El Niño Ventures receives Exchange approval for the Lac Otelnuk Iron Ore Project in Quebec and Clarifies Previous
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El Niño Ventures receives Exchange approval for the Lac Otelnuk
Iron Ore Project in Quebec and Clarifies Previous News Release
November 22, 2022, Rockport, ON, Canada – El Nino Ventures Inc.(“ELN” or the “Company”)
(TSXV: ELN; OTCQB: ELNOF; FSE: E7Q.F). The Company is pleased to announce that, further to its
news release of November 16, 2022, ELN has received TSX Venture Exchange (the “Exchange”) approval
for the transaction to acquire 100% undivided interest in certain claims located in Nunavik, Quebec.
The Company has finalized the agreement with 743584 Ontario Inc. (the “Vendor”), who is at arms length
to the Company, to acquire 100% of 193 claims (previously announced 191 claims) within the Lac Otelnuk
Iron Ore Project by paying for the 2022 assessment (~$30,000). The Vendor retains a 2.5% royalty with
an option to buy-down 1.75% of the royalty in one lump sum or as follows:
• Within 60 days following the date of exchange approval (anniversary date) the Company has the
option to buy-down the royalty from 2.5% to 2.15% by issuing $15,000 of common shares of the
Company;
• Within 60 days following the second anniversary date of exchange approval, the Company has
the option to buy-down the royalty from 2.15% to 1.80% by issuing $15,000 of common shares
of the Company;
• Within 60 days following the third anniversary date of exchange approval, the Company has the
option to buy-down the royalty from 1.80% to 1.45% by issuing $15,000 of commo n shares of
the Company;
• Within 60 days following the fourth anniversary date of exchange approval, the Company has the
option to buy-down the royalty from 1.45% to 1.10% by issuing $15,000 of common shares of
the Company;
• Within 60 days following the fifth anniversary date of exchange approval, the Company has the
option to buy-down the royalty from 1.10% to 0.75% by issuing $15,000 of common shares of
the Company;
Any shares that become issuable under th e agreement are subject to TSX Venture Exchange Pol icies. In
the event the Company’s shares are trading under $0.05 per share, shares issuable will not be issued at a
deemed price less than $0.03 per share, if the Company’s shares are trading over $0.05 per share, any shares
issuable will not be issued at a deemed price less than $0.05 per share, subject to allowable Discounted
Market Price pursuant to TSX Venture Exchange Policy. In addition, any shares that become issuable are
subject to regulatory hold periods of four months plus one day in accordance with applicable Canadian
Securities Laws.
About Lac Otelnuk Project
The Project is located in Nunavik, Province of Quebec, in the central portion o the Labrador Trough iron
range as shown in figure 1. The property is situated approximately 155km in a straight-line northwest of
Schefferville and 255KM South of Kuujjuaq. Schefferville is located approximately 1200km northeast of
Montreal.
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The Project has previous expenditures of approximately $1 50 million, including 43 -101 resource
calculations completed in 2013 and a Feasibility Study completed on it in March of 2015. Management is
completing its due diligence and working with several technical groups to form a go-forward plan. The
Company plans to press release further details on the Project and its development plan within the next 30 -
60 days.
Figure 1: Lac Otelnuk Iron Ore Project
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About El Niño Ventures Inc.
El Niño Ventures Inc. is a mineral exploration company, who for the last 13 years working with Votorantim
Metals Canada Inc. (“Votorantim”), has focused on Exploration for Zinc, Lead, Copper and Silver, and
gold in New Brunswick, Canada.
Management is currently reviewing its options in regards to its 29.1% minority interest in our Murray Brook
joint venture with Votorantim . One of the company’s strateg ic plans is to sell its interest in the Murray
Brook Zn-Pb Project. ELN did receive a 0.67% net smelter return (“NSR”) royalty on the Murray Brook
Project as part of its previous agreement with Puma Exploration (“Puma”). However, Puma was unable to
complete the option it had to purchase Murray Brook.
The road accessible Murray Brook Deposit represents one of the largest undeveloped VMS
polymetallic projects in the world-renown Bathurst Mining Camp, New Brunswick.
The Board of Directors of ELN has recently agreed to Management's request to look at diversifying the
Company into other areas wi thin the resource sector. The Company continues to investigate new
acquisitions for ELN and plans to use the Prospector Generator model which reduces risk, share dilution
and increases discovery potential. In the event of a sale of ELN's Murray Brook inter est, it would amount
to a Non-Dilutive Financing for the Company and Management plans to use these funds for working capital
and to acquire additional high quality mineral projects.
On behalf of the Board of Directors
“Harry Barr”
Harry G. Barr
Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Ven ture Exchange) accepts responsibility for the adequacy or accuracy
of this release.
Cautionary Note Regarding Forward Looking Statements: 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 comp letely make available adequate current public information, additional
or different regulatory and legal requireme nts and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDA R (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.