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Votorantim Metals Canada Inc. finalizes Option/Joint Venture Agreement with El Nino Ventures and Xstrata Zinc
Votorantim Metals Canada Inc. finalizes Option/Joint Venture Agreement with El Nino Ventures and ...
About this update from Metalquest Mining Inc
[{"type":"text","content":"\n\n\n\n May 4, 2010 (Canada NewsWire Group) -- El Nino Ventures Inc. ("ELN") (TSX.V:E7Q) is pleased to announce that Votorantim Metals Canada Inc. (Votorantim) has finalized its Option / Joint Venture Agreement (OJV) with ELN and Xstrata Canada Corporation - Xstrata Zinc Canada Division (Xstrata Zinc) to earn a 50% interest in the Bathurst Mining Camp (BMC) project by incurring exploration expenditures of $10 million over a period of five years. Votorantim can increase its interest to 70% by spending another $10 million over an additional two years thereafter ELN and Xstrata Zinc Canada interests would be reduced to 15% from 25% respectively.\nThe BMC project is comprised of 1805 claims owned 50% ELN, 50% Xstrata, 2907 claims owned 100% by Xstrata Zinc, together with an Area of Interest in which ELN and Xstrata Zinc hold equal interest. Earlier drilling campaigns delineated several historical deposits of lead, zinc and copper mineralization within the 1805 claims in which ELN currently holds 50% interest (see June 4, 2008 press release). Insufficient work has been carried out to classify any of the historic occurrences as current mineral resources and the historical estimates should not be relied upon.\n\nAbout Votorantim Metals Canada Inc.\n\nVotorantim Metals Canada Inc. is a subsidiary of Votorantim Metais, a company that is part of the Votorantim Group, which was founded in Brazil in 1918 and now operates in twenty countries and has over sixty-five thousand employees. Votorantim Metais is the largest electrolytic nickel producer in Latin America and one of the world's leaders in production of zinc, aluminum and steel.\n\nAbout El Nino Ventures\n\nEl Nino Ventures is a mineral exploration company, focused on copper/cobalt exploration in the DRC (see releases January 12, 2009, February 25, 2009 & March 11, 2010). The Company holds a 50% interest in an extensive base metal project located within the Bathurst mining camp in Ontario, Canada. El Nino finalized its option agreement in April 2010 with Votorantim Metals Canada Inc. and Xstrata Zinc whereby Votorantim may earn a 50% interest in El Nino's landholdings by expending $10 million over 5 years and may further increase its interest in El Nino's and Xstrata Zinc's landholdings to 70% by expending an additional $10 million over a further two years.\n\nOn Behalf of t...