Nortec Minerals Corp.

Nortec Minerals Corp.

October 25, 2010 08:01 ET

Nortec Forms Coordination Committee With the National Mining Corporation of Ecuador (ENAMI EP)

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 25, 2010) - Nortec Minerals Corp. (TSX VENTURE:NVT)(PINK SHEETS:NMNZF)(FRANKFURT:WMQ)  ("Nortec" or the "Company"), is pleased to announce that the Company has formed a Coordination Committee (the "Committee") with the National Mining Corporation of Ecuador ("ENAMI EP"). The Committee will review and evaluate technical, legal and economic data of mining projects in ENAMI EP's portfolio in Ecuador with a view to entering into future agreements to explore, develop and exploit such projects. 

The creation of the Committee was jointly developed with ENAMI EP after well-received presentation meetings with the President of Ecuador and his cabinet (see news release March 29, 2010), including the Minister of Non-renewable Natural Resources, the Vice-minister for Mines and ENAMI EP. The Committee is comprised of three members from Nortec and three members from ENAMI EP. Once Nortec has identified mineral properties of interest, the Committee is to negotiate the final terms for formal agreements for the respective properties in accordance with the Ecuadorian Mining Law. 

The formation of the Committee is the result of discussions and negotiations that began on June 11, 2010, when Nortec submitted a formal business proposal to the Ecuadorian government and General Manager of ENAMI, Mr. José Cisneros (see news release June 15, 2010). The proposal consisted of forming a participating association or a consortium with ENAMI EP and the Ministry of Non-renewable Natural Resources as part of its business model for exploration and development of mineral resource projects in Ecuador.

The Board of Directors of Nortec are very pleased to form the Committee with ENAMI EP, and the Company believes that this opportunity to work jointly with ENAMI EP and the Government of Ecuador will lead to the successful exploration, development and sharing of mineral resource interests in Ecuador in a socially responsible and ecologically conscious manner.

About Nortec Minerals Corp.

Nortec is a mineral exploration and development company based in Vancouver, British Columbia. The Company has an option to earn from Akkerman Exploration B.V., a 100% interest in the Seinäjoki- Gold-Antimony Property and Kaatiala Rare Earth-Beryllium-Tin-Lithium Property in western Finland. Nortec has a 100% interest in the Tammela Lithium-Tin-Tantalum Project in south-west Finland; a 100% interest in the LK Palladium-Platinum-Gold-Copper-Nickel Project in north-central Finland, 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,


Mohan R. Vulimiri, Executive Chairman & CEO

This press release contains certain "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws and are based on expectations as of the date of this release. Forward-looking statements include, without limitation, statements in respect of possible events, such as the success of entering into agreements with ENAMI EP and the success of exploration activities. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The assumptions of the Company contained in this release which may prove to be incorrect, include, but are not limited to, (1) the implementation of Ecuador's new mining law and related regulations and policies being consistent with the Company's current expectations; and (2) certain price assumptions for copper, lead, zinc, gold and silver. The words 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. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements.

Such factors include, but are not limited to: fluctuations in the spot and forward price of gold or certain other commodities; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada, Ecuador or other countries in which the Company does business or may carry on business in the future; business opportunities that may be presented to, or pursued by, the Company; operating or technical difficulties in connection with mining activities; the speculative nature of gold exploration and development, including the risks of obtaining necessary licenses and permits; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking statements made in this release are qualified by these cautionary statements and those made in our other filings with the securities regulators in Canada. These factors are not intended to represent a complete list of the factors that could affect the Company. Although the Company believes that the expectations in the forward-looking statements are reasonable, actual results may vary, and future results, levels of activity, performance or achievements cannot be guaranteed.

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.
    Mohan R. Vulimiri
    Executive Chairman & CEO
    +1 604-717-6426
    +1 604-683-9649 (FAX)