Nortec Minerals Corp : Nortec (NVT) Announces TSXV Approval On Option and Joint Venture With Otterburn

Nortec Minerals Corp. (TSXV:NVT) reports that the TSX Venture Exchange has accepted for filing the option and JV agreement with Otterburn Ventures Inc. (CNQ:OTB).

The press release is quoted as saying:

As announced in the Company’s August 30, 2011, news release, Otterturn has theoption to earn up to an 80% interest in Nortec’s Läntinen Koillismaa project, a 100% owned palladium-platinum–gold–copper-nickel property (“LK Project”), located in north central Finland.To obtain a 49% interest in the Property, Otterburn must pay the Company $4,400,000 cash, the equivalent of $2,000,000 in shares and must incur $5,000,000 in exploration expenditures over a 2 year period. To obtain a further 31% interest Otterburn must pay the Company$3,000,000 cash, issue the equivalent of $1,000,000 in shares and incur $5,000,000 in exploration expenditures over a further year.

Click here to access the entire news release.

Click here to access Nortec’s company profile.(TSXV:NVT)