Nortec Minerals Corp.
TSX VENTURE : NVT
FRANKFURT : WMQ
PINK SHEETS : NMNZF

Nortec Minerals Corp.

September 30, 2010 11:33 ET

Nortec Minerals Engages Watts Griffis McOuat to Prepare NI 43-101 Compliant Resource Estimate and Technical Report, Lantinen Koillismaa PGE+Au-Cu-Ni Project, Finland

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 30, 2010) - Nortec Minerals Corp. (TSX VENTURE:NVT)(PINK SHEETS:NMNZF)(FRANKFURT:WMQ) ("Nortec" or the "Company"), is pleased to announce the appointment of Watts Griffiis McOuat ("WGM") to prepare an independent National Instrument 43-101 compliant mineral resource estimate and Technical Report on the 100% owned Läntinen Koillismaa PGE+Au-Cu-Ni ("LK") Project located in Northern Finland. Dr. Markku Iljina, Ph.D., EuroGeol, WGM Senior Associate Geologist will be the Project Manager for this report. Dr. Iljina will be assisted by Mr. Cliff Duke, P.Geo, WGM Senior Associate Resource Geologist, Mr. Ross MacFarlane, P.Eng, WGM Senior Associate Metallurgical Engineer and Mr. Jerry Roth, MSc. WGM Senior Associate Geophysicist.

WGM and Dr. Iljina have extensive experience working with the Koillismaa layered igneous complex, which hosts the LK Project. Dr. Iljina, through his extensive prior work with Geological Survey of Finland (GTK) and specifically with this intrusive complex, has an in depth understanding of its metallogenic relationships.

The LK Project consists of the Kaukua, Lipeävaara and Haukiaho Zones. Nortec has carried out over 10,000 metres of diamond core drilling on the Kaukua Zone since 2007 and over 7,000 metres of historical diamond drilling was performed on the Haukiaho Zone since the 1960's. Nortec has not carried out any drilling to date on the Haukiaho Zone. The LK project has a combined surface area of over 3,200 hectares and covers a PGE+Au-Cu-Ni mineralized Marginal Series hosted within a sequence of mafic and ultramafic layered intrusions. Based on the current drilling information, the Kaukua mineralization is open down-dip and along strike to the west and south. The Company believes that the LK Project can host several large - tonnage PGE+Au-Cu-Ni deposits amenable to low cost open pit methods. Detailed drill results on the Kaukua Zone can be referred to in the Company's previous press releases. Almost 90% of the 38 holes drilled by Nortec and 10 holes drilled by GTK returned significant mineralized intercepts.

Some of the significant drill hole results on the Kaukua Zone include:

  • 35m @ 1.62g/t PGE+Au; 0.10% Cu and 0.17% Ni from 72.0m (Hole Kau08-004)
  • 31.0m @ 2.30g/t PGE+Au; 0.21% Cu, 0.12% Ni from 141.5m), including 
                 5.5 metres @ 6.26g/t PGE+Au, 0.53% Cu, 0.22% Ni (Hole Kau08-013)
  • 65m @ 1.57g/t PGE+Au; 0.18% Cu and 0.10% Ni from 153.0m (Hole Kau08-018)
  • 60.4m @ 1.02g/t PGE+Au; 0.17% Cu and 0.12% Ni from 153.0m including
                 11.5 metres @ 2.95g/t PGE+Au, 0.35% Cu, 0.19% Ni (Hole Kau08-026)
  • 32.95m @ 1.05g/t PGE+Au; 0.17% Cu and 0.13% Ni from 314.05m (Hole Kau08-035)
  • 52m @ 1.06g/t PGE+Au; 0.15% Cu and 0.11% Ni from 123.0m (Hole Kau09-039)

The Haukiaho Zone is located only 10 kilometres south of the Kaukua Zone. The Haukiaho claims cover the gabbro- to pyroxenite-hosted PGE+Au-Cu-Ni mineralisation, initially mapped and drilled by Outokumpu in the 1960's and subsequently drilled by GTK in 1998 and 2004, and by North Atlantic Natural Resources between 2000 and 2002. A total of 46 holes have been drilled with over 60% of the holes intersecting significant PGE+Au-Cu-Ni mineralization.

Some of the best drill intercepts from the Outokumpu and GTK drill holes on the Haukiaho Zone include:

  • 58.10m @ 1.27g/t PGE+Au ; 0.30% Cu and 0.20% Ni from 32.20m (GTK Hole R386)
  • 31.25m @ 1.47g/t PGE+Au ; 0.26% Cu and 0.21% Ni from 78.60m (GTK Hole R392)
  • 26.00m @ 1.09g/t PGE+Au ; 0.23% Cu and 0.14% Ni from 60.00m (GTK Hole R395)
  • 26.02m @ 0.73 g/t PGE+Au; 0.26% Cu and 0.16% Ni from 84.98m (Outokumpu Hole R613)
  • 20.10m @ (PGE+Au not assayed); 0.35% Cu and 0.33% Ni from 17.90m (Outokumpu Hole R692)

Furthermore, other targets have also been identified within the LK Project area that could host commercial zones of PGE + Au-Cu - Ni mineralization similar to Kaukua and Haukiaho zones in both size and grade. The geology and the modes of mineralization are similar to Goldfields' Suhanko Project (Arctic Platinum) situated 80 km to the West - Northwest. Goldfields reported total resources (measured, indicated and inferred categories) at Suhanko to be 183 million tonnes grading 1.54 grams/tonne PGE+Au, 0.20% Cu and 0.08% Ni.

Preliminary metallurgical test work on a blended representative composite of ore types carried out by SGS Minerals Inc. of Vancouver, BC, concludes that conventional rougher flotation yielded substantial recoveries of over 80% PGE+Au, associated with recoveries of over 93% for Cu and 51% for Ni. The recoveries appear to be somewhat dependent on the host rock composition. Cleaning this concentrate, again using conventional flotation means, produced a product assaying 16% Cu+Ni and 60 grams/tonne 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 now not be required. This will help lower the processing costs, simplify the project and reduce the technical risk of the project as a whole. (Nortec press release dated January 13, 2010).

Ian F. Laurent, MSc.(Econ Geol), MAIG RPGeo. is the Qualified Person responsible for the technical details and contents of this press release.

In other news, the Company also announces that it has retained Ibis Consulting Group, LLC. ("Ibis") to act as investor relations consultants to the Company, limited to European exposure. Ibis has been engaged for a term of six months for a fee of US$2,500 and the granting of options to purchase 100,000 shares of Nortec at a price of $0.13 per share. The relationship can be terminated at any time by either party with thirty days' notice. The agreement is subject to the approval of the TSX Venture Exchange.

The Company has granted further stock options to a consultant of the Company to purchase up to 300,000 common shares in the capital stock of the Company exercisable for a period of five years at a price of $0.13 per share.

About Nortec Minerals Corp.

Nortec is a mineral exploration and development company based in Vancouver, British Columbia with branch offices in Oulu, Finland and Cuenca, Ecuador. The Company has an option to earn from Akkerman Exploration B.V., a 100% interest in the Seinäjoki-Kaatiala Gold-Antimony-Rare Earth-Lithium Property in western Finland.

Nortec has a 100% interest in the Tammela Lithium-Tin-Tantalum Project in south-west 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 MINERALS 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.

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