VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: NCV)(FRANKFURT: C7X)
announces that it has received a further payment of $2,000,000
Canadian towards the Lucky Ship Option Agreement entered into by
Korean companies Palm Clean Energy Inc. and Daewon Chemical Co.
Ltd. as optionees. James Jacuta, New Cantech's President, said
that, "I am very pleased by New Cantech's Korean partners moving
forward on their commitments at this time. This is a significant
indicator of on-going support for the Lucky Ship Molybdenum
Project." New Cantech's President also added, "We are scheduling
meetings in Vancouver with a team from Korea in the next couple of
weeks to review and approve development plans for Lucky Ship in
2008-09 and we are hoping that the project will be accelerated at
that time based on the discussions that we have already had on this
possibility."
Environmental Baseline and Engineering Studies
The following is an update from the November 14, 2007 news
release on the current status of the environmental baseline and
engineering studies at the Lucky Ship Molybdenum Project.
- A draft report on the results of the evaluation and
geotechnical assessment of the T6B -Tailings Storage Facility is
currently being prepared by BGC Engineering Inc. (BGC).
- BGC Engineering Inc. has recently submitted final reports on
the Terrain Inventory Mapping program completed for the project
area between August 1st and 8th, 2007, and on the Prefeasibility
Site Investigations - Proposed Plantsite that was completed in
September, 2007.
- Lorax Environmental Services is currently managing the startup
of the delayed Phase 3 groundwater (hydrogeology) quality and flow
program for the area located between the mineralized zone and the
Nanika River. It is anticipated that this Phase 3 geotechnical
drilling assessment will be completed by early February, 2008.
- Ecos Environmental Consulting Inc. has continued water quality
and groundwater sampling over the past two months throughout the
project site.
- Jacques Whitford-Axys (JWA) will be contracted to complete the
required "winter" wildlife survey on the project area. Prior to
initiation of this study the project team will meet with government
regulators to determine the extent of their requirements in regard
to this portion of the Environmental Baseline Assessment.
- SRK Consulting Engineers and Scientists have submitted a draft
memorandum, which covers their assessments of the various mining
options for the Lucky Ship Project.
- A pilot mill metallurgical test program is underway at the
G&T Metallurgical Services (G&T) facility in Kamloops. A
2,200 kg sample of Quartz Feldspar Porphyry (QFP) mineralized
material was sent for milling. To date a rougher concentrate has
been produced from the pilot mill process and this will provide
G&T and New Cantech with important information on the
metallurgical characteristics of the QFP and potential plant
flowsheet. It is anticipated that the cleaner concentrate
processing will be completed by January, 2008.
- New Cantech has initiated discussions with MQes - Mine and
Quarry Engineering Services, Inc of San Mateo, CA, in regards to
their company completing a preliminary feasibility study on a
process plant and ancillary facilities for the Lucky Ship
Molybdenum Project.
Final Assay Results Received on Phase 5 Drilling
In a news release dated September 20, 2007, New Cantech
announced that three additional diamond drill holes totaling 926.9
metres had been completed on the Lucky Ship Molybdenum property,
located 85 kilometres by road southwest of Houston B.C. This
drilling tested an area centered approximately 400 metres northwest
of the main Lucky Ship molybdenum deposit. The target of this
drilling, designated as Phase 5, was a north trending, steeply
dipping zone of quartz-molybdenite veins observed in a large
gossanous outcrop. The three NQ diamond drill holes (LS07-115 to
117) were drilled between August 24 and September 11, 2007. New
Cantech has now received final assay results for these three holes.
All analyses were done by Acme Analytical Laboratories, Vancouver,
B.C., Canada, an ISO 9002 accredited laboratory, using the hot Agua
Regia digestion and ICP-ES analytical technique. A map showing
drill hole locations can be viewed on the New Cantech website
(www.newcantech.com). Drill hole details are summarized in the
table below.
--------------------------------------------------------------------------
Drill Hole No. Easting Northing Elevation Length Azimuth Inclination
--------------------------------------------------------------------------
LS07-115 599210 5987609 1242 285.59 55 -45
--------------------------------------------------------------------------
LS07-116 599220 5987548 1241 349.61 55 -45
--------------------------------------------------------------------------
LS07-117 599400 5987558 1234 291.69 235 -55
--------------------------------------------------------------------------
Drill holes LS07-115 and 116 were drilled at azimuth 55 degrees
and inclination -45 degrees. Hole LS07-117 was drilled at azimuth
235 degrees and inclination -55 degrees. Best intersections from
these holes are listed below:
--------------------------------------------------------------------------
Drill Hole From To Length Mo% Cu% Ag gm/t Au ppb
--------------------------------------------------------------------------
LS07-115 267 271 4 0.055 0.01 less than 2 66
--------------------------------------------------------------------------
LS07-116 271 273 2 0.002 2.89 52 1694
--------------------------------------------------------------------------
LS07-116 273 275 2 0.005 0.66 10 383
--------------------------------------------------------------------------
LS07-116 291 293 2 less than 0.001 0.41 13 74
--------------------------------------------------------------------------
LS07-117 47 49 2 0.075 0.01 less than 2 40
--------------------------------------------------------------------------
Note: all measurements in metres; ppb equals parts per billion; gm/t
equals grams per tonne
The lack of significant concentrations of molybdenum bearing
veins in the area tested by the Phase 5 drilling suggests low
potential for additional Mo resources in this area. However, the
significantly higher background concentrations of Cu, Ag and Au
found in this area are interesting and could indicate the presence
of a different, more Cu rich target along the eastern contact of
the Lucky Ship intrusive complex.
Qualified Persons
Dr. Donald G. MacIntyre, P. Eng., a qualified person under
National Instrument 43-101, has reviewed and approved the technical
disclosure pertaining to the Phase 5 diamond drilling program
contained in this news release.
Bruce Graff, P. Eng., a qualified person under National
Instrument 43-101, is the Lucky Ship Project Manager has been
supervising New Cantech's 2007 developmental studies and has
reviewed and approved the technical disclosure in this news release
regarding the environmental and engineering development
studies.
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, CEO and President
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 and
CEO (604) 638-0699 Website: www.newcantech.com
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