Nanika Resources Incorporation

Published : June 16th, 2007

Announces Assays Results from the phase 4 Infill Drilling Program

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NEW CANTECH VENTURES INC.

201 - 14881 Marine Drive

White Rock, BC V4B 1C2

Tel: 604-541-7288

Email: kenya1@telus.net

Website: http://www.newcantech.com

2007-06-15 18:44 ET - News Release

NEW CANTECH VENTURES INC. ANNOUNCES FURTHER ASSAY RESULTS FROM THE PHASE 4 INFILL DRILLING PROGRAM ON ITS LUCKY SHIP MOLYBDENUM PROPERTY

As announced in a previous news release, New Cantech Ventures Inc. ("Cantech") (TSXV:NCV, FSE:C7X), is currently conducting its Phase 4 infill drilling program at the Lucky Ship Molybdenum Property, located 85 kilometres by road southwest of Houston B.C.

The Phase 4 program was targeted to complete 47 drill holes for a total of 14,137 metres of drilling. It was initiated on Feb 20, 2007. The main objectives of this drilling program were to move that part of the Lucky Ship Project mineral resource classified as inferred into the indicated category and to provide initial groundwater (hydrology) information on the deposit. The groundwater drilling is part of the baseline assessments for project development. As of April 29, 2007 Cantech had completed 38 of the projected 47 drill holes (LS07-69 to LS07-106), totaling 11,781 metres. Because of spring thaw conditions which made roads to the property unusable, drilling on the property was suspended on April 29, 2007. Driftwood Diamond Drilling of Smithers B.C. reports that they expect to start drilling the remaining 2,356 metres in the next two to three weeks. The installation of the groundwater wells (hydrology) work by Lorax Environmental Services Ltd. is projected to start in mid July.

As of March 31, 2007 Cantech had incurred expenditures of CDN$4.7 million developing the Lucky Ship property. Cantech has an option to acquire a 100% interest in the property subject to a 2% NSR retained by the vendors.

Assay Results

Cantech has now received assay results for all drill holes except hole 96, which has just recently been submitted to ACME Analytical Labs Ltd. for analysis. Assay results for holes LS07-69 to LS07-76 were disclosed in a previous news release dated May 1, 2007. Note: Holes 84, 95, 97 and 99 were drilled for hydrology purposes, so they were not split and sampled. Holes 99 through 106 were drilled outside of the Mo zone, and were positioned to determine the sulphide content of rocks which could potentially be within the limits of a possible open pit. The following table summarizes significant intersections for the holes that were assayed. A drill hole location map showing the above holes is posted on the New Cantech website (www.newcantech.com).

