Business
El Nino Closes $1.5 Million Non-Brokered Private Placement; Update on the Kasala Copper Project in the DRC
El Nino Closes $1.5 Million Non-Brokered Private Placement; Update on the Kasala Copper Project i...
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":"\n\n\n\nDec. 2, 2009 (Canada NewsWire Group) -- VANCOUVER, Dec. 2 /CNW/ -- El Nino Ventures Inc. (\"ELN\" and the \"Company\") (TSX.V: ELN; Frankfurt: E7Q) is pleased to announce that further to its news release of October 16, 2009, the Company has closed its non-brokered private placement. Proceeds from the financing will be used in part to advance the Company's properties in the Democratic Republic of Congo (\"DRC\") where the Company announced January 12, 2009 and February 25, 2009, a significant Copper discovery in the DRC.Kasala Copper Project---------------------The Kasala project is one of the first new Greenfields copper discovery in the last 10 years in the central African Copper beltFor maps and photos, please click on the hyperlink: http://www.elninoventures.com/s/NewsReleases.asp?ReportID=374700One of the newest copper discoveries in the Central African Copperbelt, El Nino Ventures' Kasala prospect is located approximately 70 kilometers northwest of Lubumbashi, Democratic Republic of Congo's second largest city and the center of the country's massive copper/cobalt mining industry. The Central African Copperbelt contains over 10% of the worlds copper and 34% of the world's cobalt. The Kasala project permits are located adjacent to Anvil Mining's Kinsevere Mine, which is expected to produce 24,000 tonnes (52 million pounds) of copper annually for the next 20 years. It is also located approximately 10km east of Tiger Resources' Kipoi deposit. Other prominent companies active within this region are; Freeport-McMoran, Lundin Mining Corp, First Quantum Minerals, Katanga Mining Limited, Ivanhoe Nickel & Platinum Ltd. and Konkola Copper Mines.The Kasala project has an excellent infrastructure and is ideally situated within 20 km of the national highway (a hard-surfaced all-weather road) and is also within 30 km of a rail line linking the mining centers of the Copperbelt. A high-tension electrical transmission line is located 12 km west of the projects' boundaries.Highlights of the Drilling and Exploration to dateThe recent drill program identified consistent mineralization over large widths, from 50m to 91m. Highlights included high-grade intercepts:- 22 m @ 3.28% Cu- 29 m @ 2.82% Cu- 31 m @ 2.19% Cu- 11 m @ 3.68% CuThese results confirm the presence of significant mineralization within the Kasala Main Zone with the potentia...