NEW CANTECH VENTURES
INC.
670 � 789 West Pender
St.
Vancouver, BC V4C
1H2
Tel:
604-638-0699
Email: info@newcantech.com
Website:
http://www.newcantech.com
NEW CANTECH VENTURES
INC.: LUCKY SHIP MOLYBDENUM PROJECT MOVING FORWARD THROUGH PHASE
5-UPDATE
In the news reported in Stockwatch Aug. 20, 2007, New Cantech Ventures
Inc. indicated that the diamond drill on site would be moved to a location 400
metres northwest of the Lucky Ship deposit. The target of this drilling, designated as phase 5, is an area of north-trending, steeply dipping
quartz-molybdenite veins observed in a large gossanous outcrop. On Aug. 24,
2007, the drill was moved to this area and holes LS07-115 to LS07-117 were
drilled with these three holes totalling 926.9 metres. Phase 5 drilling is now
complete and the core is currently being split and will be sent for assay
analysis. New Cantech has now completed a total of 24,812 metres of drilling on
the Lucky Ship property in a total of 94 holes.
Further geotechnical drilling is being considered at the Lucky Ship
project in order to gain additional information concerning groundwater hydrology
and to assist in pit slope stability analysis. New Cantech is also looking at
alternative methods of obtaining a representative metallurgical bulk sample.
These alternatives could include additional diamond drilling and/or a bulk
trenching program.
In addition to drilling activities an environmental and engineering team
has been tasked with initiating many of the environmental baseline and
engineering studies required to complete the government of British Columbia
environmental assessment process for the Lucky Ship molybdenum mining project at
Nanika Ridge.
The following environmental and engineering assessments have been
recently completed or are currently in progress:
Geotechnical assessment of T6B -- tailings storage facility is currently
in progress. Two ground-based geotechnical drill holes have been completed, and
a helicopter-supported geotechnical drilling program has just started drilling
the remaining six holes located along the proposed tailings dam alignments. This
work follows an exhaustive geotechnical and environmental evaluation of 15
potential sites located within a 25-kilometre radius of the mineralized zone --
BGC Engineering Inc.
Four geotechnical drill holes at the proposed plant site located near the
mineralized zone were completed by BGC Engineering in early September, 2007.
A well-equipped metreological (weather-monitoring) station was
established at the proposed plant site earlier this summer, and another is
planned for installation near the T6B -- tailings storage facility.
Groundwater (hydrogeology) quality and flows within the mineralized zone
are being continuously monitored in existing wells. Installation of additional
groundwater wells is still required below the zone, planning for completion of
this is under way -- Lorax.
Surface water and sediment quality assessments are currently being
performed by Lorax Environmental Services Ltd. and Ecos Environmental Consulting
Inc.
Metal leaching/acid rock drainage -- phase 1 evaluation has been
completed and a phase 2 program of static, kinetic and field bin testwork is now
in progress.
Aquatic biota and fish assessment programs have been initiated by
JacquesWhitford-Axys and are being completed at this time.
Hydrology evaluations are continuing by Golder Associates.
New Cantech's NI 43-101-compliant preliminary economic assessment is
undergoing an internal review with the assistance of ACA Howe International Ltd.
Phase 1 assessments of power line and access road requirements have been
completed for the project by Ian Hayward Consultants.
Further evaluation of the open pit and underground mining potential is
under way with SRK Consulting Engineers and Scientists.
Additional metallurgical work, going beyond the initial two lock cycle
tests on the composites of QFP and volcanic samples, is currently being planned
with G&T Metallurgical Services.
Qualified person
Bruce Graff, PEng, a qualified person under National Instrument 43-101,
is the Lucky Ship project manager and has been supervising New Cantech's 2007
project developmental studies and has reviewed and approved this news release.
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.
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