Nortec Minerals Corp V.NVT

NEWS!!

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Koillismaa - Naranka Nickel-Copper-PGE Project, Finland - Option Agreement Signed VANCOUVER, Jun 28, 2006 (Canada NewsWire via COMTEX News Network) -- Further to the news release dated May 8, 2006, Nortec Ventures Corp., ("Nortec" or the "Company"), is pleased to announce that an Option Agreement (the "Agreement") was signed on June 23, 2006, with Akkerman Exploration B.V. ("AEbv"), of the Netherlands, to form a joint venture on the Koillismaa - Naranka Nickel-Copper-PGE project in Northeastern Finland ("Kollismaa-Naranka"). A systematic airborne, deep penetrating VTEM (time-domain electromagnetic system) survey over the landholdings controlled by AEbv is being planned for this summer. This survey will assist in locating massive sulphide targets directly from airborne anomalies followed by, if successful, scout diamond core drilling of approximately 4000 metres. The initial program expenditures for the summer campaign are expected to be in the range of (euro) 150,000 to (euro) 200,000. Under the Agreement, Nortec has the right to an undivided 60% interest in Kollismaa-Naranka by funding and incurring initial exploration expenditures of (euro) 750,000 over an Earn-in period of 2 to 3 years from the date of the Agreement. The Company can earn a further 10% for a total of 70% interest by incurring exploration expenditures of (euro) 2.5 million or completion of a bankable feasibility study, whichever is earlier. Nortec paid AEbv 400,000 common shares of the Company and will make the following payments to AEbv on the Agreement anniversary dates: << - First year (euro) 100,000 or equivalent shares of the Company; and - Second year* (euro) 150,000 or equivalent shares of the Company. * in the event of extension of the Earn-in Period to 3 years. >> The Koillismaa-Naranka complex is one of the largest mafic igneous systems in Scandinavia, comprising the Narankavaara ultramafic funnel shaped dike in the east and the Koillismaa layered intrusion in the west. AEbv controls 6 claim reservations and has applied for 19 exploration licenses, together covering a surface area of approximately 50 square kilometres over the most prospective central part of the Naranka dike and part of the Koillismaa layered intrusion (Portivaara Block). Past exploration on the Portivaara block was limited to short diamond drilling programs by Outokumpu, the Geological Survey and North Atlantic Nickel during the period 1960-2003. These programs were mainly focused on the nickel-copper-PGE mineralization along the shallow dipping basal contact of the layered sequence. Numerous previous drill holes through these basal series returned values as high as 51.5 metres of 0.36% copper, 0.23% nickel and 0.78 grams platinum + palladium + gold. The potential for deeper nickel-sulphide mineralization in feeder dikes into the layered series was not tested. Exploration in the area and in the immediate vicinity is very active with the discovery of the 14 million ounce Portimo Platinum - Palladium deposit by Outokumpu/Goldfields in the neighboring Penikat layered ultramafic complex to the west. Anglo American Platinum Corporation acquired exploration licenses in the area between Koillismaa and Naranka to explore for potential nickel sulphide deposits in the "connecting dike" between Koillismaa and Naranka. Other companies active in the region are, Inco, North American Palladium, Barrick Gold (Russia) and Vulcan Resources of Australia. The rich Monchegorsk nickel-copper-PGE mine is located in the Russian part of the same craton and is hosted in a layered intrusive complex of the same age and similar setting. Massive nickel sulphide veins with grades as high as 2-6% nickel, 1-12% copper and significant PGE were mined by Severonikel between 1930-1970 from this complex. Basal disseminated nickel mineralization similar to that of the Koillismaa complex, with grades of 0.29% nickel, 0.14% copper over 40 to 50 metres, occurs near the basal contact of the Monchegorsk intrusion. The management of Nortec is looking forward to working in Finland because of its favourable environment and support for the development of exploration and mining projects. Mohan R. Vulimiri, M.Sc, P.Geo., president of Nortec, is a Qualified Person in accordance with National Instrument 43-101 guidelines. Mr. Vulimiri is responsible for the Kollismaa-Naranka work program and for the contents of this news release. For further details on Koillisma - Naranka, please visit https://www.nortecventures.com The Company is announcing the grant of 2,750,000 stock options to directors, consultants and employees of the Company at an exercise price of $0.20 per share for a period of 5 years from the date of the grant. Nortec is a mineral exploration and development company based in Vancouver, British Columbia. The Company holds an option to earn a 51% interest in the Ganarin epithermal gold-silver project, 70% interest in the Condorcocha Project, Southern Ecuador, from joint-venture partner Doubloon Exploration Corp. Nortec is also earning a 51% interest in TL nickel property, Voisey's Bay area, northern Labrador. Nortec recently moved its offices. The address and phone numbers are as follows: Nortec Ventures Corp. Suite 875 - Box 205 8th Floor, Bentall Two Centre 555 Burrard Street Vancouver, BC Canada V7X 1M8 Ph.: [phone] Fax: [phone] E-mail: [e-mail] << On behalf of the Nortec Ventures Corp. Board of Directors, "Mohan R. Vulimiri" Mohan R. Vulimiri, President & CEO >> The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release SOURCE: Nortec Ventures Corp. NORTEC VENTURES CORP. (TSX-V: NVT), Suite 875 - Box 205 Bentall Two Centre, 555 Burrard Street, Vancouver BC V7X 1M8, Ph: [phone], Fax: [phone], www.nortecventures.com, [e-mail] Copyright (C) 2006 CNW Group. All rights reserved.