Nortec Minerals Issues Default Announcement

Nortec Minerals Corp. (TSXV:NVT) will not be in a position to file its audited annual financial statements, management’s discussion and analysis and related certifications for the fiscal year ended December 31, 2012 on or before April 30, 2013. This is due to late determination in consultation with its auditor that consequent to the issuance by Finore Mining Inc. of common shares to the Issuer during the financial year ended December 31, 2012 and as at February 28, 2013, accounting policies require the Issuer to consolidate the financial position and results of Finore due to the Issuer’s position of control in Finore.

As quoted in the press release:

Nortec advises that this consolidation requirement has created a significant amount of additional work to be performed by it to complete the Statements and Nortec has had to coordinate with Finore to gather the requisite financial information related to Finore for the Statements.

Accordingly, the Issuer has requested the issuance of a management cease trade order under the provisions of National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults (“NP 12-203”) so as to permit the continued trading in the Issuer’s Common Shares by persons other than insiders and employees of the Issuer.  The Issuer is working closely with its auditor, and the Issuer expects to be able to have the audit of the Statements completed, and the Statements filed, by May 13, 2013.

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