Nortec Ventures Corp.

Nortec Ventures Corp.

October 02, 2007 17:44 ET

Nortec (NVT) Announces the Commencement of Diamond Core Drilling on the Kaukua Platinum-Palladium-Gold Property, Northeastern Finland

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 2, 2007) - Further to the press release dated July 30, 2007, Nortec Ventures Corp. (TSX VENTURE:NVT), ("Nortec" or the "Company"), is pleased to announce that diamond drilling commenced and the first drill hole was completed on the Kaukua Platinum - Palladium - Gold project located approximately 20 kilometres north of the Company's Koillismaa - Naranka project, northeastern Finland. The Company signed a Memorandum of Understanding on July 26, 2007 with Akkerman Exploration B.V. ("AEbv") to earn an undivided 70% interest in the Property by funding and incurring the Initial Exploration Expenditures of EUR 600,000 (six hundred thousand Euros) over an Earn-In period of 3 years following the signature of the Option Agreement. In addition, Nortec will pay EUR 30,000 ("Downpayment") on confirmation of the ownership of the claims from the Ministry of Trade and Industry, Finland, to AEbv. The Finnish ministry confirmed that AEbv is the only organization that applied for claims in the area, since the previous exploration rights held by the Geological Survey of Finland expired in early 2007. AEbv and Nortec also received permission to commence exploration work from the various landowners in the claims area.

The claims area comprises the northernmost block, called the Kaukua Block, of the Koillismaa - Naranka layered ultramafic complex. The general setting and style of the known mineralization is similar to that found at Musta and Pyhitys, where Nortec is conducting another drill program. Geological Survey of Finland ("GTK") carried out detailed field work consisting of geological mapping, geophysical surveys and limited shallow diamond core drilling (6 core holes) in 1999 and 2004. The sulphide mineralization in Kaukua is particularly rich in platinum group metals ("PGE") and gold as illustrated by the following drill intersection:

Hole R404: from 58 metres to 74 metres (16m) grading 1.39 grams/tonne
(1393 ppb) PGE +Au and 0.35%Cu+Ni

Significant averages from some of the GTK drill holes :

Intersection Copper + PGE + Gold
Hole From in metres Nickel % grams/tonne
R387 66.51 17 0.28 1.00
R404 60.40 39 0.30 1.24
R405 124.53 14 0.29 1.35

Approximately 1,000 metres of core drilling consisting of 7 holes are planned to be carried out at 100 metre spacing up-dip from previous drill holes R404 and R405. This drill program is designed to test the extent of the higher grade mineralization intersected in drill hole R405 over a distance of 600 metres. The drill holes will also help in understanding the rake, if any, of the mineralization as well as the grade continuity and potential tonnage for shallow mineralization. All the drill holes are estimated to be 150 metres in length and will be terminated several tens of metres in the basement below the basal contact of the layered ultramafic series. The diamond drilling contract was signed with the drilling department of GTK.

The mineralization at Kaukua appears to have very similar modes of occurrence to the Arctic Platinum's Portimo platinum deposit located approximately 75 kilometres to the west. Outokumpu and Goldfields have delineated 74.1 million tones grading 1.39 grams PGE + gold (approx. 3.3 million ounces).

Mohan R. Vulimiri, M.Sc, P.Geo., President, CEO and Director of Nortec, and Mr. Jan Akkerman, Managing Director of AEbv, are the persons responsible for initiating and guiding the work programs on the Kaukua Project.

Other News

Nortec announces the following appointments:

1. Mr. Etiennne Walter, Director of Nortec, has consented to become the Chairman of the Board of Directors.

2. Mr. Adam Kniec, C.A., has been appointed the Chief Financial Officer.

3. Mrs. Giovanna Martino has accepted the position of the Corporate Secretary

Mr. Walter was the member of the Board of Directors since October 2006. He is the honorary consul general of the Republic of Ecuador with jurisdiction over the provinces of Alberta and British Columbia, the Northwest Territories, and the Yukon Territory. Mr. Walter was appointed in December, 1993, with recognition by the Canadian government since March, 1994.

Through his company, Andes Trade & Investment Ltd., Mr. Walter has worked with many public and private corporations, consulting on matters of international relations and trade, particularly in the resource and energy fields, throughout South America. Mr. Walter has been based in Canada since 1975, prior to which he studied hotel management and financial administration at the Ecole Hoteliere de la Societe Suisse des Hotelliers in Lausanne, Switzerland.

Adam Kniec is a Canadian Chartered Accountant and a US Certified Public Accountant (Illinois), with over 10 years of accounting and financial reporting experience with Canadian and US publicly trading companies. He was a manager with Staley Okada & Partners Chartered Accountants and a senior manager with PricewaterhouseCoopers Chartered Accountants until August 2007. Currently he is providing accounting, CFO and related financial reporting services to public and going public entities. He commenced providing consulting services to Nortec in September 2007, and was appointed Chief Financial Officer in October 2007.

Mrs. Martino joined the Company in April 2006. She has over 11 years experience as a legal assistant working with public and private companies as well as with legal firms specializing in securities regulations in the mining sector. She is also Corporate Secretary of Frontier Pacific Mining Corporation.

A total of 1,000,000 options to purchase 1,000,000 shares at the price of $0.30 per share are granted to the above appointments and employees of Minera Nortec Ecuador S.A., a wholly-owned Ecuadorian subsidiary of Nortec, based in Cuenca, Ecuador.

About Nortec

Nortec is a mineral exploration and development company based in Vancouver, British Columbia. At present diamond drilling is on-going on the Koillismaa-Naranka Nickel-Copper-PGE project. Nortec is earning a 60% interest, with an option to earn 70% interest, in the Koillismaa - Naranka project. The Company holds an option to earn a 51% interest in the Ganarin Gold-Silver Project, and a 70% interest in the Condorcocha Gold-Silver Project, both located in Southern Ecuador. Nortec is also earning a 51% interest with an option to earn 90% interest in the TL nickel property in Northern Labrador. The Company is continuing to evaluate other potential acquisitions.

On behalf of the Board of Directors,


Mohan R. Vulimiri, President & CEO

The statements made in this Press Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.

There can be no assurance that forward-looking information will prove to be accurate. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from any conclusions, forecasts or projections described in the forward-looking information. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information