Nortec Ventures Corp.
TSX VENTURE : NVT

Nortec Ventures Corp.

June 30, 2008 16:05 ET

Nortec Announces Option Agreement Approval, Kingurutik River Nickel-Copper-Cobalt Property, and Diamond Drilling, TL-Tasisuak Lake Nickel-Copper-Cobalt Property, Labrador

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 30, 2008) - Further to the press release dated April 3, 2008, Nortec Ventures Corp. ("Nortec" or the "Company") (TSX VENTURE:NVT) is pleased to announce that it has received TSX Venture Exchange approval for the Kingurutik River option agreement with Vulcan Minerals Inc.

The option agreement dated March 31, 2008, between Nortec Ventures Corp. and Vulcan Minerals Inc. (Vulcan) allows Nortec to acquire an initial 51-per-cent interest in the Kingurutik River, nickel-copper property located in northern Labrador.

Total consideration for the initial option consists of $200,000 in cash payments, three million shares of Nortec and $1.5-million in work expenditures over four (4) years.

Nortec may acquire the remaining 49-per-cent interest in the Kingurutik River property by fully exercising its initial option and issuing the greater of nine million additional shares, or an amount of shares, when added to the three million previously issued shares, would equal 19.9 per cent of Nortec's fully diluted share capital (including the additional shares to be issued to exercise the second option) at the time of exercise of the option attributable to the value of the property in relation to Nortec's total value. The proposed issuance of these additional shares is subject to an additional filing and prior exchange approval. In addition to the above, there is a 10-per-cent net profit interest convertible into a 2-per-cent net smelter return royalty relating to the acquisition.

Nortec has completed a technical report authored by a Qualified Person in compliance with National Instrument 43-101 guidelines on the Kingurutik River Property as required by TSX Venture regulations. A recent VTEM survey (airborne electromagnetic) was carried out by Geotech Ltd. designed to further target previously identified gossan zones and geophysical anomalies. Detailed interpretation of the VTEM data with emphasis on identifying priority targets for drilling is being carried out by Geotech.

The company also announces that it has signed a contract with Cartwright Drilling of Goose Bay, Labrador for 2500 metres of diamond core drilling on the TL-Tasisuak Lake Nickel-Copper-Cobalt property situated approximately 50 kilometers northwest of the Voisey Bay mine in northern Labrador. Drilling is expected to commence within two weeks.

Mohan R. Vulimiri, M.Sc, P.Geo., President, CEO and Director of Nortec, is the Qualified Person responsible for the contents of this press release.

On behalf of the Board of Directors,

NORTEC VENTURES CORP.

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

  • Nortec Ventures Corp.
    Mohan R. Vulimiri
    President & CEO
    (604) 717-6426
    (604) 717-6427 (FAX)
    Email: info@nortecventures.com