New Cantech Ventures Inc.: Finder's Fee Agreement With Sunkwang Lee

VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: NCV)(FRANKFURT: C7X) announces that the finder's fee agreement entered into initially on November 13, 2006 with Mr. Sunkwang Lee (also known as Sunny Lee) as amended and restated on January 25, 2007, is now subject to the Exchange advising that it has withdrawn its acceptance effective May 23, 2008 and that Mr. Sunkwang Lee is not permitted to provide any services to the Company in any capacity, directly or indirectly. In addition, the Company is not permitted to execute any transactions, make any reimbursements, or make any payments, directly or indirectly, to Mr. Sunkwang Lee. The Company has retained Deloitte & Touche LLP to provide the Exchange with a report as soon as possible with a full and proper listing, including all supporting documentation, of all payments to Mr. Sunkwang Lee.

The finder's fee agreement with Mr. Lee relates to a property option agreement dated November 13, 2006, as amended and restated on December 13, 2006 between the Company, as optionor, and Palm Clean Energy, Inc., as optionee, under which the Company granted Palm Clean an option to acquire up to a 60% interest in the Company's Lucky Ship Molybdenum property. Subsequently, 60% of that option was assigned by Palm Clean to Daewon Chemical Co. Ltd. Both Palm Clean and Daewon are Korean companies.

Pursuant to the property option agreement New Cantech has received $4.3 million dollars from the Korean companies to date (inclusive of a $1M private placement).

As previously announced, the Company is in the process of negotiating the terms of a formal joint venture agreement with Palm Clean and Daewon, and it is not known at present how the negotiations will be affected, if at all, by the Exchange advising that it has withdrawn its acceptance of the finder's fee agreement with Sunkwang Lee.

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, most of which are located in British Columbia and all of which are located within Canada.

ON BEHALF OF THE BOARD OF DIRECTORS

James Jacuta, Chairman, President & CEO.

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. Doug Kerr [phone] or Toll Free: 1-866-580-0699 New Cantech Ventures Inc. Derek Huston [phone] or Toll Free: 1-800-665-4288 Website: www.newcantech.com