Nortec Minerals Corp. (TSX-V: NVT-V: OTC: NMNZF) announced today that the Company signed a Memorandum of Understanding (“MOU”) on January 24, 2012, with Akkerman Exploration B.V. (“AEbv”) to earn an undivided 80% interest in the Karhujupukka Iron-Titanium-Vanadium (“Fe-Ti-V”) Palladium-Platinum-Gold (“PGE-Au”) Property, located in Finland. Nortec will fund and incur Exploration Expenditures of EUR1,500,000 over an Earn-In-Period of four (4) years following the signature of an Option Agreement.
Akkerman has filed an application for 100% of legal and beneficial right, title and interest in and to seven (7) exploration claims (“Karhujupukka Property”) with a combined surface area of approximately 600 hectares. The application was filed with the Finnish Ministry of Labor and the Economy on June 27, 2008.
Nortec will issue to AEbv the following common shares of the Company:
- The date of signature of the Option Agreement: 250,000 common shares;
- The first year anniversary of the Option Agreement: 1,000,000 common shares;
- The second year anniversart of the Option Agreement: 1,500,000 common shares;
- The third year anniversary of the Option Agreement; 2,000,000 common shares.
According to published data (Karvinen, GTK Special Paper 10, 1988), the mineralization contains on average: 40% Fe, 5.5% Ti, 0.3% V, 0.4% Cr, 0.04% Ni and 0.03% Cu and 0.02% Co, 100ppb Pt, 100ppb Pd and 20ppb Au. In addition to these metal values, assay information from the GTK (Geological Survey of Finland) database includes a small number of samples with anomalous nickel and copper values including up to 0.66% copper and 0.12% nickel.