El Nino Ventures Receives Initial NI 43-101 Mineral Resource Estimate for the Murray Brook Deposit in Bathurst Mining Camp - Video Summary Posted on www.InvestmentPitch.com
Vancouver, British Columbia, February 29, 2012 - El Nino Ventures (TSXV:ELN) (OTCQX:ELNOF) (Frankfurt:E7Q) has received the initial NI 43-101 Mineral Resource Estimate for the Murray Brook polymetallic massive sulphide deposit in New Brunswick, Canada.
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The company reported Measured and Indicated Resources of 18.7 million tonnes grading 2.61% zinc, 0.95% lead, 0.42% copper, along with 39.3 grams per tonne silver and 0.51 grams per tonne gold. The company also reported Inferred Resources of 3 million tonnes grading 1.83% zinc, 0.75% lead, 0.62% copper, along with 35.0 grams per tonne silver and 0.75 grams per tonne gold. The full Technical Report will be available on www.sedar.com within 45 days.
The Murray Brook deposit remains open to the northwest and the company believes there is good potential to increase the size of the resource with continued drilling.
The Murray Brook deposit is located within the Bathurst Mining Camp in New Brunswick, and is located 60 kilometres west of the town of Bathurst. The Camp hosts a billion dollar infrastructure, and is home to the largest underground zinc mine in North America, Xstrata's Brunswick No. 12 deposit, which contained 295 million tonnes of massive sulphides.
A $3 million budget has been proposed for the 2012-2013 exploration program, with $2.5 million budgeted for drilling measured resources at the Murray Brook deposit and $500,000 for exploration on the Murray Brook and Camel Back exploration claims.
Votorantim Metals Canada, a subsidiary of Votorantim Metals, one of the world's leaders in the production of zinc, aluminum and nickel, is the Operator of the Murray Brook Project. Votorantim can earn a 50% interest in the properties by funding $2,250,000 in exploration expenditures and making payments totalling $300,000 over three years. It can earn an additional 20% interest by funding an additional $2,250,000 over an additional two year period. El Nino has an agreement to earn 50% of Votorantim's interest by paying 50% of the costs.
El Nino also has a second agreement in the Bathurst Camp with Xstrada, with each holding a 50% interest in a large base metal project. It consists of 4,712 claims, and is known as the Tri-Party Agreement. In this project, things are reversed, with Votorantim having the right to earn a 50% interest by spending $10 million over 5 years, increasing its position to 70% by spending an additional $10 million over 2 years.
The company also has a copper project in the Democratic Republic of Congo, where diamond drilling has uncovered a significant new copper discovery with a mineralized strike length of 2500 metres.
The company is currently raising up to $1,500,000 through the issuance of flow-through units at $0.15, and non flow-through units at $0.13.
The shares currently trade at $0.15, and with approximately 48 million shares outstanding, the company is capitalized at $7 million.
For more information, please visit El Nino's website at www.elninoventures.com, phone 604-685-1870 or email [email protected].
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