NEW CANTECH VENTURES INC.

201 - 14881 Marine Drive

White Rock, BC V4B 1C2

Tel: 604-541-7288, Fax: 604-541-7286

email: kenya1@telus.net

NEWS RELEASE

May 22, 2007

Closing of Option Agreement to Acquire 100% interest in Moly King Property

previously announced on April 2, 2007

New Cantech Ventures Inc. (�Cantech�) (TSXV:NCV, FSE:C7X), is pleased to announce that on May 22, 2007 the TSX Venture Exchange approved an option and royalty agreement with John Bot whereby Cantech can acquire a 100% interest in the Moly King Property.

The Moly King Property consists of one mineral claim (Tenure No. 552173) and is located approximately nine kilometres east-southeast of the centre of Cantech�s Lucky Ship porphyry molybdenum deposit.  The Moly King property is surrounded by claims that comprise the Lucky Ship property as shown on figure 2 of Dr. N.C. Carter�s National Instrument 43-101 Technical Report on the Lucky Ship property dated January 23, 2007 and filed on the SEDAR.com website.

The Moly King claim is located within an area explored by Falconbridge Nickel Mines back in 1969.  Falconbridge carried out a limited exploration program of mapping and geochemical surveying (B.C. Assessment Report 1809).  There are very few outcrops on the property.

According to the B.C. Ministry of Energy, Mines and Petroleum Resources MapPlace website the Moly King claim covers MINFILE showing No. 093L 052 � (King, Queen, Jack, P.I., Squeek).  According to MINFILE the showing is comprised of an intrusion of silicified quartz diorite to quartz monzonite that hosts disseminated and fracture controlled molybdenite, chalcopyrite, pyrite and arsenopyrite.  A breccia zone is also reported to host arsenopyrite, pyrite and pyrrhotite.  Both the medium-grained quartz monzonite matrix and dark angular fragments in the breccia are reported to contain disseminated sulphides.

Falconbridge�s geochemical work in 1968 outlined an irregular zone of anomalous Cu and Mo in soils over an area of roughly 1,500 by 2,000 feet.  This anomaly, plus showings in creeks cutting through the anomaly present an attractive target and Cantech is developing a plan to test this area during its current exploration program on the Lucky Ship property.

Under the terms of the option agreement with John Bot, Cantech has an option to acquire a 100% interest in the property exercisable by (a) paying $200,000 over a three year period of which $10,000 is payable within 5 business days of the TSX Venture approval date, and (b) issuing and delivering 175,000 shares of Cantech over a three year period of which 25,000 shares are to be issued within 5 business days of the TSX Venture Exchange approval date.  The Moly King Property is subject to a 2% NSR Royalty.  Cantech has the right to purchase up to 100% of the NSR for a total of $1 Million. 

All shares issued under the terms of the option agreement will be subject to a hold period expiring four months from the date of issuance.  The 25,000 shares that have been issued today may not be traded until September 23, 2007.

Qualified Person

Dr. Donald G. MacIntyre, P.Eng., a qualified person under National Instrument 43-101, is supervising Cantech�s 2007 program on the Lucky Ship Property and will be supervising Cantech�s 2007 program on the Moly King Property.  Dr. MacIntyre has reviewed and approved the technical disclosure in this news release.

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

�Dalton B. DuPasquier�

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.