Nortec Options Ecuador propertiesNortec options two Ecuador projects from Doubloon
2005-05-06 17:03 ET - News Release
Mr. Mohan Vulimiri reports
NORTEC RECEIVES TSX APPROVAL FOR OPTION AND JOINT VENTURE AGREEMENT WITH DOUBLOON ON THE GANARIN AND CONDORCOCHA EPITHERMAL GOLD - SILVER PROJECTS, SOUTHERN ECUADOR
Nortec Ventures Corp. has received TSX Venture Exchange acceptance for expedited filing documentation pertaining to two option and joint venture agreements dated April 18, 2005, between Nortec and Doubloon Exploration, whereby Nortec acquires an option to form joint ventures on the Ganarin and Condorcocha epithermal projects, located in southern Equador.
Pursuant to the terms of the agreements, Nortec has issued 150,000 shares to Doubloon Exploration and 11,250 shares to Greg Milne as finder's fees in these transactions. The shares are subject to a hold period and shall not be traded before Sept. 5, 2005.
Pursuant to the first agreement, Nortec has the option to acquire up to a 51-per-cent interest in the Ganarin and Ganarin II mineral concessions located in Azuay province, Ecuador, known as the Ganarin property. To earn a 49-per-cent interest, the company must on approval pay $25,000 (U.S.) and issue 100,000 shares (now issued), and on or before the fourth anniversary, the company must incur exploration expenditures totalling $1,525,000 (U.S.) ($250,000 (U.S.) before the first anniversary) and issue a further 900,000 shares in tranches. To earn an additional 2 per cent, totalling 51-per-cent interest, the company must incur additional exploration expenditures of $1-million (U.S.).
Pursuant to the second agreement, Nortec has the option to acquire up to a 51-per-cent interest in the Daligshi, Shagli I, II and III, Condorcocha, Paredones del Inca I and II mineral concessions located in Azuay province, Equador, known as the Condorcocha project. To earn a 70-per-cent interest, the company must on approval pay $25,000 (U.S.) and issue 50,000 shares (now issued), and on the fourth anniversary, the company must incur exploration expenditures totalling $15-million (U.S.) ($100,000 (U.S.) before the first anniversary) and issue a further 950,000 shares in yearly tranches.
Further details regarding these agreements and these projects can be found in the company's March 22, 2005, news in Stockwatch.
A work program consisting of detailed mapping and geochemical surveys are being initiated to more clearly define drill targets. Diamond core drilling is planned for later in the summer.
We seek Safe Harbor.