Nortec Announces Its Agreement to Sell Its Interest in The Tasisuak Lake TL Nickel Property, Labrador

About this update from Nortec Minerals Corp

[{"type":"text","content":"\nNortec Announces Its Agreement to Sell Its Interest in The Tasisuak Lake TL Nickel Property, Labrador\n\n(via Thenewswire.ca)\n \n \nVancouver, B.C., February 14, 2013 - Nortec Minerals Corp. (TSX-V: NVT), (\"Nortec\" or the \"Company\") is pleased to announce that it has entered into a letter agreement with Vulcan Minerals Inc. (\"Vulcan\") of St. John's, Newfoundland, to sell its interest in the Tasisuak Lake TL Nickel Property (the \"Property\"), located in northern Labrador. The Property consists of claims acquired from Vulcan through an Option Agreement dated May 14, 2003 (as amended). \n\n \n \nThe consideration of the sale of the Property shall be 1,000,000 fully paid and non-assessable common shares (\"Consideration Shares\") in the capital of Vulcan, subject to regulatory hold periods, with Vulcan having a first right of refusal to purchase the Consideration Shares from Nortec. Vulcan shall grant to Nortec a 1% net smelter royalty (the \"Royalty\") in the Property with buyback provision on $0.5% of the Royalty for $1,000,000, with cumulative royalty to be capped at $3,000,000. \n\n \n \nAbout Nortec Minerals Corp.\n\n \n \nNortec is a mineral exploration and development company based in Vancouver, British Columbia. The Company has a 100% interest in the Tammela Gold & Lithium Project in South-West Finland; an option to earn from Akkerman Exploration B.V., a 100% interest in the Seinajoki Gold Property and Kaatiala Beryllium-Rare Earth Property in Western Finland; an undivided 80% interest in the Karhujupukka Property in Northern Finland. \n\n\n \nNortec recently agreed to transfer 100% interest, subject to net smelter royalties in the Lantinen Koillismaa Project, North Central Finland to Finore Mining Inc. for major share position in Finore. The Company has a minimum 51% interest with an option to earn 100% interest in the TL Nickel-Copper-Cobalt Property in Northern Labrador, Canada; Information on the Company's projects can be referred to on www.nortecminerals.com\n\n \n \n\n --------------------------------------\n |On behalf of the Board of Directors,|\n |  NORTEC MINERALS CORP.   “Mohan |\n |R. Vulimiri”   Mohan R. Vulimiri, |\n |CEO and Chairman   |\n --------------------------------------\n\n \n \nThe TSX Venture Exchange has not reviewed and does not accept the responsibil...

More updates from Nortec Minerals Corp