VANCOUVER, June 16, 2011 /CNW/ - Zimtu Capital Corp. (TSXv: ZC; FSE:
ZCT1) (the "Company" or "Zimtu") is pleased to announce that the
Company and one of its prospecting partners have signed an agreement
with Solace Resources Corp. (TSXv: SOR) ("Solace") whereby Solace can
earn a 100% interest in the Blachford Rare Earth Element ("REE")
Property located in the Northwest Territories approximately 100
kilometres southeast of the city of Yellowknife. The property is
contiguous to Avalon Rare Metals Inc.'s (TSX: AVL; NYSE Amex: AVL)
("Avalon") Thor Lake REE Project.
For its participation in the transaction, Zimtu will receive staged
payments totaling C$100,000 and 1,250,000 common shares over a 18-month
period. Zimtu's partner, 877384 Alberta Ltd. will receive cash and
share consideration equal to that of Zimtu. The vendors will
collectively retain a 2% Net Smelter Returns Royalty on the property;
1% of which can be purchased by Solace for C$1,000,000. The transaction
is subject to acceptance by the Toronto Venture Exchange ("TSXv"). In
conjunction with the completion of the transaction, a finder's fee will
be payable in accordance with the policies of the TSXv.
The Blachford Property consists of one claim, totaling approximately
1,000 acres, within the north-central part of the Blachford Lake
Intrusive Complex. The Blachford Lake Intrusive Complex measures more
than 10 kilometres in diameter, the largest portion of which is covered
by Avalon's Thor Lake Project. At Thor Lake, five distinct zones of
rare metal mineralization have been identified as being of potential
economic interest: the Nechalacho Deposit and the North T, South T, S
and R Zones. Avalon's current focus is the Nechalacho Rare Metal
Deposit due to its size and enrichment in REEs. Nechalacho is
particularly notable for its enrichment in the valuable heavy REEs such
as europium, terbium and dysprosium, relative to light REEs such as
lanthanum and cerium. The principal rock types in the Blachford Lake
Intrusive Complex are syenites, granites and gabbros and associated
pegmatitic phases hosting rare metal mineralization.
The Blachford Property optioned to Solace is located approximately 1,500
metres northwest of the Nechalacho Deposit, and about 800 metres west
of the North T Zone. The Property was staked by Zimtu and its partner
when it became apparent that the area was open for staking in late
2010. Zimtu and its partner also staked three additional claims (BLAT
01, 03, & 04 together the "BLAT Claims"), which cover approximately
6,000 acres and are contiguous to the north of Avalon's Thor Lake
Property. These claims are currently overlapped by a claim staked by a
competing staker, with the overlapped portions under dispute. Zimtu,
its partner, and Solace have entered into a separate agreement so that
any portion, or if applicable all, of the BLAT Claims that are formally
granted to the Vendors will be added to the Blachford Rare Earth
Property in the formal option agreement to be entered into between the
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.
The technical information in this news release has been prepared in
accordance with the Canadian regulatory requirements set out in
National Instrument 43-101 and reviewed on behalf of the company by
Jody Dahrouge, P.Geol., a qualified person.
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 Solace can
earn a 100% interest in the Blachford Rare Earth Element Property
located in the Northwest Territories; that in consideration for its
interest, Zimtu will receive staged cash and share payments from
Solace, that Zimtu's partner 877384 Alberta Ltd. will receive cash and
share consideration equal to that of Zimtu; that the vendors will
collectively retain a 2% NSR on the property; that 1% of the NSR can be
purchased by Solace for $1,000,000; that in conjunction with the
completion of the transaction a finder's fee will be paid; that all of
the BLAT Claims that are formally granted will be added to the
Blachford Rare Earth Property in the formal option agreement; 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