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Headline: Nortec (NVT) Announces the Completion of Diamond Core Drilling on the Kaukua Platinum-Palladium-Gold Property, Northeastern Finland; Appointment of New Director
Symbol: NVT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 14, 2007) - Further to the press release dated October 5, 2007, Nortec Ventures Corp. (TSX VENTURE:NVT), (\"Nortec\" or the \"Company\"), is pleased to announce that diamond drilling consisting of seven (7) drill holes was completed on the Kaukua Platinum-Palladium-Gold (\"PGE\") project located approximately 20 kilometres north of the Company's Koillismaa-Naranka project, northeastern Finland. The Company signed a Memorandum of Understanding on July 26, 2007 with Akkerman Exploration B.V. (\"AEbv\") to earn an undivided 70% interest in the Property by funding and incurring the Initial Exploration Expenditures of EUR 600,000 (six hundred thousand Euros) over an Earn-In period of 3 years following the signing of the Option Agreement. In addition, Nortec will pay EUR 30,000 (thirty thousand Euros) (\"Downpayment\") on confirmation of the ownership of the claims from the Ministry of Trade and Industry, Finland, to AEbv. Nortec will also have an option to earn a further 10% by incurring EUR 2,500,000 (two million five hundred thousand Euros) in exploration expenditures or the completion of a bankable feasibility study. Upon the formation of the Joint Venture, if either party does not contribute its proportional share of the required exploration and/or development funds in the same ratio as its Participation Interest, the respective party's Participating Interest will be diluted down according to the ratios of financial contributions to the Joint Venture. If any Participants Participating Interest falls below 10%, the Participating Interest of the respective Participant will automatically converted to 2% Net Smelter Royalty. The Finnish ministry confirmed that AEbv is the only organization that applied for claims in the area. AEbv and Nortec also received permission to commence exploration work from the various landowners in the claims area.
The claims area comprises the northernmost block, called the Kaukua Block, of the Koillismaa-Naranka layered ultramafic complex. Geological Survey of Finland (\"GTK\") carried out detailed field work consisting of geological mapping, geophysical surveys and limited shallow diamond core drilling (6 core holes) in 1999 and 2004.
A total of 1,024.70 metres of core drilling consisting of 7 holes (Kau07-01 to Kau07-07) were drilled at 100 metre spacing up-dip from previous core holes R387, R404 and R405 drilled by the GTK. Results for R404, R405 and R387 are shown below. This drill program is designed to test the extent of the higher grade mineralization intersected in drill hole R405 over a distance of 600 metres. The holes Kau07-01 to Kau07-06 were drilled over a horizontal distance of 750 metres and Kau07-07 was drilled 100 metres south from Kau07-01 to test down-dip potential. Results from this phase of diamond drilling will help in understanding the rake, if any, of the mineralization as well as the grade continuity and potential tonnage for shallow mineralization. All the drill holes were between 110 metres and 170 metres in length and were terminated several tens of metres in the basement below the basal contact of the layered ultramafic series.
A second phase of core drilling consisting of off-set and deeper down-dip holes is being planned at the present time.
Significant averages from some of the previous GTK drilling:
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Intersection Copper + PGE + Gold
Hole From in metres Nickel % grams/tonne
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R387 66.51 17 0.28 1.00
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R404 58.00 16 0.35 1.39
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R404 60.40 39 0.30 1.24
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R405 124.53 14 0.29 1.35
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Detailed intersections from GTK drill holes are as follows.
