Nortec Minerals enters into Option Agreement to acquire 80% interest in Karhujupukka Project, Northern Finland

About this update from Nortec Minerals Corp

[{"type":"text","content":"\nNortec Minerals enters into Option Agreement to acquire 80% interest in Karhujupukka Project, Northern Finland\n\n(via Thenewswire.ca)\n\n \nVancouver, B.C., April 11, 2012: Nortec Minerals Corp. (TSX-V: NVT;\nFSE: WMQ; OTC PINK: NMNZF) (\"Nortec\" or the\n\"Company\"), is pleased to announce that further to the news\nrelease dated January 30, 2012, an Option Agreement dated March 27,\n2012, has been signed for an acquisition of 80% interest in the\nKarhujupukka Iron-Titanium-Vanadium (\"Fe-Ti-V\")\nPalladium-Platinum-Gold (\"PGE-Au\") Project between Akkerman\nExploration B.V. (\"AEbv\") and the Company. Approval from\nthe TSX Venture Exchange was received on March 2, 2012.\n\n\n \nNortec will fund and incur Exploration Expenditures of EUR1,500,000\nover an Earn-In-Period of four (4) years from the date of signature of\nthe Option Agreement. In addition, Nortec will issue to AEbv the\nfollowing common shares of the Company:\n\n\n \n-The date of signature of the Option Agreement: 250,000 common shares\n(paid);\n\n\n \n-The first year anniversary of the Option Agreement: 1,000,000 common\nshares;\n\n\n \n-The second year anniversary of the Option Agreement: 1,500,000\ncommon shares;\n\n\n \n-The third year anniversary of the Option Agreement: 2,000,000 common\nshares.\n\n\n \nThe Minimum Exploration Expenditures for the first twelve (12) months\nafter signature of the Option Agreement amounts to EUR200,000.\n\n\n \nThe Karhujupukka project is located in northwestern Finland, about 20\nkilometers southeast of Kolari and 150 kilometers northwest of\nRovaniemi, the capital of Finnish Lapland. Karhujupukka is one of the\nfew known magnetite-ilmenite deposits in Finland. The Swedish border\npasses 10km West of the area, together with a railroad connection to\nport and the industrial center of Kemi. The project is located at\n200km from the Swedish Kiruna iron ore district (Malmberget mine).\n\n\n \nMineralization at Karhujupukka was discovered by the Geological Survey\nof Finland (GTK) in 1988 while drill testing a series of prominent\nmagnetic anomalies in till covered areas. Subsequently, GTK outlined\nthree centers of magnetite-ilmentite mineralization at Karhujupukka,\nKorthonletho and Karhuvuoma during three successive drilling campaigns\nfrom 1988 to 1996. In total 36 holes were drilled only into the\nmagnetite-gabbro layers. ...

More updates from Nortec Minerals Corp