News Release

Vancouver - The executive director of the British Columbia Securities Commission has issued a notice of hearing alleging that the former president and CEO of a publicly traded company sold his shares before the company disclosed material information to the market.

The notice of hearing says that, from Dec. 1, 2006 to May 2007, Dalton Bruce Dupasquier, a White Rock, B.C. resident, was the president and CEO of New Cantech Ventures Inc., a reporting issuer that now lists its shares on the TSX Venture Exchange as Nanika Resources Inc.

The notice states the BCSC sent a letter to Dupasquier outlining deficiencies in New Cantech’s public disclosure on March 13, 2007. The letter required New Cantech to issue a news release stating that the company was retracting and restating the disclosure. It further states that New Cantech did not issue a news release until the close of trading on May 1, 2007.

The notice alleges Dupasquier traded New Cantech shares with knowledge of material information between March 13, 2007 and May 1, 2007, selling 605,000 shares for total proceeds of $683,389.

These allegations have not been proven. Counsel for the executive director will apply to set dates for a hearing into the allegations before a panel of commissioners on March 3, 2009 at 9 a.m.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view notices of hearings on our website www.bcsc.bc.ca. If you have questions, contact Ken Gracey, media relations, 604-899-6577.