Nortec Minerals Corp.
TSX VENTURE : NVT
FRANKFURT : WMQ

Nortec Minerals Corp.

March 23, 2010 11:45 ET

Nortec (TSX VENTURE:NVT)-Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 23, 2010) - Nortec Minerals Corp. (TSX VENTURE:NVT)(FRANKFURT:WMQ) -

  • eResearch recommends NVT as a target price of $0.24
  • Over 5,000 hectares of claims selected on the Seinajoki Gold Project
  • Excellent Metallurgical results from the LK PGE+Au-Cu-Ni Project
  • Pegmatite Dykes contain over 1% lithium at the Tammela Lithium Project
  • New Website launched
  • Torrey Hills Capital engaged as IR Consultants

Nortec Minerals Corp. ("Nortec" or the "Company") is pleased to provide an update on the Company's corporate activities and on exploration developments in Finland.

On March 4, 2010, eResearch Corporation released an independent valuation report on the Company with a Speculative Buy recommendation and a target price of $0.24. Using the Property Ratio Method and a comparison of the Company to a group of its peers, it is eResearch's conclusion that Nortec is significantly undervalued. A copy of the eResearch report is available at http://eResearch_InitiatingReport_NVT.pdf.

Below is an update on the Company's three main projects in Finland, which includes exploration activities carried out since November, 2009.

Seinajoki Gold Project: The Company has applied for over 5,000 hectares of claims on the Seinajoki Gold Project within the original 10,000 hectare claim reservation. This group of contiguous claims covers the most prospective areas for gold mineralisation based on Nortec's interpretation of the regional till geochemistry data, regional geophysical data, and regional geological mapping acquired from the Geological Survey of Finland ("GTK") at the end of 2009.

Nortec's interpretations of the GTK data coincided with the Company's opinions and conclusions resulting from its own reconnaissance geological mapping and rock chip sampling programme across the Sikakangas, Marttalanniemi, Kalliosalo and Kaatiala prospects. This programme was highlighted by two lines of rock chip samples taken from outcropping bedrock on the Sikakangas prospect returning 69.8g/t gold and 21.1 g/t gold.

In February 2010, Nortec completed a relogging programme of the entire GTK drill core on the Marttalaniemi and Ylijoki prospects, which were originally drilled by GTK between 5 and 15 years ago. More than 200 sample intervals were selected, cut and submitted to ALS Chemex in Outokumpu.

The Company has already put out to tender for drilling contractors in Finland to conduct a follow-up drill programme to further delineate any down hole mineralisation encountered in the GTK drill core at Marttalaniemi and Ylijoki. Subject to any local administrative matters that need finalising, the Company hopes to be in a position to drill these targets middle to late April.

Lantinen Koillismaa ("LK") Project: The Company has received results from preliminary metallurgical test work on a composite of ore types from Kaukua. The conventional rougher flotation method yielded recoveries of more than 80% PGE + Au, more than 93% for Cu and 51% for Ni. The concentrate produced a product assaying 16% Cu + Ni and 60g/t PGE + Au. Although this is not yet confirmed, a concentrate of this grade should be attractive to nickel and PGM smelters, especially given the low value of 4% Magnesium Oxide (MgO). This also means that the initially planned PLATSOL™ process for higher recoveries of PGE metals may no longer be required. This will help lower processing costs, simplify the project, and reduce the technical risk of the project as a whole.

Tammela Lithium Project: In November 2009, the Company completed a relogging and re-sampling programme on GTK drill core which returned results of 9m @ 1.03% lithium. These results further confirm the presence of significant lithium mineralisation at Kietyonmaki, which was originally documented by the GTK in 1985. At that time, the GTK calculated a drill weighted-average intercept lithium grade of 1% (Li2O) for an inferred historical resource of 400,000 tonnes on the KMD and 100,000 tonnes at Hirvikallio. Please note that these estimates are not compliant with the industry standard National Instrument 43-101 guidelines.

The Tammela Project, which compares well to existing lithium projects in Scandinavia, was a strategic acquisition for Nortec. Lithium values are significant and there is relatively low iron and magnesium content relative to lithium. Demand for lithium resources in Europe has been growing over the last few years and is expected to increase in the future due to lithium applications in automobile and hi-tech batteries by European manufacturers. Although lithium is not traded as a commodity on the open market, it is often quoted in terms of lithium carbonate equivalent at prices over US$12,000 per tonne (source: www.resourceworld.com – June 2009). The low iron and magnesium content also makes it very favourable for the ceramics and glass industries.

Other News

In January 2010, Nortec changed its name from Nortec Ventures Corp. to Nortec Minerals Corp., the latter of which better and more accurately reflects the Company's activities as a mineral exploration company. In conjunction with its name change, the Company is pleased to launch a new Website, www.nortecminerals.com, which was designed by Mark Hynes Website Development. The new site allows for smoother and more seamless access to the latest news and information about Nortec.

In addition and as part of Nortec's ongoing commitment to increase market and investor awareness, the Company has engaged Torrey Hills Capital as investor relations consultants. It is Nortec's goal to build and maintain an informed investor audience by increasing awareness about the Company through Torrey Hills Capital's established relationships with investment professionals, investment advisors, money managers, and market makers focused on the microcap market space. Torrey Hills Capital has also developed a profile on Nortec for coverage on its Website, www.babybulls.com, a Website developed to showcase and provide exposure for emerging micro-cap companies to an audience of proven micro-cap investors.

Nortec underwent a restructuring of the Board of Directors with Mohan Vulimiri accepting the position of Executive Chairman and Chief Executive Officer, Ian Laurent as President and Director, Balraj Mann (Nortec's Chief Financial Officer) as a Director, Etienne Walter as Non-executive Chairman and Independent Director, and Peter Tegart as Executive Director.

About Nortec Minerals Corp.

Nortec is a mineral exploration and development company based in Vancouver, British Columbia. The Company has an option to earn 100% interest in the Seinajoki-Kaatiala Gold-Antimony-Rare Earth-Lithium Property in western Finland and owns a 100% interest in the Tammela Lithium-Tin-Tantalum-Rare Earth Project in south-west Finland. The Kaatiala reservation covers a quarry which produced 18 tonnes of beryl, 5 tonnes of columbite and 190,000 tonnes of rare mineral calcium feldspar, according to the information obtained from the Geological Survey of Finland ("GTK").

Nortec also has a 100% interest in the LK Palladium-Platinum-gold-Copper-Nickel Project (the combined Kaukua & Haukiaho Projects) in north-central Finland, a minimum 51% interest with an option to earn 100% interest in the TL Nickel-Copper-Cobalt Property in Northern Labrador, Canada and an option to acquire 51% interest in the Ganarin Gold-Silver Property, Ecuador.

On behalf of the Board of Directors,

NORTEC VENTURES CORP.

Ian F. Laurent, President

This press release contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performances or achievements of the Company to be materially different from the results, performances or expectations implied by these forward looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.

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

Contact Information

  • Nortec Minerals Corp.
    Ian F. Laurent
    President
    604-717-6426 or Toll Free: 1-866-658-1261
    604-683-9649 (FAX)
    www.nortecminerals.com