Votorantim Metals Canada Inc. finalizes Option/Joint Venture Agreement with El Nino Ventures and Xstrata Zinc
- Finalized its Option / Joint Venture Agreement with ELN and Xstrata Canada Corporation – Xstrata Zinc Canada Division 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.
- The 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.