Nortec agrees to transfer the Remaining 30% of the Lantinen Koillismaa Project in Finland to Finore
(via Thenewswire.ca)
Vancouver, B.C., January 16, 2013 - Nortec Minerals Corp. (TSX-V: NVT), ("Nortec" or the "Company") is pleased to announce that it has agreed with Finore Mining Inc. ("Finore") to amend their option and joint venture agreement, as amended September 10, 2012, to allow Finore to acquire full ownership of the Lantinen Koillismaa ("LK") Project. Finore will issue such number of additional common shares to Nortec as is equal to 30% of the outstanding common shares of Finore after completion of Finore's Private Placement .
Nortec intends to subscribe for a minimum of $300,000 of common shares under Finore's private placement. 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 holds approximately 45.11% of the issued and outstanding common shares of Finore. Upon closing of Finore's private placement and the transfer of Nortec's 30% interest in the LK Project to Finore, Nortec will own no less than 60% of the outstanding shares of Finore.
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 WGM 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 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
The Company is well-financed for exploring the Seinajoki, Tammela and Karhujupukka projects. All three projects have excellent potential with good infrastructure and access.
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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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