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El Nino Announces Option Agreement with Falconbridge
El Nino Announces Option Agreement with Falconbridge.
About this update from Metalquest Mining Inc
[{"type":"text","content":"\n\n\n\n\nBathurst Zinc Mining Camp, Bathurst, New Brunswick\n\nTSX.V: ELN\nOTCBB: ELNOF\nFrankfurt: E7Q\nwww.elninoventures.com\n\nVANCOUVER, May 26 /CNW/ - El Nino Ventures Inc. (TSX.V: ELN; OTCBB:\nELNOF; Frankfurt: E7Q) is pleased to announce that it has entered into an\nOption Agreement with Falconbridge Limited (TSX: FAL.LV and NYSE: FAL) to\nexplore the Bathurst Mining Camp, New Brunswick. The Bathurst Camp is a world\nclass mining district with full mining, milling and smelter infrastructure,\ncontaining numerous copper, zinc, lead and silver volcanogenic massive\nsulphide deposits of different sizes, ranging up to the Brunswick No. 12\ndeposit which contained more than 300 million tonnes of massive sulphide. The\nBrunswick No. 12 zinc, lead, copper, silver mine, owned by Falconbridge,\ncurrently operates at approximately 10,000 tonnes per day.\nEl Nino Ventures will initially have the opportunity to earn a 50%\ninterest in a large number of mineral claims and two permitted areas held by\nFalconbridge occupying approximately 108,800 hectares (approximately 268,736\nacres). In order to vest with a 50% interest El Nino is required to spend \n$5.0 million on exploration by March 31, 2008 with a minimum expenditure of\n$2.5 million by March 31, 2007.\nUpon vesting with a 50% interest in the Property El Nino Ventures will\nhave 90 days in which to elect to carve out one or more Project Areas from the\nexisting Property, in each of which El Nino can increase its interest to 65%\nby spending an additional $2.0 million over three years, and can increase its\ninterest in each Project Area still further to 75%, by spending an additional\n$3.0 million over another two years. Falconbridge can back-in to increase its\nposition from either a 35% or 25% interest level to 50%, by contributing 2.5\ntimes El Nino's expenditure made to increase its interest above 50%.\nFalconbridge may increase its interest in one or more Project Area from 50% to\n70% at any time by electing to complete a Feasibility Study, or expend an\nadditional $20 million on each Project Area within three years: or five years\nif underground work is necessary to complete the study. Falconbridge will have\nthe right to process El Nino's share of ore from any future operation.\nThe optioned claims and permits overlie a highly prospective sequence of\nvolcanic and sedime...