VANCOUVER, June 28 /CNW/ - Further to the news release dated May 8, 2006,
Nortec Ventures Corp., ("Nortec" or the "Company"), is pleased to announce
that an Option Agreement (the "Agreement") was signed on June 23, 2006, with
Akkerman Exploration B.V. ("AEbv"), of the Netherlands, to form a joint
venture on the Koillismaa - Naranka Nickel-Copper-PGE project in Northeastern
Finland ("Kollismaa-Naranka").
A systematic airborne, deep penetrating VTEM (time-domain electromagnetic
system) survey over the landholdings controlled by AEbv is being planned for
this summer. This survey will assist in locating massive sulphide targets
directly from airborne anomalies followed by, if successful, scout diamond
core drilling of approximately 4000 metres. The initial program expenditures
for the summer campaign are expected to be in the range of (euro) 150,000 to
(euro) 200,000.
Under the Agreement, Nortec has the right to an undivided 60% interest in
Kollismaa-Naranka by funding and incurring initial exploration expenditures of
(euro) 750,000 over an Earn-in period of 2 to 3 years from the date of the
Agreement. The Company can earn a further 10% for a total of 70% interest by
incurring exploration expenditures of (euro) 2.5 million or completion of a
bankable feasibility study, whichever is earlier. Nortec paid AEbv 400,000
common shares of the Company and will make the following payments to AEbv on
the Agreement anniversary dates:
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- First year (euro) 100,000 or equivalent shares of the Company; and
- Second year(x) (euro) 150,000 or equivalent shares of the Company.
(x) in the event of extension of the Earn-in Period to 3 years.
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The Koillismaa-Naranka complex is one of the largest mafic igneous
systems in Scandinavia, comprising the Narankavaara ultramafic funnel shaped
dike in the east and the Koillismaa layered intrusion in the west. AEbv
controls 6 claim reservations and has applied for 19 exploration licenses,
together covering a surface area of approximately 50 square kilometres over
the most prospective central part of the Naranka dike and part of the
Koillismaa layered intrusion (Portivaara Block).
Past exploration on the Portivaara block was limited to short diamond
drilling programs by Outokumpu, the Geological Survey and North Atlantic
Nickel during the period 1960-2003. These programs were mainly focused on the
nickel-copper-PGE mineralization along the shallow dipping basal contact of
the layered sequence. Numerous previous drill holes through these basal series
returned values as high as 51.5 metres of 0.36% copper, 0.23% nickel and 0.78
grams platinum + palladium + gold. The potential for deeper nickel-sulphide
mineralization in feeder dikes into the layered series was not tested.
Exploration in the area and in the immediate vicinity is very active with
the discovery of the 14 million ounce Portimo Platinum - Palladium deposit by
Outokumpu/Goldfields in the neighboring Penikat layered ultramafic complex to
the west. Anglo American Platinum Corporation acquired exploration licenses in
the area between Koillismaa and Naranka to explore for potential nickel
sulphide deposits in the "connecting dike" between Koillismaa and Naranka.
Other companies active in the region are, Inco, North American Palladium,
Barrick Gold (Russia) and Vulcan Resources of Australia. The rich Monchegorsk
nickel-copper-PGE mine is located in the Russian part of the same craton and
is hosted in a layered intrusive complex of the same age and similar setting.
Massive nickel sulphide veins with grades as high as 2-6% nickel, 1-12% copper
and significant PGE were mined by Severonikel between 1930-1970 from this
complex. Basal disseminated nickel mineralization similar to that of the
Koillismaa complex, with grades of 0.29% nickel, 0.14% copper over 40 to 50
metres, occurs near the basal contact of the Monchegorsk intrusion.
The management of Nortec is looking forward to working in Finland because
of its favourable environment and support for the development of exploration
and mining projects.
Mohan R. Vulimiri, M.Sc, P.Geo., president of Nortec, is a Qualified
Person in accordance with National Instrument 43-101 guidelines. Mr. Vulimiri
is responsible for the Kollismaa-Naranka work program and for the contents of
this news release.
For further details on Koillisma - Naranka, please visit
http://www.nortecventures.com
The Company is announcing the grant of 2,750,000 stock options to
directors, consultants and employees of the Company at an exercise price of
$0.20 per share for a period of 5 years from the date of the grant.
Nortec is a mineral exploration and development company based in
Vancouver, British Columbia. The Company holds an option to earn a 51%
interest in the Ganarin epithermal gold-silver project, 70% interest in the
Condorcocha Project, Southern Ecuador, from joint-venture partner Doubloon
Exploration Corp. Nortec is also earning a 51% interest in TL nickel property,
Voisey's Bay area, northern Labrador.
Nortec recently moved its offices. The address and phone numbers are as
follows:
Nortec Ventures Corp.
Suite 875 - Box 205
8th Floor, Bentall Two Centre
555 Burrard Street
Vancouver, BC Canada V7X 1M8
Ph.: (604) 717-6426
Fax: (604) 717-6427
E-mail: info(at)nortecventures.com
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On behalf of the Nortec Ventures Corp. Board of Directors,
"Mohan R. Vulimiri"
Mohan R. Vulimiri, President & CEO
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The statements made in this News 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. The TSX Venture Exchange
has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release
