Vancouver, August 7, 2019 - Nortec Minerals Corp.
. (the "Company" or "Nortec") (TSXV:NVT) is pleased to announce that Carlos Fernando Jaramillo Munoz, member of Nortec's Board of Directors, has been appointed as the new President and Chief Executive Officer, effective August 7, 2019.
Mr. Jaramillo has been serving as a Director of Nortec and General Manager of Nortec's Ecuador subsidiary, Normiecu S.A. since 2016. Mr. Jaramillo is a senior executive, based in Quito, Ecuador with extensive experience in the commercial, financial and administrative fields in well-known multinational and national companies in mining, automotive, and oil sectors. He has a Bachelor of Commerce degree from the Catholic University of Ecuador and a Diploma in Business Administration from ESCP Europe Business School, Berlin Campus. He also completed courses in Strategic Planning, Sales, Management and Leadership from INCAE Business School of Costa Rica and the University of California, Berkeley.
Mr. Jaramillo has strong business and social relationships with Ecuador government authorities, mining and oil companies in both the public and private sectors, and national and international financial institutions.
Nortec's Board of Directors welcomes Mr. Jaramillo as the President and Chief Executive Officer of Nortec. The Board believes this appointment will provide with leadership for exploration and development of its mineral exploration projects in a socially responsible and ecologically conscientious manner. Mr. Jaramillo has been granted 1,000,000 share purchase stock options for a period of 5 years, with each stock option being exercisable at a price of 5 cents per share.
Mr. Jaramillo succeeds Mohan R. Vulimiri as President and Chief Executive officer, as Mr. Vulimiri retired as an officer of Nortec. Mohan remains a member of the Board to facilitate a smooth transition for the new management team. The Board thanks Mohan for corporate and technical management services to the Company. Mohan will continue to assist in the technical evaluation and interpretation of Nortec's projects and projects Nortec may acquire.
About Nortec Minerals Corp.
Nortec is a mineral exploration and development company based in Vancouver, British Columbia. Nortec earned a 51% interest of Tomboko Gold Project by incurring exploration expenditures of US$ 1 million and completing Phases 1 and 2 of the exploration program set out in the Definitive Option Agreement entered with The Golden Rule Mining Inc. in 2017. The Tomboko Gold Project is located in the historic mineral rich North-eastern area of the Republic of Guinea, and is within the administrative region of Kankan and the Prefecture of Siguiri and immediately west of the Siguiri Gold Mine operated by AngloGold-Ashanti. Nortec also spent approximately US$ 0.6 million as part of the Phase 3 exploration program.
Nortec also has a 100% interest, subject to a 1% Net Smelting Royalty, in the Cottonwood Vanadium-Uranium property located in Utah, USA. The Cottonwood Project area contains historical vanadium and uranium mineral occurrences, prospects and underground workings. The project area is also underlain at depth by the vanadium-hosting, Jurassic Entrada Sandstone and Triassic Shinarump Conglomerate formations, which are favorable for potential discoveries.
The majority of the deposits are located in an elongated cluster in eastern Garfield County, Utah. The deposits, discovered in 1913, were intermittently mined first for radium, and then for vanadium. Up to 1944, nearly 500 tons of high-grade ore were mined. During the period 1948 through 1978, some 130 properties in the Henry Mountains had produced 79,500 tons of ore with an average grade of 0.30 percent U3O8 and containing 474,500 pounds of uranium oxide (U3O8). In addition, vanadium has been recovered from 63,000 tons with an average grade of 1.35 percent V2O5 and containing 1,694,100 pounds of vanadium oxide (V2O5) (Re: W.L. Chenoweth, 1980, Henry Mountains Symposium, Utah Geological Association).
In addition, the Company has a minority interest in the Tammela Gold & Lithium Project in South-West Finland. Sunstone Metals (formerly Avalon Minerals), a public Australian mining company has earned over 80% interest in the Tammela Project. Sunstone has completed more than 3,000 meters diamond drilling on the Kietyonmaki lithium prospect and the Satulinmaki and Riukka gold prospects that comprise the Tammela Project. Detailed information on the Company's projects have been posted on the Company's website www.nortecminerals.com.
On behalf of the Board of Directors,
NORTEC MINERALS CORP.
Peter Tegart, Executive Director
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.
This press release contains certain forward looking statements 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. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.