration expenditures of C$10 million over a period of 5 years and may further elect to increase its interest to 70 percent by spending another C$10 million over an additional two years.

Upon Votorantim taking a 50 percent interest in the Property ELN will retain a 25 percent interest in the 1805 claims as well as a 25 percent interest in any mineral claims staked subsequently by the parties within the Area of interest.  Should Votorantim increase its interest to 70 percent, the ELN interest would be reduced to 15 percent.

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