VANCOUVER, April 20 /CNW/ - Zimtu Capital Corp. (TSXV: ZC) (FSE: ZCT1)
(the "Company" or "Zimtu") is pleased to announce that the Company and
three prospecting partners have signed an agreement with Electric
Metals Inc. (TSXV: EMI) ("Electric") whereby Electric can earn a 100%
interest in eight rare earth element ("REE") properties located in the
Abitibi region of Quebec near Geomega's (TSXV: GMA) Montviel REE
Property. The properties are referred to collectively as the "Abitibi
For its participation in the transaction, Zimtu will receive staged cash
and share payments from Electric as follows: (i) $2,500 on signing
(received); (ii) $10,000 and 500,000 common shares on acceptance by the
TSX Venture Exchange ("TSXv"); (iii) $18,750 and 500,000 on the first
anniversary of TSXv acceptance; and (iv) $31,250 and 375,000 on the
second anniversary. Zimtu's three prospecting partners will each
receive cash and share considerations equal to that of Zimtu. The
vendors will collectively retain a 2% Net Smelter Royalty on the
properties; 1% of which can be purchased by Electric for $500,000.
The Abitibi Claims total 21,600 hectares (216 square kilometres) and
cover most of the known syenite occurrences surrounding Geomega's
Montviel syenite-carbonatite complex, which has recently produced
results of 485 metres of 1.44% Total Rare Earth Oxides ("TREO")
including 111 metres of 2.09% TREO (see Geomega news release of March
Of the eight claim blocks that comprise the Abitibi Claims, at the Ailly
complex, approximately 10 kilometres south of Montviel, historical
drilling has intersected carbonatite similar to that which hosts REE
mineralization at Montviel, but which was not assayed for REE.
The majority of the syenite-carbonatite complexes in the Abitibi region
have been emplaced along two major structural corridors. The Abitibi
claims cover most of the known syenite occurrences that have intruded
these trends. Because syenite occurs with carbonatite at Montviel and
Ailly, the remaining syenites covered by the Abitibi Claims may also be
prospective for carbonatite emplacement and associated REE
mineralization. A map showing the location of the Abitibi Claims has
been uploaded to: http://www.zimtu.com/i/pdf/Electric-Metals-Abitibi-Map-Geophysics.pdf
The claims were acquired by the Company and its partners by staking and
were acquired for project generation. Zimtu will continue to evaluate
and acquire prospective resource properties to make available for sale
or joint venture. As part of the Company's business, Zimtu provides
mineral property advisory services and helps to connect companies with
mineral properties of interest.
For additional information on our mineral property advisory services and
available opportunities, contact Ryan Fletcher, Corporate Development
and Director at 604.681.1568 or via email at firstname.lastname@example.org.
About Zimtu Capital Corp.
Zimtu Capital Corp. invests in, creates and grows natural resource
companies thereby providing a way for shareholders to indirectly
participate and profit in the public company building process. The
Company also provides mineral property advisory services helping to
connect companies to properties of interest.
Zimtu Capital trades on the TSX Venture Exchange under the symbol "ZC"
and the Frankfurt Stock Exchange under the symbol "ZCT1."
On Behalf of the Board of Directors
ZIMTU CAPITAL CORP.
President & Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Statements in this document which are not purely historical are
forward-looking statements, including any statements regarding beliefs,
plans, expectations or intentions regarding the future.
Forward-looking statements in this news release include that Electric
can earn a 100% interest in eight rare earth element properties; that
in consideration for its interest, Zimtu will receive staged cash and
share payments from Electric, that the vendors will retain a 2% NSR on
the properties; that 1% of the NSR can be purchased by Electric for
$500,000; that Zimtu will continue to evaluate and acquire prospective
resource properties to make available for sale or joint venture; and
that Zimtu provides mineral property advisory services and helps to
connect companies with mineral properties of interest.
It is important to note that actual outcomes and the Company's actual
results could differ materially from those in such forward-looking
statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental,
environmental and technological factors that may affect the Company's
operations, markets, products and prices. Readers should refer to the
risk disclosures outlined in the Company's Management Discussion and
Analysis of its audited financial statements filed with the British
Columbia Securities Commission.
SOURCE Zimtu Capital Corp.
For further information:
please visit the corporate website at http://www.zimtu.com or contact:
Toll Free: 1.877.377.6222