Suite 670 ? 789 West Pender St. Vancouver,
BC V4C 1H2 Tel:(604) 638-0699
Fax:(604) 638-0698
Website: www.newcantech.com
2007-10-12 09:57 ET - News Release
Mr. James Jacuta reports
NEW CANTECH VENTURES INC.: FURTHER ANNOUNCEMENT REGARDING
REED LAKE MINERAL PROPERTY IN MANITOBA
Further to New Cantech Ventures Inc.'s news as reported
in Stockwatch Oct. 10, 2007, it has entered into an additional agreement on
Manitoba mineral exploration licence 331A.
Accordingly:
- If the first agreement as reported in
Stockwatch Oct. 10, 2007, proceeds then New Cantech will be entitled to
one-half of the $450,000 sale price and one-half of the 2-per-cent net smelter
royalty.
- In the event that the agreement announced
today proceeds then New Cantech will be entitled to a further one-half of
$450,000 cash and one-half of the 2-per-cent NSR. This agreement is subject to
financing proceeding.
New Cantech is entitled, in total on both agreements, to
a buyback of one-half of one percentage point of NSR for $500,000.
The agreement announced today is made subject to the
approval of the TSX Venture Exchange.
Manitoba mineral exploration licence 331A is contiguous
to mineral exploration licence 268A referred to in Stockwatch Oct. 4, 2007,
issued by VMS Ventures Inc. VMS released assay results (weighted average) from
drill hole RD 07-02 on its new discovery on its Reed Lake project, near Snow
Lake, Man., which highlighted high-grade copper-rich intervals.
About New Cantech
New Cantech is a TSX Venture listed mineral
exploration and development company focusing on the development of its Lucky
Ship Molybdenum Property in west central British Columbia and the advancement of
its other mineral exploration properties, most of which are located in British
Columbia and all of which are located within Canada.
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,
Local:
(604) 541-1995; Toll free: 1 (800)
540-1995