NEW CANTECH VENTURES
INC.
NEWS RELEASE
Monday, June 25, 2007
New Cantech Receives
Further $1.3 Million From Palm Clean Under the Lucky Ship Property
Option
VANCOUVER, BRITISH COLUMBIA - Further to the
news release dated November 13, 2006 in which New Cantech Ventures Inc. ("New
Cantech") (TSX Venture:NCV)(Frankfurt:C7X) announced that it had granted an
option to Palm Clean Energy, Inc. (�Palm Clean�) of Seoul, Korea to acquire up
to a 60% interest in Cantech�s Lucky Ship Molybdenum Project, New Cantech
announces that it has now received a further $1.3 Million from Palm Clean under
the Option Agreement.
Very briefly, in order for Palm Clean to
exercise the 60% Option, Palm Clean must:
(a)
provide $4.3 million to be used as Exploration Expense on
the Lucky Ship Molybdenum Project during the first year (from November 13, 2006
to November 12, 2007) of the Option (including a total of $2.3 million received
as of today, which includes the proceeds of a $1 million private placement with
Palm Clean which was completed earlier and including the balance of the $1.3
million received today);
(b)
incur sufficient Exploration Expense in years two and three
of the option to produce a bankable feasibility study on the Lucky Ship
Molybdenum Project;
(c)
within six months of the bankable feasibility study, provide
debt financing to fund both the costs of Cantech and the costs of Palm Clean
under a formal joint venture to put the Lucky Ship Molybdenum Project into
production; and
(d)
then within 18 months, put the Lucky Ship Molybdenum Project
into Continuous Production.
In accordance with the terms of a related
finder�s fee agreement dated November 13, 2006, as amended and restated on
January 25, 2007 with Sunkwang Lee, the Company will be issuing a further
380,000 warrants exercisable at the price of $0.50 up to November 13, 2008 and
will be paying a further $2,500.00.
The shares issuable on the exercise of the warrant be subject to a hold
period and will not be tradable until October 26,
2007.
The Phase 4 drill program had earlier
terminated on account of spring break up.
It is expected that the Phase 4 drill program will re-commence on about
July 1, 2007.
About New Cantech
New Cantech is a TSX Venture company
focusing on the development of its Lucky Ship Molybdenum Project in northern
British Columbia.
For more information please contact Dalton B.
DuPasquier, President & CEO of New Cantech Ventures Inc., at (604) 541-7288
or visit New 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.
For shareholder enquiries
contact:
John R. Chalcraft, ProActive Communications
#201 - 2383 King
George Hwy., White Rock, BC, V4A 5A4
Local: (604) 541-1995;
Toll free: 1 (800) 540-1995
email: johnchalcraft@shaw.ca