Positive Preliminary Economic Assessment for Murray Brook Zn-Cu-Pb-Ag Deposit, Bathurst Mining Camp, New Brunswick filed on S...
July 23 2013 - 9:11AM
OTC Markets
Highlights:
- Pre-production capital requirements $261 million
- Mill throughput of 2 million tonnes of ore per annum - 6,000
tonnes per day
- Life of Mine 9.5 years
- Life of Mine Production: 239,000 tonnes of copper concentrate,
122,000 tonnes of lead concentrate and 770,000 tonnes of zinc
concentrate
- Total Net Smelter Return Revenue $1,246 million
- Further metallurgical studies planned
- Excellent exploration upside with additional drilling plans on
adjacent Camel Back Claims
July 23, 2013
Vancouver, BC; El Nino Ventures Inc. ("ELN" and the "Company")
(TSX.V: ELN; OTCQX: ELNOF Frankfurt: E7Q) is pleased to announce
the SEDAR filing of the NI 43-101 Preliminary Economic
Assessment ("PEA") for the Murray Brook polymetallic
massive sulfide deposit, New Brunswick (the "Project"). The results
of the PEA demonstrate the potential technical and economic
viability of establishing a new mine and mill complex on the Murray
Brook property. The projected cash flows indicate an after-tax NPV
at a 5% discount rate of $96.4 million, an IRR of 11.4%, and a
payback period of 5.4 years (see news
release).
The PEA was prepared by P&E Mining Consultants Inc. under the
supervision of Eugene Puritch, P. Eng. of P&E Mining
Consultants Inc. Mr. Puritch is an independent QP in accordance
with NI 43-101.
Qualified Persons Statement
The PEA was prepared under the supervision of Eugene Puritch, P.
Eng. of P&E Mining Consultants Inc. Mr. Puritch is an
independent QP in accordance with NI 43-101 and has reviewed and
approved the technical information in this release. The information
in this release was reviewed by Dr. William Stone, Executive Vice
President of Exploration of ELN and a QP as defined by
NI43-101.
About El Ni?o Ventures Inc. Bathurst
Projects
El Ni?o Ventures Inc. has two active projects in the Bathurst
Mining Camp;
1. Murray Brook Project
The Murray Brook Project is located 60 km west of Bathurst, in the
northwest part of the Bathurst Mining Camp (Figure 1). The Murray
Brook deposit is a zinc-lead-copper-silver massive sulphide which
is the subject of a recently completed Preliminary Economic
Assessment. The project is supported by excellent infrastructure
including paved roads, grid electricity and communities to provide
goods, services and skilled labour.
ELN and VMC currently own 100% of the Murray Brook Project and VMC
is the operator. Under a purchase agreement signed by VMC on August
28, 2012 with Murray Brook Minerals and Murray Brook Resources Inc.
(collectively the "Owners"), VMC acquired the right to purchase, in
addition to its 35% interest, the additional 30% of the Murray
Brook Project from the Owners. The purchase agreement between VMC
and the Owners provides for staged payments totaling $6 million
over 5 years and a 0.25% NSR payable to the Owners after one year
of commercial production. VMC provided ELN with the option to
purchase an additional 15% in the Murray Brook Project as required
by an underlying Amending Agreement dated September 30, 2010
between Xstrata Zinc (now Glencore Xstrata PLC), VMC and ELN (see
reference to the BOJV Tri-Party Agreement above). ELN did not elect
to exercise the option and consequently at this time the Joint
Venture remains at VMC 65%: ELN 35%.
Figure 1.
Murray Brook Project and Camel Back property location map, Bathurst
Mining Camp, New Brunswick.
(see map at
http://www.elninoventures.com/s/NewsReleases.asp?ReportID=594115)
To date, more than 28,000 metres of drilling has been completed on
the Murray Brook Project. The first NI43-101 mineral resource
estimation and the first metallurgical results were published in
press releases dated February 2012 and January 2013, respectively.
