Business
El Nino Options the Bancroft Uranium Properties
El Nino Options the Bancroft Uranium Properties.
About this update from Metalquest Mining Inc
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, Nov. 2 /CNW/ - El Nino Ventures Inc. (\"El Nino\") (TSX.V: ELN;\nOTCBB: ELNOF; Frankfurt: E7Q) is pleased to announce it has optioned its\nBancroft Uranium properties to Boulder Creek Explorations Inc. (\"Boulder\") a\ncompany incorporated under the laws of Nevada.\nThis agreement will finance the Bancroft properties through the next\nstages of exploration. Under the terms of this agreement, El Nino will receive\n275,000 shares of Boulder, and cash payments totaling CDN $125,000 within the\nnext 10 -14 days. Boulder can earn in a 60 percent interest by committing CDN\n$1,000,000 over the next two years and could earn up to 80 percent of the\nproject by issuing a further 300,000 shares and spending an additional CDN\n$1,500,000.\nEl Nino will remain the operator for the first two years of this\nagreement and will receive a management fee of 10 percent of Exploration\nExpenditures and cash payments of CDN $40,000 a year for the second year and\nCDN $20,000 per year thereafter.\nMr. Jean Luc Roy, President of El Nino states: \"This agreement is very\nfavorable to our shareholders as it completes two objectives; the project will\nbe funded by Boulder and it will allow sufficient exploration funding to\nfurther investigate the project's potential.\"\n\nAbout El Nino Ventures Inc.\n\nEl Nino is an exploration stage company whose corporate objective is to\nrevisit former mining regions and apply the latest technologies to advanced\nstage exploration targets. El Nino Ventures has entered into an Option/Joint\nVenture Agreement with Xstrata Zinc Canada to explore the world class Bathurst\nZinc/Base Metals Mining Camp in New Brunswick, Canada. Currently the Bathurst\nproject has a CDN$5 million budget of which 23,000 metres of drilling has\ncommenced. In addition to the Bathurst Mining Camp, El Nino Ventures continues\nto focus on advanced stage properties throughout Canada, Alaska and Europe.\n\nOn Behalf of the Board of Directors,\n\nJean Luc Roy, President and COO\n\nThe TSX Venture Exchange has not reviewed and does not accept\nresponsibility for the adequacy or accuracy of this release\n\nCUSIPNo. 28335E-10-6\n\nThis news release contains certain \"Forward-Looking Statements\" within\nthe meaning of Section 21E of the United States Securities Exchange Act of\n1934, as amended. All statements, other than statement...