September 14, 2011 10:00 am
September 14, 2011 10:00 am
Vancouver, B.C., September 14, 2011: Further to the press releases dated August 30 and September 6, 2011, Nortec Minerals Corp. (TSX-V:NVT), (“Nortec” or the “Company”), is pleased to announce that it has received the first option payment consisting of $900,000 cash and $500,000 in shares of Otterburn Ventures Inc. (1,660,408).
The Option and Joint Venture Agreement gives Otterburn the option to earn up to an 80% interest in Nortec’s Läntinen Koillismaa project, a 100 % owned palladium-platinum-gold-copper-nickel property (“LK Project”), located in north central Finland. The LK project comprises of the following target areas (exploration claims and exploration claim applications): Kaukua, Haukiaho, Haukiaho East, Lipeävaara and Murtolampi Targets.
Otterburn can earn an initial 49% interest in the LK Project by: a) making payments totalling $4.5 million in cash to Nortec; b) issuing the equivalent of $2 million in shares of Otterburn; and, c) spending $5 million on exploration within 24 months, including a minimum of $2 million in the first 12 months.
Otterburn can earn the remaining 31% interest by: a) making a payment of $3 million in cash to Nortec on or before the 3 year anniversary from the Effective Date; b) issuing the equivalent of $1 million in shares of Otterburn to Nortec; and, c) spending a further $5 million on exploration on the LK Project.
About Nortec Minerals Corp.
Nortec is a mineral exploration and development company based in Vancouver, British Columbia. The Company has a 100% interest in the LK Palladium-Platinum-Gold-Copper-Nickel Project in north-central Finland.
Nortec also has a 100% interest in the Tammela Lithium Project in south-west Finland; an option to earn from Akkerman Exploration B.V., a 100% interest in the Seinäjoki Gold Property and Kaatiala Beryllium-Rare Earth Property in western Finland, a minimum 51% interest with an option to earn 100% interest in the TL Nickel-Copper- Cobalt Property in Northern Labrador, Canada; and, an option to acquire 51% interest in the Ganarin Gold-Silver Property, Ecuador.
On behalf of the Board of Directors,
NORTEC MINERALS CORP.
“Mohan R. Vulimiri”
Mohan R. Vulimiri, CEO and Chairman
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.
This press release contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company’s control which may cause actual results, performances or achievements of the Company to be materially different from the results, performances or expectations implied by these forward looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.