New Cantech Receives Payment on Manitoba Properties
05 Dicembre 2007 - 6:31PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (FRANKFURT: C7X) received $450,000
today, of which one-half was from Canasia Industries Corporation
(TSX VENTURE: CAJ) and the remaining one-half from International
Samuel Exploration Corporation (TSX VENTURE: SAZ). New Cantech
received payment pursuant to agreements with Canasia and
International Samuel (TSX VENTURE: SAZ) on its interest in several
Manitoba mineral properties. The closing purchase price also
included 400,000 common shares of Canasia and 400,000 common shares
of Samuel, plus staking costs of approximately $6,700 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 Manitoba mineral
properties are located in the area of mineral exploration licence
268A referred to in the VMS Ventures Inc. (TSX VENTURE: VMS) news
release of October 4, 2007 where VMS released assay results
(weighted average) from drill hole RD07-02 on its new discovery on
its Reed Lake project, near Snow Lake, Manitoba which highlighted
high-grade, copper-rich intervals.
New Cantech also takes this opportunity to announce further
on-going changes in the company as Dr. Richard Grayston, BComm,
MBA, PhD, who is Chief Financial Officer for New Cantech, has taken
on the additional function of Corporate Secretary, replacing Ross
Blusson who remains a director of the company.
New Cantech is a TSX Venture 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
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.
Contacts: New Cantech Ventures Inc. James Jacuta President &
CEO (604) 638-0699 Website: www.newcantech.com
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