New Cantech Ventures Inc.

New Cantech Ventures Inc.

January 14, 2008 16:46 ET

New Cantech Ventures Inc. Lucky Ship Molybdenum Property Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 14, 2008) -

New Cantech Receives Further Option Payment

New Cantech Ventures Inc. ("New Cantech") (TSX VENTURE:NCV)(FRANKFURT:C7X) announces that it has received a further payment of $2,000,000 Canadian towards the Lucky Ship Option Agreement entered into by Korean companies Palm Clean Energy Inc. and Daewon Chemical Co. Ltd. as optionees. James Jacuta, New Cantech's President, said that, "I am very pleased by New Cantech's Korean partners moving forward on their commitments at this time. This is a significant indicator of on-going support for the Lucky Ship Molybdenum Project." New Cantech's President also added, "We are scheduling meetings in Vancouver with a team from Korea in the next couple of weeks to review and approve development plans for Lucky Ship in 2008-09 and we are hoping that the project will be accelerated at that time based on the discussions that we have already had on this possibility."

Environmental Baseline and Engineering Studies

The following is an update from the November 14, 2007 news release on the current status of the environmental baseline and engineering studies at the Lucky Ship Molybdenum Project.

- A draft report on the results of the evaluation and geotechnical assessment of the T6B -Tailings Storage Facility is currently being prepared by BGC Engineering Inc. (BGC).

- BGC Engineering Inc. has recently submitted final reports on the Terrain Inventory Mapping program completed for the project area between August 1st and 8th, 2007, and on the Prefeasibility Site Investigations - Proposed Plantsite that was completed in September, 2007.

- Lorax Environmental Services is currently managing the startup of the delayed Phase 3 groundwater (hydrogeology) quality and flow program for the area located between the mineralized zone and the Nanika River. It is anticipated that this Phase 3 geotechnical drilling assessment will be completed by early February, 2008.

- Ecos Environmental Consulting Inc. has continued water quality and groundwater sampling over the past two months throughout the project site.

- Jacques Whitford-Axys (JWA) will be contracted to complete the required "winter" wildlife survey on the project area. Prior to initiation of this study the project team will meet with government regulators to determine the extent of their requirements in regard to this portion of the Environmental Baseline Assessment.

- SRK Consulting Engineers and Scientists have submitted a draft memorandum, which covers their assessments of the various mining options for the Lucky Ship Project.

- A pilot mill metallurgical test program is underway at the G&T Metallurgical Services (G&T) facility in Kamloops. A 2,200 kg sample of Quartz Feldspar Porphyry (QFP) mineralized material was sent for milling. To date a rougher concentrate has been produced from the pilot mill process and this will provide G&T and New Cantech with important information on the metallurgical characteristics of the QFP and potential plant flowsheet. It is anticipated that the cleaner concentrate processing will be completed by January, 2008.

- New Cantech has initiated discussions with MQes - Mine and Quarry Engineering Services, Inc of San Mateo, CA, in regards to their company completing a preliminary feasibility study on a process plant and ancillary facilities for the Lucky Ship Molybdenum Project.

Final Assay Results Received on Phase 5 Drilling

In a news release dated September 20, 2007, New Cantech announced that three additional diamond drill holes totaling 926.9 metres had been completed on the Lucky Ship Molybdenum property, located 85 kilometres by road southwest of Houston B.C. This drilling tested an area centered approximately 400 metres northwest of the main Lucky Ship molybdenum deposit. The target of this drilling, designated as Phase 5, was a north trending, steeply dipping zone of quartz-molybdenite veins observed in a large gossanous outcrop. The three NQ diamond drill holes (LS07-115 to 117) were drilled between August 24 and September 11, 2007. New Cantech has now received final assay results for these three holes. All analyses were done by Acme Analytical Laboratories, Vancouver, B.C., Canada, an ISO 9002 accredited laboratory, using the hot Agua Regia digestion and ICP-ES analytical technique. A map showing drill hole locations can be viewed on the New Cantech website ( Drill hole details are summarized in the table below.

Drill Hole No. Easting Northing Elevation Length Azimuth Inclination
LS07-115 599210 5987609 1242 285.59 55 -45
LS07-116 599220 5987548 1241 349.61 55 -45
LS07-117 599400 5987558 1234 291.69 235 -55

Drill holes LS07-115 and 116 were drilled at azimuth 55 degrees and inclination -45 degrees. Hole LS07-117 was drilled at azimuth 235 degrees and inclination -55 degrees. Best intersections from these holes are listed below:

Drill Hole From To Length Mo% Cu% Ag gm/t Au ppb
LS07-115 267 271 4 0.055 0.01 less than 2 66
LS07-116 271 273 2 0.002 2.89 52 1694
LS07-116 273 275 2 0.005 0.66 10 383
LS07-116 291 293 2 less than 0.001 0.41 13 74
LS07-117 47 49 2 0.075 0.01 less than 2 40
Note: all measurements in metres; ppb equals parts per billion; gm/t
equals grams per tonne

The lack of significant concentrations of molybdenum bearing veins in the area tested by the Phase 5 drilling suggests low potential for additional Mo resources in this area. However, the significantly higher background concentrations of Cu, Ag and Au found in this area are interesting and could indicate the presence of a different, more Cu rich target along the eastern contact of the Lucky Ship intrusive complex.

Qualified Persons

Dr. Donald G. MacIntyre, P. Eng., a qualified person under National Instrument 43-101, has reviewed and approved the technical disclosure pertaining to the Phase 5 diamond drilling program contained in this news release.

Bruce Graff, P. Eng., a qualified person under National Instrument 43-101, is the Lucky Ship Project Manager has been supervising New Cantech's 2007 developmental studies and has reviewed and approved the technical disclosure in this news release regarding the environmental and engineering development studies.

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.


James Jacuta, Chairman, CEO and President

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