New Cantech Ventures Inc.
TSX VENTURE : NCV
FRANKFURT : C7X

New Cantech Ventures Inc.

October 12, 2007 09:01 ET

New Cantech Ventures Inc.: Further Announcement Regarding Reed Lake Mineral Property in Manitoba

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 12, 2007) - New Cantech Ventures Inc. ("New Cantech") (TSX VENTURE:NCV)(FRANKFURT:C7X), is pleased to announce that, further to its news release issued on October 10, 2007, New Cantech has entered into an additional agreement on Manitoba Mineral Exploration License 331A.

Accordingly,

- If the first agreement announced on October 10, 2007 proceeds then New Cantech will be entitled to one-half of the $450,000 sale price and one-half of the 2% NSR (Net Smelter Royalty) and,

- In the event that the agreement announced today proceeds then New Cantech will be entitled to a further one-half of $450,000 cash and one-half of the 2% NSR. This agreement is subject to financing proceeding.

New Cantech is entitled, in total on both agreements, to a buy-back of one-half of one percentage point of NSR for $500,000.

The agreement announced today is made subject to the approval of the TSX Venture Exchange.

Manitoba Mineral Exploration License 331A is contiguous to Mineral Exploration License 268A referred to in the October 4, 2007 news release issued by VMS Ventures Inc. (TSXV: VMS). VMS released "assay results (weighted average) from drill hole RD 07-02 on its new discovery on its Reed Lake project, near Snow Lake, Manitoba" which highlighted "high grade copper rich intervals" (see - www.vmsventures.com).

About New Cantech

New Cantech is a TSX Venture listed 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.

ON BEHALF OF THE BOARD OF DIRECTORS

James Jacuta

NEW CANTECH VENTURES INC.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained herein.

Contact Information

  • New Cantech Ventures Inc.
    James Jacuta
    President and CEO
    (604) 638-0699
    Website: www.newcantech.com