Business
El Nino Ventures options Bathurst project to Votorantim Metals Canada Inc.
VANCOUVER, July 22 /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, July 22 /CNW/ - El Nino Ventures Inc. ("ELN" and the\n"Company") (TSX.V: ELN; Frankfurt: E7Q) is very pleased to announce that\nVotorantim Metals Canada Inc. (Votorantim) has elected to enter into a\nMemorandum of Understanding (MOU) with the Company concerning a geological due\ndiligence and subsequent option Agreement whereby Votorantim may elect to earn\nup to a 70% interest in 1805 mineral claims in the Bathurst Mining Camp, New\nBrunswick, in which ELN owns 50% interest and Xstrata Canada Corporation -\nXstrata Zinc Canada Division (Xstrata Zinc), owns 50% interest.\n\n\nVotorantim Metals Canada Inc. is a subsidiary of Votorantim Metais which\nis part of the Votorantim Group which was founded in Brazil in 1918 and now\noperates in fifteen countries with over sixty thousand employees. Votorantim\nMetais is the largest electrolytic nickel producer in Latin America and a\nworldwide leader in zinc production as well as a significant producer of\naluminum and steel.\n\n\nThe tripartite MOU is between Votorantim, ELN and Xstrata Zinc whereby\nVotorantim may elect, upon satisfactory completion of a geological due\ndiligence, to enter into a subsequent option agreement to earn up to a 70%\ninterest in mineral claims (the "Property") comprised of 1805 claims owned 50%\nELN 50% Xstrata, 2907 claims owned 100% by Xstrata Zinc, together with an Area\nof interest in which ELN and Xstrata Zinc hold equal interests.\n\n\nVotorantim may earn a 50% interest in the Property by incurring\nexploration expenditures of $10 million over a period of 5 years and may\nfurther elect to increase its interest to 70% by spending another $10 million\nover an additional two years. Upon Votorantim vesting with 50% interest in the\nProperty ELN will retain a 25% interest in the 1805 claims as well as a 25%\ninterest in any mineral claims staked subsequently by the parties within the\nArea of interest. Should Votorantim increase its interest to 70% then ELN\ninterest would be reduced to 15% from 25%, respectively.\n\n\nSeveral historical tonnage and grade estimates exist for zinc and copper\nmineralisation occurring within the 1805 claims in which ELN currently holds\n50% interest, which were derived from earlier drilling campaigns.\n\n\nELN would also like to report that Mr. Morris Medd has resigned from the\...