Business
Votorantim Elects To Option El Nino's Bathurst Camp Projects
TSX.V: ELN Frankfurt: E7Q VANCOUVER, Aug. 6 /CNW/ - El Nino Ventures Inc. ("ELN" and the "Company...
About this update from Metalquest Mining Inc
[{"type":"text","content":"\n\n\n\n TSX.V: ELN\n Frankfurt: E7Q\n\n\nVANCOUVER, Aug. 6 /CNW/ - El Nino Ventures Inc. ("ELN" and the "Company")\n(TSX.V: ELN; Frankfurt: E7Q) is very pleased to announce that Votorantim\nMetals Canada Inc. (Votorantim) has elected, following completion of an\nin-depth due diligence study, to enter into an Option Agreement with the\nCompany whereby Votorantim may earn up to a 70% interest in 1805 mineral\nclaims in the Bathurst Mining Camp, New Brunswick, in which ELN owns 50%\ninterest and Xstrata Canada Corporation - Xstrata Zinc Canada Division\n(Xstrata Zinc), owns 50% interest. The due diligence study carried out by\nVotorantim, which included a study of an additional 2907 mineral claims wholly\nowned by Xstrata Zinc, involved more than 300 man days, extending over a six\nmonth period and examined all previous geological, geochemical and geophysical\nsurveys as well as all existing drill data pertaining to the Property.\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 Option Agreement now being drafted is between Votorantim,\nELN and Xstrata Zinc whereby Votorantim may elect, 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 any\nmineral claims subsequently staked by the parties within an Area of interest,\nin 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% the ELN\ninterest would be reduced...