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New Cantech Ventures Inc.: Announcement Regarding Additional Reed Lake Mineral Properties in Manitoba
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 31, 2007) - New Cantech Ventures Inc. ("New Cantech") (TSX VENTURE:NCV)(FRANKFURT:C7X) is pleased to announce that it has entered into Letter Agreements with Canasia Industries Corporation (TSX VENTURE:CAJ) ("Canasia") and International Samuel Exploration Corp. (TSX VENTURE:SAZ) ("Samuel") on Manitoba Mineral Exploration Licenses 332A and 333A ("Mineral Licenses").
New Cantech holds a 50% interest in the Mineral Licenses and has agreed to sell one-half of its 50% 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 Licenses 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% Net Smelter Royalty ("NSR") from Canasia and 0.5% NSR from Samuel of which each company may purchase 0.25% at any time for $250,000.
The agreements announced today are subject to the approval of the TSX Venture Exchange.
Manitoba Mineral Exploration Licenses 332A (approximately 30,270 hectares) and 333A (approximately 21,592 hectares) are located about 20km. to the west and south, respectively, of the Mineral Exploration License 268A referred to in the October 4, 2007 news release issued by VMS Ventures Inc. (TSXV: VMS). VMS released "assay results (weighted average) from drill hole RD 07-02 on its new discovery on its Reed Lake project, near Snow Lake, Manitoba" which highlighted "high grade copper rich intervals" (See - www.vmsventures.com).
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
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.
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