El Nino Ventures Re-files Interim Financial Statements and MD&A
TSX.V: ELN FRANKFURT: E7Q
El Nino Ventures Re-files Interim Financial Statements and MD&A
June 29, 2010 Vancouver, Canada – El Niño Ventures Inc. (“ELN” and the “Company”) (TSX.V: ELN;
Frankfurt: E7Q) announces that it has re-filed its interim financial statements and management discussion
and analysis (“MD&A”) for the interim period ended April 30, 2009. In addition, the Company is currently
in the process of re-filing its interim financial statements and MD&A for the interim periods ended July 31,
2009 and 31 October 2009. The following is a summary of the material revisions to the Company’s
amended and restated financial statements and MD&A.
The Company became aware that further unauthorized exploration/mining activities were being
conducted on the Infinity Project by the Country Manager. The unauthorized activities being carried out by the Country Manager and the inability of the Company to assert control over its investment Infinity
Resources SPRL (“Infinity”) and Harmony Resources SPRL (“Harmony”) and its local management caused
the Company to conclude that it did not exercise control or significant influence over its investments in Infinity and Harmony during the year ended January 31, 2010. As a result, the Company determined that
it should have derecognized the assets and liabilities of Infinity and Harmony effective 1 February 2009.
Based on the foregoing, the Company concluded that the previously filed consolidated financial statements and MD&A for the periods ended April 30, 2009, July 31, 2009 and October 31, 2009, which were filed with
SEDAR on June 29, 2009, September 29, 2009 and December 29, 2009, respectively, should no longer be
relied upon. Accordingly, the Company’s consolidated interim financial statements and MD&A for the three months ended April 30, 2009 filed on SEDAR on June 29, 2009 have been restated using the cost
method rather than on a consolidated basis, the details of which are disclosed in the amended and restated
financial statements. In addition, the Company is in the process of amending and restating the interim financial statements and MD&A for the interim periods ended July 31, 2009 and October 31, 2009 to reflect
the above facts.
ELN News Release Page 1 of 2 June 29, 2010
About El Niño Ventures Inc.
El Niño 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 Niño finalized its option agreement in April 2010 with Votorantim Metals Canada Inc. and Xstrata Zinc whereby
Votorantim may earn a 50% interest in El Niño's landholdings by expending $10 million over 5 years and
may further increase its interest in El Niño's and Xstrata Zinc's landholdings to 70% by expending an additional $10 million over a further two years.
On Behalf of the Board of Directors,
“Harry Barr”
Harry Barr, Chairman and CEO
For further information: Tel: + 1.604.685.1870 Toll Free: 1.800.667.1870 Fax: +1.604.685.8045 Email: [email protected] Or visit : www.elninoventures.com
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.
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.
ELN News Release Page 2 of 2 June 29, 2010