������������ Table of Drill Hole Information and Significant Intersections
Hole����� Easting�� Northing Elev.������� Azi-��� Incl.�� Length������ From���� To��������� Length (m.) @ % Mo
���������������������������������������� muth������������ (m.)
LS07-77�� 599874��� 5987201 1003����������� 325��� -60������ 450.19����� 59����� 429�������� 370.00m @ 0.053
������������������������������� ��������������������������including����� 83����� 171��������� 88.00m @ 0.089
��������������������������������������������������������� including����� 97����� 159��������� 62.00m @ 0.105
��������������������������������������������������������� including�� ��133����� 147��������� 14.00m @ 0.172
LS07-78�� 599600��� 5987479���� 1172������ 145���� -80������ 538.58���� 325����� 353��������� 28.00m @ 0.042
����������������������������������������������������������������������� 431����� 463��������� 32.00m @ 0.044
LS07-79�� 599874��� 5987201���� 1003������ 325���� -80������ 260.60����� 57����� 107��������� 50.00m @ 0.042
LS07-80�� 599838��� 5987165����� 998������ 325���� -50������ 581.56����� 33����� 117��������� 84.00m @ 0.058
������������������������������������ �����������������������������������351����� 533�������� 182.00m @ 0.055
��������������������������������������������������������� including���� 369����� 373���������� 4.00m @ 0.121
��������������������������������������������������������� including���� 413����� 419���������� 6.00m @ 0.115
��������������������������������������������������������� including���� 461����� 473��������� 12.00m @ 0.101
��������������������������������������������������������� including���� 497����� 501���������� 4.00m @ 0.124
LS07-81�� 599628��� 5987523���� 1167������ 145���� -65������ 547.42���� 253�� 550.46�������� 297.46m @ 0.052
��������������������������������������������������������� including���� 401����� 465��������� 64.00m @ 0.078
����������������������������������������� ����������������including���� 335����� 343���������� 8.00m @ 0.183
LS07-82�� 599798��� 5987138����� 994������ 325���� -50������ 585.83����� 51������ 75��������� 24.00m @ 0.108
����������������������������������������������������������������������� 293���� 565�������� 272.00m @ 0.047
��������������������������������������������������������� including���� 479����� 515��������� 36.00m @ 0.068
LS07-83�� 599657��� 5987404���� 1135������ 325���� -45������ 254.81���������� not sampled, geotechnical hole
LS07-84599606��� 5987222���� 1090������ 325���� -45������ 172.52����� 19����� 117��������� 98.00m @ 0.045
LS07-85�� 599646��� 5987248���� 1090������ 325���� -45������ 199.34����� 17����� 159�������� 142.00m @ 0.068
���������������������������������������������� �����������including����� 21����� 105��������� 84.00m @ 0.088
��������������������������������������������������������� including����� 55������ 75��������� 20.00m @ 0.136
LS07-86�� 599798��� 5987138����� 994������ 325���� -65������ 663.55����� 45����� 115 ���������70.00m @ 0.060
��������������������������������������������������������� including����� 99����� 113��������� 14.00m @ 0.106
����������������������������������������������������������������������� 213����� 369�������� 156.00m @ 0.049
������������� ��������������������������������������������including���� 271����� 277���������� 6.00m @ 0.146
��������������������������������������������������������� including���� 337����� 367��������� 30.00m @ 0.065
LS07-87�� 599614��� 5987290���� 1118������ 325���� -45������ 153.62������ 7������ 67��������� 60.00m @ 0.061
��������������������������������������������������������� including������ 9������ 25��������� 16.00m @ 0.100
��������������������������������������������������������� including����� 11������ 17����� �����6.00m @ 0.152
LS07-88�� 599646��� 5987337���� 1122������ 325���� -45������ 207.57������ 3������ 81��������� 78.00m @ 0.156
��������������������������������������������������������� including����� 31������ 67��������� 36.00m @ 0.240
������������������ �����������������������������������������������������141����� 155��������� 14.00m @ 0.054
LS07-89�� 599698��� 5987342���� 1115������ 325���� -45������ 230.43����� 53����� 137��������� 84.00m @ 0.061
LS07-90�� 599698��� 5987342���� 1115������ 325���� -60�� ����251.16����� 79����� 239�������� 160.00m @ 0.087
��������������������������������������������������������� including����� 87����� 193�������� 106.00m @ 0.107
��������������������������������������������������������� including���� 141����� 181��������� 40.00m @ 0.153
LS07-91�� 599792��� 5987383���� 1105������ 325���� -65������ 206.96����� 33����� 165�������� 132.00m @ 0.052
��������������������������������������������������������� including����� 91����� 129��������� 38.00m @ 0.075
LS07-92�� 599798��� 5987138����� 994������ 325���� -75������ 355.70����� 21����� 161�������� 140.00m @ 0.047
��������������������������������������������������������� including����� 79������ 85���������� 6.00m @ 0.101
������������������������������������������������������������ �����������181����� 279��������� 98.00m @ 0.062
��������������������������������������������������������� including���� 121����� 133��������� 12.00m @ 0.108
��������������������������������������������������������� including���� 241����� 273��������� 32.00m @ 0.111
��������������������������������������������������������� including���� 243����� 259��������� 16.00m @ 0.167
LS07-93�� 599792��� 5987383���� 1105������ 145���� -80������ 303.58���� 109����� 293�������� 184.00m @ 0.070
��������������������������� ������������������������������including���� 185����� 193���������� 8.00m @ 0.111
��������������������������������������������������������� including���� 253����� 277��������� 24.00m @ 0.098
LS07-94�� 599748��� 5987122����� 998������ 325���� -60������ 599.54���� 125����� 151��������� 26.00m @ 0.057
����������������������������������������������������������������������� 221����� 273��������� 52.00m @ 0.040
����������������������������������������������������������������������� 325����� 443�������� 118.00m @ 0.049
��������������������������������������������������������� including���� 325����� 333���������� 8.00m @ 0.103
��������������������������������������������������������� including���� 377����� 395��������� 18.00m @ 0.071
LS07-95��� 599746��� 5987359��� 1108������ 325���� -90������ 102.41���������� not sampled, HQ geotechnical hole
LS07-96��� 599614��� 5987290��� 1118������ 325���� -90������ 303.58�������� awaiting results, HQ geotechnical hole
LS07-97��� 599781��� 5987238��� 1046������ 325���� -90������ 102.41���������� not sampled, HQ geotechnical hole
LS07-98��� 599748��� 5987122���� 998������ 325���� -75������ 404.47����� 29������ 97��������� 68.00m @ 0.061
��������������������������������������������������������� including����� 55������ 67��������� 12.00m @ 0.120
����������������������������������������������������������������������� 231����� 273��������� 42.00m @ 0.063
����������������������������������������������������������������������� 319����� 385��������� 66.00m @ 0.068
LS07-99��� 599700��� 5987508��� 1153������ 325���� -90������ 199.95��������� not sampled, HQ geotechnical hole
LS07-100�� 599748��� 5987122���� 998������ 325���� -90������ 331.32���� outside Mo zone, no significant intersections
LS07-101�� 599700��� 5987508��� 1153������ 235���� -45������ 102.40���� outside Mo zone, no significant intersections
LS07-102�� 599539��� 5987392��� 1166������ 235���� -45������� 98.10���� outside Mo zone, no significant intersections
LS07-103�� 599564��� 5987444��� 1174������ 235���� -45������� 87.20���� outside Mo zone, no significant intersections
LS07-104�� 599711��� 5987093��� 1005������ 325���� -75������ 313.03���� outside Mo zone, no significant intersections
LS07-105�� 599600��� 5987479��� 1172������ 235���� -45������ 105.50���� outside Mo zone, no significant intersections
LS07-106�� 599628��� 5987523��� 1167������ 235���� -45������� 99.00���� outside Mo zone, no significant intersections
�������������������� 
Note: Assays were done by ACME Analytical Laboratories, Vancouver B.C. using ICP-ES analytical technique on
an Agua Regia digestion (G7AR analytical package).