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Hole From To Intersection Copper + PGE + Gold
metres metres metres Nickel % grams/tonne
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R387 66.00 66.09 0.09 0.27 1.53
R387 68.91 69.48 0.57 0.33 1.57
R387 74.90 75.78 0.88 0.22 1.36
R387 75.78 76.00 0.22 0.24 1.59
R387 82.88 84.60 1.72 0.42 1.51
R387 86.53 86.74 0.21 0.27 1.40
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R390 59.70 61.65 1.95 0.15 2.26
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R404 60.40 62.40 2.00 0.36 1.45
R404 62.40 64.40 2.00 0.52 1.81
R404 64.40 66.40 2.00 0.36 1.78
R404 68.40 70.40 2.00 0.37 1.65
R404 70.40 72.40 2.00 0.49 1.65
R404 135.00 137.00 2.00 0.59 2.28
R404 137.00 139.00 2.00 0.57 1.68
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R405 99.60 101.60 2.00 0.25 1.37
R405 119.30 119.67 0.37 0.52 4.71
R405 124.53 125.05 0.52 0.53 1.49
R405 156.40 158.40 2.00 0.29 1.36
R405 165.76 166.67 0.91 1.32 3.98
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The mineralization at Kaukua appears to have very similar modes of occurrence to the North American Palladium's Portimo platinum deposit located approximately 75 kilometres to the west. Outokumpu and Goldfields have delineated 74.1 million tones grading 1.39 grams PGE + gold (approx. 3.3 million ounces). GTK recognized two types of PGM mineralization at Kaukua; Reefal-type similar to the Bushveld Complex - Merensky Reef, South Africa and the Stillwater Complex, Montana, and the Marginal Series type at the contact of the ultramafic sequence with the Archean basement.
Koillismaa-Naranka Project
Drilling was also completed on the Koillismaa-Naranka project. In the Koillismaa area three (3) deep holes were drilled for a total of 1,570.75 metres and 2 holes in Naranka for a total of 801.25 metres. Results to date are as follows:
Hole No. K07-01
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From To Copper Nickel Gold Palladium Platinum PGE + Gold
metres metres metres % % ppb ppb ppb grams/tonne
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438.00 439.00 1.00 0.187 0.157 93 389 155 0.637
439.00 440.00 1.00 0.172 0.171 76 380 164 0.620
440.00 441.00 1.00 0.191 0.133 82 255 106 0.443
441.00 442.00 1.00 0.287 0.129 157 315 141 0.613
442.00 443.00 1.00 0.083 0.055 58 88 53 0.199
443.00 444.00 1.00 0.240 0.115 136 237 122 0.495
444.00 445.00 1.00 0.103 0.077 57 138 86 0.281
445.00 446.00 1.00 0.090 0.092 28 177 94 0.299
446.00 447.00 1.00 0.072 0.084 29 213 118 0.360
447.00 448.00 1.00 0.063 0.056 40 111 75 0.226
448.00 449.00 1.00 0.167 0.092 188 345 203 0.736
449.00 450.00 1.00 0.045 0.039 14 94 48 0.156
450.00 451.00 1.00 0.064 0.044 36 98 69 0.202
451.00 452.00 1.00 0.034 0.048 12 95 62 0.168
452.00 453.00 1.00 0.110 0.027 19 72 47 0.138
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Hole No. K07-02
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From To Copper Nickel Gold Palladium Platinum PGE + Gold
metres metres metres % % ppb ppb ppb grams/tonne
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187.00 188.00 1.00 0.229 0.143 130 150 82 0.362
188.00 189.00 1.00 0.202 0.134 47 247 115 0.409
189.00 190.00 1.00 0.062 0.454 18 59 32 0.109
190.00 191.00 1.00 0.256 0.203 64 270 119 0.453
191.00 192.00 1.00 0.143 0.097 36 136 64 0.236
192.00 193.00 1.00 0.210 0.140 140 227 103 0.470
193.00 194.00 1.00 0.232 0.104 77 219 107 0.403
194.00 195.00 1.00 0.398 0.253 102 410 177 0.689
195.00 196.00 1.00 0.431 0.413 171 648 290 1.109
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Mohan R. Vulimiri, M.Sc., P.Geo., President, CEO and Director of Nortec, and Mr. Jan Akkerman, Managing Director of AEbv, are the persons responsible for initiating and guiding the work programs on the Kaukua Project.
Other News
Nortec's management is pleased to announce the appointment of Mr. Victor H. Bradley to the Company's Board of Directors. Mr. Bradley is the Chairman and founder of Yamana Gold Inc. He is also the Chairman and founder of Aura Minerals Inc. and founder of Nevoro Inc. Mr. Bradley is a Chartered Accountant, and has a very successful career in numerous large financings as well as taking junior public companies to a senior level. He was employed with Cominco in various financial capacities and was the Chief Financial Officer of MacIntyre Mines. A total of 600,000 options to purchase 600,000 shares at an exercise price of $0.30 per share for a period of 4 years are granted to Mr. Bradley and 75,000 options to purchase 75,000 shares at an exercise price of $0.30 to an employee of Nortec Ecuador S.A., the Company's Ecuadorian subsidiary.