On June 5, 2013 a positive Preliminary Economic Assessment was
announced (see news release). The
results of the PEA demonstrate the potential technical and economic
viability of establishing a new mine and mill complex on the Murray
Brook property. The projected cash flows indicate an after-tax NPV
at a 5% discount rate of $96.4 million, an IRR of 11.4%, and a
payback period of 5.4 years (see news
release). The NI43-101 Technical Report is now filed on
SEDAR and is also available on the ELN
website (see www.elnventures.com).
2. Bathurst Option Joint Venture
The BOJV project is a Tri?Party Agreement with Xstrata Zinc Canada
(now Glencore) and VMC covering much of the area of the Bathurst
Mining Camp in northeastern New Brunswick (Figure 1). The project
commenced in July 2009. VMC can earn 50% by spending $10 million
over 5 years. VMC can further increase its interest to 70% by
spending an additional $10 million over 2 more years. Exploration
expenditures to date by VMC total about $6.7 million.
BOJV project originally consisted of 4712 claims owned 50% ELN and
50% Xstrata Zinc and 2907 claims owned 100% by Glencore, together
with an Area of Interest in which ELN and Glencore hold equal
interest. Due to the Area of Interest, the BOJV generates new
projects for ELN at no initial cost. An example of such project
generation for ELN is the Murray Brook Project.
Votorantim Metals Canada Inc. Statement
Technical details in this news release were provided by VMC whose
professional geologists conduct operations consistent with mineral
industry best practices. VMC accepts no responsibility for this
news release or any inferences made from the technical details
provided herein.
About Votorantim Metals Canada Inc.
VMC is a subsidiary of Votorantim Metais a company that is part of
the Votorantim Group that was founded in Brazil in 1918. The
Votorantim Group operates in twenty countries and has over 40,000
employees. Votorantim Metais is the largest electrolytic nickel
producer in Latin America and one of the world's leaders in the
production of zinc, aluminum and nickel. VMC in conjunction with
Glencore and El Nino Ventures is operator of the Bathurst Option
and Joint Venture which is actively exploring for base metal
deposits within the Bathurst Mining Camp.
About El Nino Ventures Inc.
El Ni?o Ventures Inc. is an international exploration company,
focused on exploring for zinc, lead, copper, silver and gold in New
Brunswick, Canada and copper in the Democratic Republic of Congo
("DRC").
On Behalf of the Board of Directors
"Harry Barr"
Harry Barr
Chairman & CEO
El Nino Ventures Inc.
Further Information: Tel: +1 604 685
1870 Fax: +1 604 685 8045
Email: info@elninoventures.com or visit www.elninoventures.com
650-555 West 12th Avenue, City Square, West Tower, Vancouver, B.C.,
Canada, V5Z 3X7
Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements. Note: This
release contains forward-looking statements that involve risks and
uncertainties. These statements may differ materially from actual
future events or results and are based on current expectations or
beliefs. For this purpose, statements of historical fact may be
deemed to be forward-looking statements. In addition,
forward-looking statements include statements in which the Company
uses words such as "continue", "efforts", "expect", "believe",
"anticipate", "confident", "intend", "strategy", "plan", "will",
"estimate", "project", "goal", "target", "prospects", "optimistic"
or similar expressions. These statements by their nature involve
risks and uncertainties, and actual results may differ materially
depending on a variety of important factors, including, among
others, the Company's ability and continuation of efforts to timely
and completely make available adequate current public information,
additional or different regulatory and legal requirements and
restrictions that may be imposed, and other factors as may be
discussed in the documents filed by the Company on SEDAR
(www.sedar.com), including the most recent reports that identify
important risk factors that could cause actual results to differ
from those contained in the forward-looking statements. The Company
does not undertake any obligation to review or confirm analysts'
expectations or estimates or to release publicly any revisions to
any forward-looking statements to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events. Investors should not place undue reliance on
forward-looking statements.
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