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

New Cantech Ventures Inc.

October 12, 2006 09:00 ET

New Cantech Ventures Inc. Announces Results for the Next 5 Holes of the 2006 Phase 3 Drilling Program on its Lucky Ship Molybdenum Property

Drill Hole LS06-65 Returns 254 Metres Grading 0.096% Mo

WHITE ROCK, BRITISH COLUMBIA--(CCNMatthews - Oct. 12, 2006) - New Cantech Ventures Inc. ("Cantech") (TSX VENTURE:NCV)(FWB:C7X) is pleased to announce that it has completed seventeen drill holes (LS06-52 to 68) totaling 4,484 metres on its Lucky Ship porphyry molybdenum property located 85 kilometres by road south of Houston, B.C. Cantech previously released the assay results from the first nine holes (LS06-52 to 60) in two separate press releases and is now releasing assay results for the next five drill holes (LS06-61 to 65). To date assay results have been received for 3,947 metres of NQ core from 14 drill holes. Results for the remaining three holes will be reported when they are received. The following tables summarize significant drill hole intersections for previously released drill holes (LS06-52 to 60) and the 5 holes (LS06-61 to 65) that are part of this release.



Previously Released
------------------------------------------------------------------------
Significant drill hole
Drill hole information intersections
------------------------------------------------- ----------------------
Len-
East- North- Elev. gth Length @
Hole ing ing (met- Azi- (met- Start End Grade
Number (NAD 83) (NAD 83) res) muth Dip res) (m.) (m.) %Mo
------------------------------------------------------------------------
LS06-52 599552 5987218 1098 143 -60 270.1 67 75 8.0m @
0.208
------------------------------------------------------------------------
LS06-53 599674 5987156 1045 318 -45 190.5 3 153 150.0m @
0.069
----------------------
Including 27 87 60.0m @
0.108
------------------------------------------------------------------------
LS06-54 599694 5987192 1044 328 -45 303.6 6 266 260.0m @
0.084
----------------------
Including 6 42 36.0m @
0.163
------------------------------------------------------------------------
LS06-55 599739 5987216 1043 325 -45 307.54 162 246 84.0m @
0.074
------------------------------------------------------------------------
LS06-56 599781 5987238 1046 325 -45 358.14 213 353 140.0m @
0.066
---------------------
Including 213 249 36.0m @
0.136
------------------------------------------------------------------------
LS06-57 599810 5987280 1055 325 -45 312.42 173 285 112.0m @
0.065
----------------------
Including 179 227 48.0m @
0.108
------------------------------------------------------------------------
LS06-58 599844 5987308 1054 325 -45 300.23 15 179 164.0m @
0.064
---------------------
Including 103 165 62.0m @
0.107
---------------------
Including 147 161 14.0m @
0.206
------------------------------------------------------------------------
LS06-59 599874 5987356 1058 325 -45 258.17 9 97 88.0m @
0.068
------------------------------------------------------------------------
LS06-60 599711 5987093 1005 325 -45 400.81 45 400.81 355.8m @
0.075
----------------------
Including 113 345 232.0m @
0.095
----------------------
Including 153 173 20.0m @
0.203
------------------------------------------------------------------------


This Release
------------------------------------------------------------------------
Significant drill hole
Drill hole information intersections
------------------------------------------------- ----------------------
Len-
Elev. gth Length @
Hole East- North- (met- Azi- (met- Start End Grade
Number ing ing res) muth Dip res) (m.) (m.) %Mo
------------------------------------------------------------------------
LS06-61 599748 5987122 998 325 -45 519.38 41 121 80.0 @
0.072
----------------------
Including 75 89 14.0 @
0.122
----------------------
257 519 262.0 @
0.061
----------------------
Including 307 333 26.0 @
0.102
------------------------------------------------------------------------
LS06-62 599798 5987138 994 325 -45 114.00 19 101 82.0 @
0.074
----------------------
Including 85 89 4.0 @
0.226
------------------------------------------------------------------------
LS06-63 599838 5987165 998 325 -45 148.13 39 79 40.0 @
0.075
------------------------------------------------------------------------
LS06-64 599874 5987201 1003 325 -45 126.49 65 119 54.0 @
0.088
----------------------
Including 77 85 8.0 @
0.164
------------------------------------------------------------------------
LS06-65 599893 5987246 1012 325 -45 337.72 17 337.7 320.7 @
0.082
----------------------
Including 17 271 254.0 @
0.096
----------------------
Including 25 39 14.0 @
0.206
----------------------
Including 195 201 6.0 @
0.230
----------------------
Including 267 271 4.0 @
0.550
------------------------------------------------------------------------


