Business
El Nino Ventures announces: Non-Brokered Private Placement, Update on the Democratic Republic of Congo ("DRC") Projects, Appointment of CFO
VANCOUVER, May 4 /CNW/ - El Nino Ventures Inc. ("ELN" and the "Company") (TSX.V: ELN; Frankfurt: ...
About this update from Metalquest Mining Inc
[{"type":"text","content":"\n\n\n\nVANCOUVER, May 4 /CNW/ - El Nino Ventures Inc. ("ELN" and the "Company")\n(TSX.V: ELN; Frankfurt: E7Q) is pleased to announce a non-brokered private\nplacement of up to 22,500,000 units at a price of $0.10 per unit ("Unit") for\ngross proceeds of up to $2,250,000.\n\n\nEach Unit will consist of one common share (a "Common Share") and one\nshare purchase warrant (a "Warrant"). Each Warrant entitles the holder to\npurchase one Common Share at a price of $0.25 per share for a period of 18\nmonths, subject to accelerated expiry, such expiry being accelerated to 30\ndays in the event the Company's shares have closed at or above a price of\n$0.30 per share for ten consecutive trading days. A finder's fee may be\npayable in cash, shares and/or warrants in relation to this financing, in\naccordance with regulatory policies. The foregoing is subject to regulatory\napproval.\n\n\nThe proceeds of this private placement will be used to satisfy the\nCompany's 2009 exploration program for the DRC project and for general working\ncapital.\n\n\nTo view map of "Kasala Project - Drill Hole with Residual Magnetics"\nplease click on http://www.elninoventures.com/i/maps/Map_050409ELN.jpg\n\n\nThe Company has outlined its exploration program which will test the\nKasala East Zone which has significant drill potential over 2.5 kilometers. In\n2008, significant results were released for the Main Zone and the geophysics\nsignature on the East Zone has the same footprint throughout with a very\nintense zone to the south. The Program calls for up to 5,000 meters of diamond\ndrilling on this Zone.\n\n\nThe results of 2008 have given the Company a very good geological model\nto follow and that is why the Company believes that this extension has\nsubstantial potential. The positive results of last years drill campaign came\nfrom the Kasala Main Zone situated in the same signature environment as the\nKasala East Zone which is much larger. Highlights of the 2008 drill campaign\nare as follows:\n\n\n-------------------------------------------------------------------------\n- Numerous intercepts with widths from 50 metres to 91 metres of\n mineralization of over 1.0 % Cu\n\n- High grade intercepts: 7 metres @ 7.07% Cu (Hole MDB-DD-019)\n 10 metres @ 6.07% Cu (Hole MDB-DD-011B)\n 11 metres @ 3.68%...