Business
El Nino completes acquisition in the DRC
VANCOUVER, Dec. 16 /CNW/ - El Nino Ventures Inc. ("El Nino" or the "Company") (TSX.V: ELN; Frankf...
About this update from Metalquest Mining Inc
[{"type":"text","content":"\n\n\n\nVANCOUVER, Dec. 16 /CNW/ - El Nino Ventures Inc. ("El Nino" or the\n"Company") (TSX.V: ELN; Frankfurt: E7Q) is pleased to announce that it has\nsigned an Acquisition of an Interest Agreement with Phoenix Mining Corporation\n("PMC") a Congolese mining company, pursuant to the Letter of Intent that was\nannounced July 21, 2008, PMC and ELN wish to incorporate the terms and\nconditions of the detailed agreement that reflects the terms of the Letter\nAgreement as follows:\n\n\nUnder the terms of the Acquisition of an Interest Agreement the Company\ncan earn a 70 percent interest in PR 9316 in the DRC by making; a payment of\n$200,000 USD which payment will be payable upon regulatory approval of this\nAgreement; 100,000 shares of the share capital of the Company shall be issued\nto PMC on each of the three anniversary dates of this Agreement for a total of\n300,000 shares; the Company will be the program operator and will be\nresponsible for all exploration and development costs on this property; the\nCompany shall pay $2,000,000 to PMC upon the following schedule: (i) $250,000\nwithin 15 days of the first anniversary of the Effective Date, (ii) $300,000\nwithin 15 days of the second anniversary of the Effective Date; (iii) $350,000\nwithin 15 days of the third anniversary of the Effective Date, and (iv) the\nbalance of $1,100,000 within 15 days of the fourth anniversary of the\nEffective Date.\n\n\nJean Luc Roy, President & CEO of El Nino Ventures Inc. states: "We are\nvery happy to reach a conclusion on this acquisition with PMC. This Research\nPermit 9316 is located between two world class deposits, the Ruashi deposit\nand the Luishi deposit and the Company is already planning its initial\nexploration program which will be carried out over the next year.\n\n\n"I would also like to update our shareholders on the pending results on\nour PR 5214 which were expected this month. We should have all results in a\ncouple of weeks and at that point the Company will release its results on the\nKasala Project."\n\n\nAbout El Nino Ventures\n\n\nEl Nino Ventures is a junior exploration company, focused on exploring\nfor Copper/Cobalt in the DRC. El Nino has an option to acquire a 70% interest\nin over 350 square kilometers in the world renowned copper belt in the DRC. In\naddition to our...