Business
El Nino Ventures Inc. acquires new Copper Project in the Democratic Republic of Congo (DRC)
TSX.V: ELN OTCBB: ELNOF Frankfurt: E7Q
About this update from Metalquest Mining Inc
[{"type":"text","content":"\n\n\n\nTSX.V: ELN\n\n\nOTCBB: ELNOF\n\n\nFrankfurt: E7Q\n\n\n- Company acquires initial interest of 70 percent in PR 2461 in the DRC\n copperbelt.\n- Research permit is located just east of the Kinsevere Project of Anvil\n Mining.\n- Option to earn 85 percent.\n\n\nVANCOUVER, Feb. 4 /CNW/ - El Nino Ventures Inc. ("El Nino") (TSX.V: ELN;\nOTCBB: ELNOF; Frankfurt: E7Q) is pleased to announce an agreement with MIMECO\nAG (MIM) to acquire a 70 percent interest in PR 2461 in the DRC under the\nterms specified below. El Nino will be the Operator and will be responsible\nfor all exploration costs. This Agreement is subject to regulatory approval.\n\n\nThis Permit is situated just east of the Anvil Mining Kinsevere project.\nIt has excellent accessibility and its geology makes this a highly prospective\ncopper and cobalt project.\n\n\nThis Permit, which covers more than 55 square kilometers, is principally\nunderlain by the highly prospective Roan Formation, which hosts most of the\nimportant copper deposits in the DRC Copperbelt. Comprehensive airborne\ngeophysical surveys and geochemical surveys are planned for 2008. The Company\nanticipates it should also be in a position to carry out initial drilling in\nthis area during 2008.\n\n\nTo view map click here:\n\n\nhttp://www.elninoventures.com/s/NewsReleases.asp?ReportID(equal sign)284421\n\n\nJean Luc Roy, President of El Nino states, "We look forward to working\nwith MIM in maximizing the potential of this research permit. This acquisition\nfits into our overall corporate strategy to selectively increase our land\nposition in the DRC through the acquisition of quality exploration ground. Our\nobjective is to build a mining company by delineating proven reserves and\nplacing them into production. We are now finalizing our 2008 exploration\nprogram which will include a substantial drill program planned to test several\ntargets delineated on Research Permit 5217 during the 2007 exploration\nprogram. We also plan to drill test other areas of our landholdings which we\nhave prioritized from the analysis of our airborne geophysical surveys.\n\n\nTerms and Conditions of Agreement:\n\n\nUnder the terms of this Agreement El Nino acquires an initial 70 percent\ninterest in PR 2461 by issuing 200,000 shares of El Nino to MIM, subject to\nregulatory approval and El Nino making an ...