New Cantech
Ventures Inc. has entered into letter agreements with Canasia Industries Corp.
and International Samuel Exploration Corp. on Manitoba mineral exploration
licences 332A and 333A.
New Cantech
holds a 50-per-cent interest in the mineral licences and has agreed to sell
one-half of its 50-per-cent interest to Canasia and the remaining one-half to
Samuel. The purchase price payable by Canasia and Samuel to New Cantech for
legal and beneficial interest in and to the mineral licences is 400,000 common
shares of Canasia and 400,000 common shares of Samuel, plus staking costs
estimated at $6,500 from each company. In addition, New Cantech will be entitled
to a 0.5-per-cent net smelter royalty (NSR) from Canasia and 0.5-per-cent NSR
from Samuel, of which each company may purchase 0.25 per cent at any time for
$250,000.
The agreements
are subject to the approval of the TSX Venture Exchange.
Manitoba mineral
exploration licences 332A (approximately 30,270 hectares) and 333A
(approximately 21,592 hectares) are located about 20 kilometres to the west and
south, respectively, of the mineral exploration licence 268A referred to in VMS
Ventures Inc.'s Oct. 4, 2007, news release in Stockwatch. VMS released assay
results (weighted average) from drill hole RD07-02 on its new discovery on its
Reed Lake project, near Snow Lake, Man., which highlighted high-grade,
copper-rich intervals.
About New
Cantech
New Cantech is a TSX Venture listed mineral exploration and development
company focusing on the development of its Lucky Ship Molybdenum Property in
west central British Columbia and the advancement of its other mineral
exploration properties, most of which are located in British Columbia and all of
which are located within Canada.
ON BEHALF OF THE
BOARD OF DIRECTORS
"James Jacuta", Chairman
NEW CANTECH
VENTURES INC.
The TSX Venture Exchange has
not reviewed and does not accept responsibility for the adequacy or accuracy of
the content of the information contained
herein.
For
shareholder enquiries contact:
John R. Chalcraft,
Local: (604)
541-1995; Toll free: 1 (800)
540-1995