2007-10-10 14:59 ET - News Release

Mr. James Jacuta reports

NEW CANTECH VENTURES INC.: SETTLEMENT OF LEGAL PROCEEDINGS REGARDING REED LAKE MINERAL PROPERTY IN MANITOBA

New Cantech Ventures Inc. has settled legal proceedings wherein New Cantech had claimed that it was the beneficial owner of Manitoba mineral exploration licence No. 331A which was recorded on Sept. 26, 2007, in the name of Dalton Dupasquier, the past president of New Cantech. The legal proceedings were filed by New Cantech against Mr. Dupasquier on Oct. 5, 2007, in Vancouver, B.C., and also claimed damages for breach of a written consulting agreement dated Aug. 28, 2007, between New Cantech and Mr. Dupasquier which agreement was entered into at the time that Mr. Dupasquier ceased being the president, chief executive officer and a director of New Cantech. The legal proceedings against Mr. Dupasquier claimed that, under the consulting agreement, Mr. Dupasquier was required to assess new opportunities for New Cantech, among other things. The legal claim did not relate in any way to New Cantech's existing Lucky Ship molybdenum project or to any other property currently held by New Cantech.

New Cantech, after intensive settlement negotiations, has settled this legal claim. Mr. Dupasquier has agreed to hold one-half of mineral exploration licence No. 331A (and any other properties that Mr. Dupasquier acquired prior to the termination of his consulting agreement) in trust for New Cantech and, as a result, New Cantech is to obtain one-half of any benefit that Mr. Dupasquier will derive from any disposition of the mineral exploration licence No. 331A and any other properties Mr. Dupasquier acquired prior to the termination of his consulting agreement. New Cantech understands that Mr. Dupasquier had entered into an agreement with at least one third party for the sale of one-half of mineral exploration licence No. 331A (for the price of $450,000 cash and a 2-per-cent net smelter royalty with a buyback of one-half of one percentage point of net smelter royalty for $500,000) and a further agreement may be entered into with another party for the other one-half of mineral exploration licence No. 331A. Accordingly, if the first agreement proceeds, New Cantech will be entitled to one-half of the $450,000 sale price and one-half of the 2-per-cent royalty which are set out in that agreement, and, in the event that another agreement is entered into for the sale of the other half of the property, then New Cantech will be entitled to one-half of the sale proceeds set out in that other agreement. Each of New Cantech and Mr. Dupasquier will bear their own costs of the legal proceedings.

The previous consulting agreement dated Aug. 28, 2007, between New Cantech and Mr. Dupasquier is terminated immediately and Mr. Dupasquier's membership on the advisory council of New Cantech is also terminated immediately.

Manitoba mineral exploration licence No. 331A is contiguous to mineral exploration licence No. 268A, as referred to in the Stockwatch news report for VMS Ventures Inc. on Oct. 4, 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. 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.

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