Other News

As mentioned above, Cantech is currently awaiting the resumption of drilling by Driftwood Diamond Drilling of Smithers and the start of groundwater testing by Lorax Environmental Services Ltd. of Vancouver at the Lucky Ship property.

In addition, once the snow is off the ground on the Bot option (Moly King property) which is surrounded by the Lucky Ship claim group, a soil sampling program will be started. The purpose of this work is to determine the extent of the Cu-Mo soil geochemical anomaly first defined by work done by Falconbridge in 1969 (see previous news release dated April 2, 2007).

Additional claims have been added to the Lucky Ship claim group to cover potential tailings disposal sites. The Lucky Ship mineral tenures now cover an area of 14,149.8 hectares.

Lucky Ship Developmental Studies

Cantech is currently in the process of advancing this project to development, and, therefore has initiated the following:

  • An environmental and engineering team has been established to initiate environmental baseline studies and engineering in support of preparing an Environmental Assessment Application sometime in the future.
  • Field collection of additional water quality sampling, spot flow measurements and snow survey measurements are ongoing.
  • A meteorological station and continuous flow monitors are currently being installed for the surface hydrology work.
  • Preliminary study programs for fisheries, surface water and sediment quality, and groundwater have been developed but not yet implemented; more study program documents and additional field programs are planned.
  • Initial geotechnical evaluations of potential waste management facilities for tailings and/or tailings and waste have been initiated by the company.
  • Power line and access options are being evaluated for the project.
  • Additional "new" metallurgical work has been initiated with G&T Metallurgy Services Inc of Kamloops, BC. The work is to define a treatment process for the project's two (2) ore types (Quartz Feldspar Porphyry and Hazelton Volcanics/Sediments) The study is being designed to substantiate initial bench scale metallurgical test results for recovery of MoS2 (CEMI, Feb 06).
  • Consultation (Information exchange) meetings with local First Nation groups, Provincial and Federal regulators and local governments are ongoing.

Preliminary Economic Assessment

On May 2, 2007 Cantech announced that A.C.A. Howe International Limited had completed a Preliminary Economic Assessment of the Lucky Ship Project. The National Instrument 43-101 Report containing that Preliminary Economic Assessment is expected to be SEDAR filed early next week.

Qualified Persons

Dr. Donald G. MacIntyre, P.Eng., a qualified person under National Instrument 43-101, has been supervising Cantech's 2007 Phase 4 Drill Program and has reviewed and approved the technical disclosure in this news release regarding the drilling and assay results.

Bruce Graff, P. Eng., a qualified person under National Instrument 43-101, is the Lucky Ship Project Manager and has been supervising Cantech's 2007 developmental studies and has reviewed and approved the technical disclosure in this news release regarding the developmental studies.

David Orava, M.Eng., P.Eng. Associate Mining Engineer for A.C.A. Howe International Limited is a NI 43-101 Qualified Person and has reviewed and approved the disclosure above relating to the Preliminary Economic Assessment.

About New Cantech
New Cantech is a TSX Venture company focusing on the development of its Lucky Ship Molybdenum Project in northern British Columbia. In addition to the Lucky Ship Project, New Cantech is pursuing other related mineral projects that may be beneficial to shareholders.

