VANCOUVER, Oct. 16 /CNW/ - Nortec Ventures Corp. (TSX-V:NVT), ("Nortec"
or the "Company"), is pleased to announce the appointment of Mr. Etienne
Walter to the Company's board of directors.
Mr. Walter is the Honorary Consul General of the Republic of Ecuador with
jurisdiction over the Provinces of Alberta and British Columbia, the Northwest
Territories and the Yukon Territory. His appointment was in December 1993, and
has been recognized by the Canadian Government since March 17, 1994.
Mr. Walter lived in Ecuador from the age of three years until his graduation
from high school; he then traveled to Europe to further his studies in France,
Germany, and Great Britain. He earned his diploma in Hotel Management and
Financial Administration from the Ecole HFoteliGere de la SociDetDe Suisse des
HFoteliers in Lausanne, Switzerland in November 1972 and he has worked for some
of the world's leading hotels. Since coming to Canada in 1975, Mr. Walter
worked for public and private corporations until he formed his own company,
Andes Trade and Investment Ltd. Nortec is looking forward to a long and
fruitful relationship with Mr. Walter.
The Company's subsidiary, Minera Nortec Ecuador SA ("Nortec Ecuador"), is
at present carrying out diamond core drilling on the Ganarin epithermal
gold-silver project, Southern Ecuador. The drilling was progressing at a
slower rate than anticipated due to very hard highly siliceous
chalcedony-quartz breccia and stockwork zones. Core sample shipments will be
made on a regular basis and results will be released on receipt. ALS Chemex
Labs, with preparation labs in Quito, Ecuador, and analytical labs in Lima,
Peru, will perform the analyses. The samples will be analyzed for gold by fire
assay with atomic absorption finish and for other elements by the 34 element
aqua regia ICP method.
The Company holds an option to earn a 51% interest in the Ganarin
epithermal gold-silver project and 70% interest in the Condorcocha Project,
Southern Ecuador, from joint-venture partner Doubloon Exploration Corp. The
Ganarin property is situated in the prolific Ganarin Mineral Belt. Iamgold
Corporation's Quimsacocha gold deposit occurs in the same belt approximately
30 kilometres northeast of the Ganarin Property. Indicated resources within a
one-kilometre long defined area of the Quimsacocha deposit recently updated to
contain 3.4 million ounces of gold and 26.2 million ounces of silver.
In other news, the Company is announcing the grant of 300,000 stock
options to directors of the Company at an exercise price of $0.28 per share
for a period of 5 years from the date of the grant.
Mohan R. Vulimiri, M.Sc. P.Geo., President and Director of Nortec, is the
person responsible for initiating and guiding the work programs on the
Property. Brian T. Malahoff, P.Geo, is the person responsible for the on-site
management of the exploration programs on the Property. Mr. Vulimiri and
Mr. Malahoff are qualified persons in accordance with National Instrument
43-101 guidelines.
For further details and locations of the various zones on the Ganarin
Property and information on Nortec Ventures Corp., please visit the Company's
website at http://www.nortecventures.com and review the Company's press
releases. Nortec is a mineral exploration and development company based in
Vancouver, British Columbia.
Nortec is earning an undivided 70% interest in Kollismaa-Naranka
nickel-copper-PGE project, northern Finland and a 51% interest in TL nickel
property, Voisey's Bay area, northern Labrador.
<<
On behalf of the Board of Directors,
NORTEC VENTURES CORP.
"Mohan R. Vulimiri"
Mohan R. Vulimiri, President & CEO
>>
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.