The results for drill holes LS06-52 to 60 and the status of the deep hole have been described in a previous news release and are not included here. The last hole reported in the previous press release was LS06-60. Hole LS06-61 was collared 50 metres east of this hole on line 16+00E. This hole intersected the molybdenum zone at 41 metres, entered the high silica zone surrounding the granite porphyry intrusion at 121 metres then re-entered the molybdenum zone on the north side of the stock at 257 metres. As was observed in previous drill holes, the best grades occur near the granite porphyry contact. Holes 62, 63, and 64 were collared on lines 16+50E, 17+00E and 17+50E respectively. These holes are located south of the granite porphyry intrusion and were designed to intersect the southern part of the circular molybdenum zone that surrounds the granite porphyry intrusion. These holes were terminated when the zone of intense quartz veining ("high silica zone") that occurs at the contact of the granite porphyry intrusion was intersected. Hole 65 was collared on line 18+00E and intersected the molybdenum zone as it wraps around the eastern contact of the granite porphyry intrusion. This hole intersected molybdenum mineralized from 17 metres to the end of the hole at 337.7 metres with the best grades in the interval 17 to 271 metres which averaged 0.096% Mo. The bottom of hole 65 is 362 metres below surface and the last 40 metres of this hole fall below the 800 metre elevation cutoff for the previously announced resource calculations done by Dr. N.C. Carter.

Status of Deep Hole

As previously stated, except for the completion of the deep hole, Cantech has completed Phase 3 drilling program on the Lucky Ship Property. As was announced previously the last hole planned for the summer 2006 drill program was intended to be a deep hole (1100 metres) that would test an area on the northwest side of the deposit that could contain an additional Mo resource at depth. Unfortunately, hole LS06-67 was abandoned at just over 50 metres depth due to highly fractured rock in a fault zone and a second attempt, hole LS06-68, was also abandoned at 267.31 metres for similar reasons. Cantech has hired Cyr Drilling of West Saint Paul, Manitoba to complete this deep hole. Cantech understands that Cyr Drilling has drilling equipment which is more appropriate to drill both a deep hole and through highly fractured rock. Cantech expects drilling on this deep hole to resume on or about the end of October, 2006.

Updated Resource Calculation

The objective of Cantech's Phase 3 Drill Program was to better define the grade and width of the Lucky Ship deposit at depths greater than 100 metres below surface particularly along the north side of the deposit and to conduct exploration drilling in the eastern part of the deposit, which recent computer modeling shows to be open. Previous resource calculations by Dr. N.C. Carter placed that part of the deposit below 100 metres from surface in the Inferred category due to lack of drill hole information. The recently completed drill program has better defined the grade and extent of the deposit at depth and this information will be used to prepare a revised resource calculation. Cantech will be preparing an updated resource calculation following the receipt of the assay results from the last three holes of the Phase 3 Drill Program.

Qualified Person

Dr. Donald G. MacIntyre, P.Eng., a qualified person under National Instrument 43-101, has been supervising Cantech's 2006 Phase 3 Drill Program and has reviewed and approved the technical disclosure in this news release.

ON BEHALF OF THE BOARD OF DIRECTORS

Dalton DuPasquier

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.

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