HENDERSON, NEVADA--(Marketwire - 03/18/11) - NW Tech Capital Inc. (PINK SHEETS:NWTT - News) (www.nwtechcapital.com) is pleased to announce that it has executed an Option Agreement that grants the company 100% interest in a prolific platinum, copper and nickel-bearing property located in McConkey Township, Ontario.
After successfully completing the negotiation process, management decided to enter into an agreement that gives the company unrestricted rights to explore resources and reserves on what is known as the Caribou Property. The property comprises four claims with 34 units totalling approximately 680 hectares in McConkey Township. It covers the north and northwest portions of Caribou Lake, NTS 41 H/16. The area is located approximately 100 kilometres north of Parry Sound and approximately 290 kilometres north of Toronto.
The property covers a mafic intrusive complex known as the Caribou Complex that has been explored previously for copper and nickel mineralization. Government geologists reported significant platinum values on the property during past exploration work. The mineralization described to date in the Caribou Lake intrusive has been comprised of disseminated pyrrhotite and pyrite with variable amounts of chalcopyrite in norite or pyroxenite. The presence of this style of mineralization associated with large IP anomalies has also been noted by previous workers.
The Caribou Property has an interesting history of exploration, but it hasn't been explored adequately, especially not with modern exploration techniques that involve Systematic Platinum Group Element (PGE) analysis. NWTT looks forward to starting development that will allow the full potential of the property to finally be realized.
"The company is already at a stage where we are structuring the preliminary exploration programs," says NWTT Vice-President Zdenko Vrba. "All modern exploration techniques are in play, and the company will choose the exploration process that could precisely and quickly define targets for further exploration.
"Regarding the New Millennium gold property updates and filing will be made on OTC Markets shortly."
The company will provide further details as they become available on timely basis.
Safe Harbor Statement
Information in this news release may contain statements about future expectations, plans, prospects or performance of NW Tech Capital Inc., that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be," "expects," "may affect," "believed," "estimate," "project" and similar words and phrases are intended to identify such forward-looking statements. NW Tech Capital Inc. cautions you that any forward-looking information provided by or on behalf of NW Tech Capital Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. NW Tech Capital Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond NW Tech Capital Inc.'s control. In addition to those discussed in NW Tech Capital Inc.'s press releases, public filings, and statements by NW Tech Capital Inc.'s management, including, but not limited to, NW Tech Capital Inc.'s estimate of the sufficiency of its existing capital resources, NW Tech Capital Inc.'s ability to raise additional capital to fund future operations, NW Tech Capital Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match NW Tech Capital Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. NW Tech Capital Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
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