Vancouver, British Columbia - August 22, 2013. Nortec Minerals Corp. ("Nortec" or the "Issuer") (TSX-V: NVT) is pleased to announce the following:
Stock Option Plan
At the Company's annual and special meeting of shareholders held on May 28, 2013 ("AGSM"), shareholders approved the amended and restated stock option plan (the "Plan"), amending the former "fixed" plan to a "rolling" plan which reserves a maximum of 10% of the total outstanding common shares of the Company at the time of grant. TSX Venture Exchange ("TSXV") approval of the Plan was received in June, 2013.
Extension of Share Purchase Warrants
An application was filed with the TSXV for a two (2) year extension of certain share purchase warrants.
Share purchase warrants issued pursuant to the 8,941,500 unit non-brokered private placement at a price of $0.12 per unit announced on July 4, 2010. Each unit consisted of one share and one share purchase warrant which is exercisable to acquire one share of the Company at an exercise price of $0.20 per share. The private placement was accepted for filing by the TSXV on July 7, 2010. A total of 2,025,000 warrants have previously been exercised. The share purchase warrants expiry date has previously been extended for one year with an expiry date of July 7, 2013.
TSXV approval was received on June 14, 2013 and the new expiry date of the warrants will be July 7, 2015.
Share purchase warrants issued pursuant to the 735,000 unit non-brokered private placement at a price of $0.12 per unit announced on July 26, 2010. Each unit consisted of one share and one share purchase warrant which is exercisable to acquire one share of the Company at an exercise price of $0.20 per share. The private placement was accepted for filing by the TSXV on August 5, 2010. A total of 100,000 warrants have previously been exercised. The share purchase warrants expiry date has previously been extended for one year with an expiry date of August 4, 2013.
TSXV approval was received on June 14, 2013 and the new expiry date of the warrants will be August 4, 2015.
Change of Address
As previously announced, as of September 1, 2013, Nortec's new office address will be Suite 2300, 1066 West Hastings Street, Vancouver, British Columbia, V6E 3X4.
At the Company's AGSM the shareholders elected the following individuals to the Company's board of directors, Mohan Vulimiri, Peter Tegart, Balraj Mann, Grant Crooker, Etienne Walter and Harvey Stark. Prior board member Ernest Peters did not stand for re-election.
"On behalf of the board of directors, I thank Ernest Peters for his valuable contributions to the Company during his tenure." said Mohan Vulimiri, Chief Executive Officer of the Company.
About Nortec Minerals Corp.
Nortec is a mineral exploration and development company based in Vancouver, British Columbia. The Company has a 100% interest in the Tammela Gold & Lithium Project in South-West Finland; an option to earn from Akkerman Exploration B.V., a 100% interest in the Seinajoki Gold Property and Kaatiala Beryllium-Rare Earth Property in Western Finland.
Nortec signed an option agreement to transfer 100% ownership of its wholly-owned Finnish subsidiary, Nortec Minerals Oy (NMOy), to Finore Mining Inc. ("Finore"). NMOy holds 100% interest in the Lantinen Koillismaa ("LK") Palladium-Platinum-Gold-Copper-Nickel Project in north-central Finland. Nortec currently holds 84,144,915 Shares (or 60%, on an undiluted basis) of Finore.
The LK project comprises of the following target areas (exploration claims and exploration claim applications): Kaukua, Haukiaho, Haukiaho East, Lipeavaara and Murtolampi targets.
Diamond core drilling to date carried out by Finore defined areas for higher grade potential resources amenable for Open-pit development at both Haukiaho and Kaukua targets.
The previous NI 43-101 Mineral Resource estimate of the Kaukua and Haukiaho deposits was prepared by Watts Giffis and Mcquat Ltd., a well known international geological and mining consulting firm, in November and December 2011 and filed on SEDAR on January 24, 2012.
Inferred Mineral Resource:
19.6 Million Tonnes @ 0.26g/t Pd; 0.09g/t Pt; 0.10g/t Au; 0.24% Cu; 0.15% Ni (Haukiaho).
8.5 Million Tonnes @ 0.76g/t Pd; 0.27g/t Pt; 0.08g/t Au; 0.16% Cu ; 0.11% Ni (Kaukua).
A combined total of 28.1 Million Tonnes for 586,080 ounces PGE+Gold (370,998 ounces Pd; 130,311 ounces Pt; 84,770 ounces Au); 60,567 tonnes of Cu and 38,703 tonnes of Ni.
Indicated Mineral Resource (Kaukua):
2.6 Million Tonnes @ 0.67g/t Pd; 0.22g/t Pt; 0.07g/t Au; 0.17% Cu; 0.12% Ni. for 80,399 ounces PGE+Gold (56,112 ounces Pd; 18,425 ounces Pt; 5,862 ounces Au), 4,429 tonnes of Cu and 3,126 tonnes of Ni.
The Company recently sold its 51% interest, subject to net smelter royalties, in the TL Nickel-Copper-Cobalt Property in Northern Labrador, Canada to Vulcan Minerals Inc.; Information on the Company's projects can be referred to on www.nortecminerals.com.
On behalf of the Board of Directors,
NORTEC MINERALS CORP.
"Mohan R. Vulimiri"
Mohan R. Vulimiri, CEO and Chairman
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.
This press release contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performances or achievements of the Company to be materially different from the results, performances or expectations implied by these forward looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.
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