New Cantech Ventures Inc.

New Cantech Ventures Inc.

December 05, 2007 12:24 ET

New Cantech Receives Payment on Manitoba Properties

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 5, 2007) - New Cantech Ventures Inc. (TSX VENTURE:NCV)(FRANKFURT:C7X) received $450,000 today, of which one-half was from Canasia Industries Corporation (TSX VENTURE:CAJ) and the remaining one-half from International Samuel Exploration Corporation (TSX VENTURE:SAZ). New Cantech received payment pursuant to agreements with Canasia and International Samuel (TSX VENTURE:SAZ) on its interest in several Manitoba mineral properties. The closing purchase price also included 400,000 common shares of Canasia and 400,000 common shares of Samuel, plus staking costs of approximately $6,700 from each company. In addition, New Cantech will be entitled to a 0.5-per-cent net smelter royalty (NSR) from Canasia and 0.5-per-cent NSR from Samuel, of which each company may purchase 0.25 per cent at any time for $250,000. The Manitoba mineral properties are located in the area of mineral exploration licence 268A referred to in the VMS Ventures Inc. (TSX VENTURE:VMS) news release of October 4, 2007 where VMS released assay results (weighted average) from drill hole RD07-02 on its new discovery on its Reed Lake project, near Snow Lake, Manitoba which highlighted high-grade, copper-rich intervals.

New Cantech also takes this opportunity to announce further on-going changes in the company as Dr. Richard Grayston, BComm, MBA, PhD, who is Chief Financial Officer for New Cantech, has taken on the additional function of Corporate Secretary, replacing Ross Blusson who remains a director of the company.

New Cantech is a TSX Venture mineral exploration and development company focusing on the development of its Lucky Ship Molybdenum Property in west central British Columbia and the advancement of its other mineral exploration properties, most of which are located in British Columbia and all of which are located within Canada.


James Jacuta


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Contact Information

  • New Cantech Ventures Inc.
    James Jacuta
    President & CEO
    (604) 638-0699