VANCOUVER, Nov. 2 /CNW/ - El Nino Ventures Inc. ("El Nino") (TSX.V: ELN;
OTCBB: ELNOF; Frankfurt: E7Q) is pleased to announce it has optioned its
Bancroft Uranium properties to Boulder Creek Explorations Inc. ("Boulder") a
company incorporated under the laws of Nevada.
This agreement will finance the Bancroft properties through the next
stages of exploration. Under the terms of this agreement, El Nino will receive
275,000 shares of Boulder, and cash payments totaling CDN $125,000 within the
next 10 -14 days. Boulder can earn in a 60 percent interest by committing CDN
$1,000,000 over the next two years and could earn up to 80 percent of the
project by issuing a further 300,000 shares and spending an additional CDN
$1,500,000.
El Nino will remain the operator for the first two years of this
agreement and will receive a management fee of 10 percent of Exploration
Expenditures and cash payments of CDN $40,000 a year for the second year and
CDN $20,000 per year thereafter.
Mr. Jean Luc Roy, President of El Nino states: "This agreement is very
favorable to our shareholders as it completes two objectives; the project will
be funded by Boulder and it will allow sufficient exploration funding to
further investigate the project's potential."
About El Nino Ventures Inc.
El Nino is an exploration stage company whose corporate objective is to
revisit former mining regions and apply the latest technologies to advanced
stage exploration targets. El Nino Ventures has entered into an Option/Joint
Venture Agreement with Xstrata Zinc Canada to explore the world class Bathurst
Zinc/Base Metals Mining Camp in New Brunswick, Canada. Currently the Bathurst
project has a CDN$5 million budget of which 23,000 metres of drilling has
commenced. In addition to the Bathurst Mining Camp, El Nino Ventures continues
to focus on advanced stage properties throughout Canada, Alaska and Europe.
On Behalf of the Board of Directors,
Jean Luc Roy, President and COO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release
CUSIPNo. 28335E-10-6
This news release contains certain "Forward-Looking Statements" within
the meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical fact,
included herein are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations are
disclosed in the Company's documents filed from time to time with the British
Columbia Securities Commission and the United States Securities & Exchange
Commission. This email should not be construed as an offer to buy or sell
securities of this company.