For more information please contact Dalton B. DuPasquier, President & CEO of New Cantech Ventures Inc., at (604) 541-7288 or visit Cantech's website at http://www.newcantech.com.

ON BEHALF OF THE BOARD OF DIRECTORS

"James Jacuta", Chairman
NEW CANTECH VENTURES INC.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information CONTAINED HEREIN.

Nanika Resources Incorporation

EXPLORATION STAGE
CODE : NKA.V
CUSIP : 630018109
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Nanika resources Inc is a silver and gold exploration company based in Canada.

Nanika resources Inc holds various exploration projects in Canada.

Its main exploration properties are TED, MOLY KING PROPERTY, SCEPTRE AND TIARA, INDI, MUNN LAKE, SWEENEY LAKE, CAMSELL LAKE, LAC DE GRAS, LUCKY SHIP, MAC CLAIMS, VERNON and NWT CLAIMS in Canada.

Nanika resources Inc is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 945 530 as of today (US$ 931 725, € 752 554).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 1.23, and its lowest recent point on July 05, 2012 at CA$ 0.01.

Nanika resources Inc has 94 553 000 shares outstanding.

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Financings of Nanika Resources Incorporation
12/23/2008Announces Flow-Through Private Placement with MineralFields
Nominations of Nanika Resources Incorporation
11/2/2009Appoints Advisors on Stewart Mining Camp Properties
3/12/2008 Appoints Kerr to Support Investor Relations
Project news of Nanika Resources Incorporation
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1/28/2010(Sweeney Lake)Additional Ground Acquisition West of Sweeney Lake British C...
10/8/2009(Indi)Commences Drilling on Indi Property North of Stewart, Britis...
9/25/2009(Red Cliff)Adds More Property at Red Cliff
9/18/2009(Indi)Announces Additional Ground Acquisition East of Indi and Nea...
7/9/2009(Indi)Commences Work Program on the Indi Gold - Silver Property
6/17/2009(Indi)Purchase of South Indi Mineral Claim
10/1/2007files Indi Project NI 43-101 report
9/20/2007(Lucky Ship)LUCKY SHIP MOLYBDENUM PROJECT MOVING FORWARD THROUGH PHASE 5...
9/9/2007Results of Sampling, Including High-Grade Assays on Properti...
8/20/2007(Lucky Ship)Announces Completion of the Phase 4 Infill Drilling Program
8/14/2007(Ixl (grand Forks))Cougar complete drilling at IXL
7/30/2007(Sweeney Lake)Announces Start of Drilling on the Sweeney Lake Property
6/26/2007(Lucky Ship)Announces Assay Results for Drill Hole on its Lucky Ship Mol...
6/20/2007files NI 43-101 report on Lucky Ship
6/16/2007(Lucky Ship)Announces Assays Results from the phase 4 Infill Drilling Pr...
5/2/2007(Lucky Ship)Announces Results for the First 8 holes of the 2007 Phase 4 ...
Corporate news of Nanika Resources Incorporation
6/28/2011Provides Rivett Lake Update
6/2/2011Announces Rivett Lake Program
4/13/2011. - Canada Molybdenum Corp. Joint Venture Update
3/25/2010Acquires Additional Ground at Stewart British Columbia
9/1/2009Announces Investor Relations Agreement
7/13/2009Shareholders Annual Meeting Approves Management Business
11/27/2008Announces Memorandum of Understanding
9/19/2008Updates on Korean Joint Venture Negotiations
7/22/2008Molybdenum Project Update
5/21/2008Shareholders Meeting Strengthens Board of Directors and Appr...
4/18/2008Management Proposes Name Change
4/10/2008Provides Update on Joint Venutre Agreement and Resource Esti...
2/25/2008Joint Venture Agreement Discussions
1/15/2008receives $2-million option payment
12/5/2007Receives Payment on Manitoba Properties
10/12/2007FURTHER ANNOUNCEMENT REGARDING REED LAKE MINERAL PROPERTY IN...
10/11/2007SETTLEMENT OF LEGAL PROCEEDINGS REGARDING REED LAKE MINERAL ...
9/17/2007Newsrelease
8/29/2007Announces Management Enhancement
7/23/2007acquiring two nickel properties
7/10/2007announces resumption of drilling
7/6/2007amends deal with Global Capital
6/25/2007receives $1.3 million from option agreement
6/11/2007Palm Clean assigns part of option to Daewon Chemical, confir...
5/31/2007receives Indi claims resource estimate
5/31/2007ANNOUNCES ADDITIONAL GROUND ACQUISITION
5/28/2007optioning two nickel properties in NWT
5/24/2007options Moly King Property
5/1/2007s on IXL Property
2/20/2007Completion of the "deep holeà
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