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Nortec Ventures Corp.: Nortec (TSX VENTURE: NVT) to Acquire Seinajoki Gold Project, Finland

^{Published on 2009-09-23 05:23:57 - Market Wire}
 

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 22, 2009) - Nortec Ventures Corp. (TSX VENTURE:NVT) ("Nortec" or the "Company"), is pleased to announce that the Company signed a Memorandum of Understanding ("MOU") to acquire 100% interest in the Seinajoki gold project, located near the town of Seinajoki, Southwestern Finland. The Company signed a MOU with Akkerman Exploration B.V. ("Akkerman") for the right to earn an undivided 100% interest in the Property. Akkerman holds 100% legal right to title and interest in twelve (12) claim reservations (10,000 hectares) duly registered with the Ministry of Employment and Economy, Government of Finland (Figure 1).

The 10,000 hectare area covers a very large part of a gold district known as Pohjanmaa Gold-Antimony Belt dominated by metasedimentary rocks of Precambrian age. This belt is known as part of the Bothnian basin and is situated on the northern margin of a Paleo-proterozoic micro-plate. These metasedimentary rocks are intercalated with metavolcanic rocks and have locally been transformed to migmatites, quartz-mica schists and/or intruded by calc-alkaline s-type two-mica granites and pegmatites.

Local prospectors discovered gold and antimony mineralization by locating mineralized boulders assaying as high as 500 grams/tonne ("g/t") gold and another boulder with 70 kilograms of native antimony and stibnite. Preliminary follow-up work by Geological Survey of Finland ("GTK") located several targets, including Kalliosalo, Sikakangas, Tulisilma, Tervasmaki, Marttalaniemi, and Ylijoki. The follow-up work mainly consisted of till-geochemical surveys, trenching and shallow diamond drilling, The shallow diamond drilling mostly concentrated on areas with outcrops and some of the best intersections from drilling returned:

- 1 metre grading 53 g/t gold and 1 metre at 28.3 g/t gold.

The exploration concessions area covers the strike and trend extensions of the target zones located by GTK as well as till-geochemistry anomalous gold values. The concession areas also include Marttalaniemi and Ylijoki target zones where significant gold mineralization was discovered by GTK. Some of the boulders sampled at Marttalaniemi by a local prospector returned values as high as 117 g/t gold. One of the shallow holes drilled by GTK (28 metres) at Marrtalaniemi returned:

- 82.2 g/t gold across 0.6 metres.

The area hosts several styles of mineralization.

- Native gold in dacitic to rhyodacitic metavolcanic rocks and graphitic schists, associated with native antimony, minor arsenopyrite and pyrrhotite.

- Disseminated antimony mineralization in metasediments.

- Native gold in quartz-tourmaline veins in metavolcanic rocks.

- Quartz-antimony veins in metavolcanic rocks and pegmatites, and

- Tin, tungsten, lithium, tantalum, beryl and niobium mineralization in pegmatites

Initial work programs on the concession areas will include a) verification and evaluation of all data concerning previous exploration including diamond drilling carried out by GTK, b) field work to define areas for staking of claims and c) identify targets for drilling.

The Precambrian Bothnian Basin metasediments and the associated calc-alkaline s-type plutonic rocks host the well-known Skellefte gold district in Sweden. Over 12.5 million ounces were identified in the Skellefte district. The Pohjanmaa Belt appears to be the southeastern extension of Skellefte into Finland as per geological research publications from Sweden, Finland and USA.

The Bothnian Basin also has geological, petrological and mineralogical similarities to the Alaska-Yukon's Tintina gold belt which hosts among others the well-known Fort Knox gold mine, the Pogo gold mine and the recently discovered Underworld Resources' (TSX-V:UW) Golden Saddle zone.

We are very pleased to have entered into an agreement with Akkerman as this large concession area has very good potential for the discovery of significant gold mineralization.

The MOU gives Nortec the exclusive right to a) verify and evaluate the data and information made available by Akkerman; b) evaluate any other relevant data and information concerning previous exploration conducted by third parties on the Reservations; and c) collect additional data in the field through initial reconnaissance and exploration work on the Reservations. Nortec will pay Akkerman EUR 10,000 (Ten thousand Euros) and 400,000 (four hundred thousand) Nortec shares within 15 days from the signing of the MOU and subject to approval of the TSX Venture Exchange. Nortec will enter into an option agreement when Akkerman receives confirmation of exploration claims staked in the exploration concessions area.

In addition Nortec will pay Akkerman the following amounts:

- The date of signature of the Option Agreement: EUR 20,000 (Twenty thousand Euros) in cash and 600,000 Nortec shares

- The first (1st) anniversary of the Option Agreement: EUR 30,000 (Thirty thousand Euros) in cash and 900,000 Nortec shares

- The second (2nd) anniversary of the Option Agreement: EUR 50,000 (Fifty thousand Euros) in cash and 1,000,000 Nortec shares

After funding and incurring the Initial Exploration Expenditures of EUR 1,000,000 (One million Euros) before the third anniversary of the signing date of the MOU and having made the agreed annual payments to Akkerman ("Earn-In Completion Date"), Nortec will hold an undivided 100% interest (the "Initial Interest") in the Property. Following the Earn-In Completion Date, Akkerman will retain a 2% (two percent) Net Smelter Royalty ("NSR") on any and all future production from the Property. Nortec will have the right to buy back 1% NSR for one (1) million Euros.

Mohan R. Vulimiri, M.Sc., P.Geo., President, CEO and Director of Nortec; Ian F. Laurent, Msc.(EconGeol), MAIG, RPGeo, Executive Vice President of Nortec and Mr. Jan H. Akkerman, Managing Director of AEbv are the persons responsible for initiating and guiding the work programs on the Project. Mohan Vulimiri is the Qualified Person responsible for the contents of this press release.

About Nortec

Nortec is a mineral exploration and development company based in Vancouver, British Columbia. The Company has a 100% interest in the Kaukua Palladium-Platinum-Gold-Copper-Nickel Project in north central Finland; a 100% interest in the Tammela Lithium-Tin-Tantalum Project in south west Finland; and also, minimum 51% interest with an option to earn 90% interest in the TL Nickel-Copper-Cobalt Property in Northern Labrador, Canada. The Company is continuing to evaluate other potential acquisitions. Perspective shareholders and investors are invited to refer to information on the Company's website, [ www.nortecventures.com ]. For further information please call the Company at 1-866-658-1261 and/or Renmark Financial Communications.

On behalf of the Board of Directors,

NORTEC VENTURES CORP.

Mohan R. Vulimiri, President & CEO

The statements made in this Press Release may contain certain forward-looking statements. Actual events and/or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.

There can be no assurance that forward-looking information will prove to be accurate. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from any conclusions, forecasts or projections described in the forward-looking information. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

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.

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The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.