Nortec transfers the Remaining 30% of the Lantinen Koillismaa Pge Project, North Central Finland to Finore for Majority Shareholding in Finore
Vancouver, B.C., February 19, 2013 - Nortec Minerals Corp. (TSX-V: NVT), ("Nortec" or the "Company") is pleased to announce that it has entered into a second amendment agreement (the "Second Amendment Agreement") with Finore Mining Inc. ("Finore") pursuant to the Option Agreement dated August 24, 2011 and amended September 10, 2012 to earn 80% interest in the Lantinen Koillismaa Project ("LK"). (Please refer to the Company's news releases dated August 30, 2011 and September 11, 2012).
Under the terms of the Second Amendment Agreement, Finore will have the option to earn 100% interest in the Property upon completion of the following:
-issuing 41,000,000 Shares to Nortec within five (5) business days of signing the Second Amendment Agreement and completing the required filings with the Canadian National Stock Exchange (the "CNSX") for the issuance of such common shares;
-paying in full any amounts owed by Finore to third parties, whether incurred directly or indirectly, with respect to exploration expenditures incurred on the Property; and
-granting Nortec the right to nominate two persons for appointment or election to Finore's Board of Directors.
Furthermore, if Finore completes all of its obligations above and issue an additional 917,707 Shares to Nortec, Finore will deem to have exercised the option to acquire 100% interest in the Property.
Nortec participated in Finore's Private Placement in the aggregate amount of 30,800,000 common shares at a price of $0.025 per share, for gross proceeds of $770,000 as announced in Finore's news release dated February 19, 2013. Nortec purchased 12,000,000 Shares of such Private Placement, which, combined with the 30,227,208 Shares already held by the Company and 41,000,000 Shares issued in relation to the Second Amendment Agreement, means that Nortec currently holds 84,144,915 Shares (or 60%, on an undiluted basis) of Finore.
Nortec is a "related party" of Finore (as such term is defined in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions) as it held approximately 45.11% of the issued and outstanding common shares of Finore prior to this transaction.
Mohan R Vulimiri, M.Sc., P. Geo, the CEO of Nortec states, "With this Second Amendment Agreement, subject to the underlying royalties, Nortec will become the largest shareholder of Finore with 60% ownership. Nortec will provide all corporate and technical guidance and assistance to bring the LK project to fruition into a substantial palladium-platinum-gold-copper-nickel resource in a world class district."
About LK Project
The LK Project, a 100 % owned palladium-platinum-gold-copper-nickel (PGE+Au-Cu-Ni) property located in north central Finland. The LK project comprises of the following target areas (exploration claims and exploration claim applications): Kaukua, Haukiaho, Haukiaho East, Lipeavaara and Murtolampi targets.
Diamond core drilling to date carried out by Finore defined areas for higher grade potential resources amenable for Open-pit development at both Haukiaho and Kaukua targets.
The Mineral Resource estimate of the Kaukua and Haukiaho deposits was prepared by Watts Giffis and Mcquat Ltd., a well known international geological and mining consulting firm, in November and December 2011 and filed on SEDAR on January 24, 2012.
Inferred Mineral Resource:
19.6 Million Tonnes @ 0.26g/t Pd; 0.09g/t Pt; 0.10g/t Au; 0.24% Cu; 0.15% Ni (Haukiaho).
8.5 Million Tonnes @ 0.76g/t Pd; 0.27g/t Pt; 0.08g/t Au; 0.16% Cu ; 0.11% Ni(Kaukua).
A combined total of 28.1 Million Tonnes for 586,080 ounces PGE+Gold (370,998 ounces Pd; 130,311 ounces Pt; 84,770 ounces Au); 60,567 tonnes of Cu and 38,703 tonnes of Ni.
Indicated Mineral Resource (Kaukua):
2.6 Million Tonnes @ 0.67g/t Pd; 0.22g/t Pt; 0.07g/t Au; 0.17% Cu; 0.12% Ni. for 80,399 ounces PGE+Gold (56,112 ounces Pd; 18,425 ounces Pt; 5,862 ounces Au), 4,429 tonnes of Cu and 3,126 tonnes of Ni.
About Nortec Minerals Corp.
Nortec 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.
The Company recently signed an agreement to sell its 51% interest, subject net smelter royalties, in the TL Nickel-Copper-Cobalt Property in Northern Labrador, Canada to Vulcan Minerals Inc.; Information on the Company's projects can be referred to on www.nortecminerals.com
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|On behalf of the Board of Directors,|
|? NORTEC MINERALS CORP. ? “Mohan |
|R. Vulimiri” ? Mohan R. Vulimiri, |
|CEO and Chairman ? |
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The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.
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.
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