Nortec Forms Coordination Committee With the National Mining Corporation of Ecuador (ENAMI EP)
25 Outubro 2010 - 10:00AM
Marketwired
Nortec Minerals Corp. (TSX VENTURE: NVT)(PINK SHEETS:
NMNZF)(FRANKFURT: WMQ) ("Nortec" or the "Company"), is pleased to
announce that the Company has formed a Coordination Committee (the
"Committee") with the National Mining Corporation of Ecuador
("ENAMI EP"). The Committee will review and evaluate technical,
legal and economic data of mining projects in ENAMI EP's portfolio
in Ecuador with a view to entering into future agreements to
explore, develop and exploit such projects.
The creation of the Committee was jointly developed with ENAMI
EP after well-received presentation meetings with the President of
Ecuador and his cabinet (see news release March 29, 2010),
including the Minister of Non-renewable Natural Resources, the
Vice-minister for Mines and ENAMI EP. The Committee is comprised of
three members from Nortec and three members from ENAMI EP. Once
Nortec has identified mineral properties of interest, the Committee
is to negotiate the final terms for formal agreements for the
respective properties in accordance with the Ecuadorian Mining
Law.
The formation of the Committee is the result of discussions and
negotiations that began on June 11, 2010, when Nortec submitted a
formal business proposal to the Ecuadorian government and General
Manager of ENAMI, Mr. Jose Cisneros (see news release June 15,
2010). The proposal consisted of forming a participating
association or a consortium with ENAMI EP and the Ministry of
Non-renewable Natural Resources as part of its business model for
exploration and development of mineral resource projects in
Ecuador.
The Board of Directors of Nortec are very pleased to form the
Committee with ENAMI EP, and the Company believes that this
opportunity to work jointly with ENAMI EP and the Government of
Ecuador will lead to the successful exploration, development and
sharing of mineral resource interests in Ecuador in a socially
responsible and ecologically conscious manner.
About Nortec Minerals Corp.
Nortec is a mineral exploration and development company based in
Vancouver, British Columbia. The Company has an option to earn from
Akkerman Exploration B.V., a 100% interest in the Seinajoki-
Gold-Antimony Property and Kaatiala Rare
Earth-Beryllium-Tin-Lithium Property in western Finland. Nortec has
a 100% interest in the Tammela Lithium-Tin-Tantalum Project in
south-west Finland; a 100% interest in the LK
Palladium-Platinum-Gold-Copper-Nickel Project in north-central
Finland, an option to earn 100% interest in the TL
Nickel-Copper-Cobalt Property in Northern Labrador, Canada; and, an
option to acquire 51% interest in the Ganarin Gold-Silver Property,
Ecuador.
On behalf of the Board of Directors,
NORTEC MINERALS CORP.
Mohan R. Vulimiri, Executive Chairman & CEO
This press release contains certain "forward-looking statements"
or "forward-looking information" within the meaning of applicable
securities laws and are based on expectations as of the date of
this release. Forward-looking statements include, without
limitation, statements in respect of possible events, such as the
success of entering into agreements with ENAMI EP and the success
of exploration activities. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that,
while considered reasonable by the Company as of the date of such
statements, are inherently subject to significant business,
economic and competitive uncertainties and contingencies. The
assumptions of the Company contained in this release which may
prove to be incorrect, include, but are not limited to, (1) the
implementation of Ecuador's new mining law and related regulations
and policies being consistent with the Company's current
expectations; and (2) certain price assumptions for copper, lead,
zinc, gold and silver. The words 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. Known
and unknown factors could cause actual results to differ materially
from those projected in the forward-looking statements.
Such factors include, but are not limited to: fluctuations in
the spot and forward price of gold or certain other commodities;
changes in national and local government legislation, taxation,
controls, regulations and political or economic developments in
Canada, Ecuador or other countries in which the Company does
business or may carry on business in the future; business
opportunities that may be presented to, or pursued by, the Company;
operating or technical difficulties in connection with mining
activities; the speculative nature of gold exploration and
development, including the risks of obtaining necessary licenses
and permits; and contests over title to properties, particularly
title to undeveloped properties. In addition, there are risks and
hazards associated with the business of exploration, development
and mining, including environmental hazards, industrial accidents,
unusual or unexpected formations, pressures, cave-ins, flooding and
gold bullion losses (and the risk of inadequate insurance, or the
inability to obtain insurance, to cover these risks). Many of these
uncertainties and contingencies can affect the Company's actual
results and could cause actual results to differ materially from
those expressed or implied in any forward-looking statements made
by, or on behalf of, the Company. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Forward-looking statements are
provided for the purpose of providing information about
management's expectations and plans relating to the future. All of
the forward-looking statements made in this release are qualified
by these cautionary statements and those made in our other filings
with the securities regulators in Canada. These factors are not
intended to represent a complete list of the factors that could
affect the Company. Although the Company believes that the
expectations in the forward-looking statements are reasonable,
actual results may vary, and future results, levels of activity,
performance or achievements cannot be guaranteed.
The TSX Venture Exchange has not reviewed and does not accept
the responsibility for the adequacy or accuracy of this news
release.
Contacts: Nortec Minerals Corp. Mohan R. Vulimiri Executive
Chairman & CEO +1 604-717-6426 +1 604-683-9649 (FAX)
www.nortecminerals.com
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