VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Feb 25, 2008 -- New Cantech Ventures Inc. ("New Cantech") (CDNX:NCV.V - News)(Frankfurt:C7X.F - News) is very pleased to announce that it has held discussions to formalize a Joint Venture Agreement on the Lucky Ship Molybdenum Project with Palm Clean Energy Inc. and Daewon Chemical Co. Ltd. of Korea, the two corporate optionees pursuant to an existing Option Agreement. The existing agreement was entered into on December 13, 2006 and provided that the parties would subsequently enter into a formal joint venture. Representatives of the Korean Option Agreement partners were in Vancouver between February 18 - 23, 2008 for discussions on the draft of the Joint Venture Agreement and to review plans for further Lucky Ship development. New Cantech representatives will be attending additional meetings which are currently scheduled for the month of March, in Seoul, South Korea.

About New Cantech

New Cantech is a TSX Venture listed mineral exploration and development company focusing on the development of its Lucky Ship Molybdenum Property in west central British Columbia and the advancement of its other mineral exploration properties, all of which are located within Canada.

On behalf of the Board of Directors

James Jacuta, Chairman, CEO and President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained herein.

     Contacts:
     New Cantech Ventures Inc.
     James Jacuta
     President and CEO
     (604) 638-0699
     Website: http://www.newcantech.com