VANCOUVER, March 18, 2014 /CNW/ - Zimtu Capital Corp. (TSXv: ZC; FSE:
ZCT1) (the "Company" or "Zimtu") is pleased to announce that at the
open of market today one of its core equity holdings Olympic Resources
Ltd. re-opened for trading under its new name Kapuskasing Gold Corp.
("Kapuskasing") and new symbol TSXv: KAP.
Zimtu currently holds 2,490,000 common shares of Kapuskasing
representing approximately 14% of the total 17,556,922 issued and
outstanding common shares as well as 1,000,000 warrants at C$0.10 with
an expiry of February 4, 2019.
Kapuskasing recently announced that it has, subject to TSX Acceptance,
agreed to acquire the Borden North and Rollo gold exploration
properties located near Chapleau, Ontario. The Borden North Property is
situated along the southern flank of the Kapuskasing Structural Zone
approximately 50 km northeast of Probe Mines' Borden Gold project. The
Rollo Property is situated within the Destor-Porcupine Fault Zone,
which hosts several million ounce plus gold producers in the nearby
Timmins camp, and sits between IAMGold's Cote Lake gold deposit and the
Borden Gold project.
Probe Mines' Borden Gold project was discovered in 2010 and now hosts a
multi-million ounce gold zone. The Probe exploration team, along with
prospector Mike Tremblay, (see advisory board below), have been recognized with the "2013 Ontario Prospector Award" for the
Borden Gold Discovery, during the OPA recent awards ceremony.
In conjunction with the announced acquisitions, Kapuskasing also
announced the appointment of Mr. Garry Clark, a Qualified Person (P.
Geo. - Ontario) under NI 43-101, as Exploration Manager and as a
Director of Kapuskasing.
Garry Clark, B.Sc. P.Geo.: Mr. Garry Clark brings a wealth of experience, knowledge and skills to
Kapuskasing having focused the majority of his career in northern
Ontario. He has held various exploration positions with both major and
junior explorers since the late 1980's. Mr. Clark has been the
Executive Director of the Ontario Prospectors Association (OPA) since
its restructuring in 2000 and has been a Director, Vice President or
President of the OPA since its formation in the early 1990's. The
Ontario Prospectors Association is focused on providing the mineral
explorers of Ontario a stronger voice for issues that affect them. Mr.
Clark serves on various provincial government committees and boards
that support mineral explorers. Some of these include the Minister of
Mines Mining Act Advisory Committee and Ontario Geological Survey
Kapuskasing also announced the formation of an advisory board comprised
of veteran Abitibi gold explorers to assist Kapuskasing in its efforts
and in identifying other opportunities in and around the Kapuskasing
Structural Zone of Ontario. The new advisory team consists of:
Michael A. Tremblay: Mike Tremblay along with Jacques Robert, Dr. David Palmer and the Probe
exploration team have been recognized with the "2013 Ontario Prospector
Award" for the Borden Gold Discovery, during the annual awards ceremony
held in Sudbury on November 5, 2013. Mike is widely regarded as one of
Ontario's leading prospectors, has been actively exploring the
Kapuskasing Structural Zone region most his career and has been
involved with a number of discoveries in the area.
Robert L. Duess B. Sc. P. Geo: Mr. Robert Duess (Bob) is a professional geologist with over 30 years
experience in mineral exploration and development. Bob was the
Canadian project manager for West Timmins Mining Inc. prior to its
acquisition by Lake Shore Gold in the fall of 2009. In his role with
West Timmins, and in his previous role as Vice President of Band-Ore
Resources for over 15 years, Mr. Duess was instrumental in the early
development of the West Timmins area, including the discovery of the
Golden River Trend and the acquisition of the Thunder Creek Property
that now hosts the high grade Thunder Creek Gold deposit. Bob
currently acts as a technical advisor to Balmoral Resources Ltd., and
was also involved as an officer and/or director of several other
companies including Lateegra Gold Corp, Trelawney Mining and
Exploration, and Lakeland Resources Inc. Most recently, Bob was
instrumental in the formation and financing of GTA Resources and Mining
Inc., and currently serves as Vice President and director of GTA.
Darin Wagner, M. Sc., P.Geo: Mr. Darin W. Wagner has been the President and Chief Executive Officer
of Balmoral Resources Ltd since its inception in 2010. He has 25 years
experience in mineral exploration, development and management. Mr.
Wagner served as President and CEO of West Timmins Mining Inc. from
September 2005 to its sale to Lake Shore Gold in November of 2009
following the discovery of the Thunder Creek gold deposit in Timmins.
Prior to that Mr. Wagner served as Manager of Exploration for Platinum
Group Metals Ltd. from 2000 to 2005 during which time he was awarded
with the 2004 "Discovery of the Year" by the Northwestern Ontario
Prospectors Association for the Seagull PGE discovery. On November 13,
2013, Mr. Wagner and Balmoral's exploration team were recognized as the
"Prospectors of the Year" in the Province of Quebec for their Bug Lake
and related gold discoveries on the Company's Detour Gold Trend
Wayne Reid, BSc. Geo, P.Geo: Mr. Wayne Reid has been the Chief Executive Officer and President of
GTA Resources and Mining Inc. since December 1, 2012. Mr. Reid serves
as Vice President of Corporate Development at Metals Creek Resources
Corp. He served as Exploration Manager for St. Andrew Goldfields,
Canadian Exploration Manager for Echo Bay Mines, as well as District
Manager for Noranda Exploration and Hemlo Gold Mines Inc. Mr. Reid has
over 35 years experience in exploration and mining geology, spanning a
variety of Canadian geological terrains, from Newfoundland to Yukon and
Alaska. Mr. Reid was part of the exploration team involved in the
discovery of the Brewery Creek Gold Deposit in the Yukon Territory and
the Boundary Massive Sulphide Deposit / Duck Pond Mine in Central
Newfoundland. Mr. Reid is a Professional Geologist registered with the
Association of Professional Geoscientists of Ontario and the
Professional Engineers and Geoscientists, Newfoundland and Labrador.
Zimtu has been an active supporter of Kapuskasing in its move to the
Borden Gold District and will continue to support the company as it
Additional information on Kapuskasing is available on the company's
website at: http://www.kapgold.com
About Zimtu Capital Corp.
Zimtu Capital Corp. is a public investment issuer that 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
project generation and 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.
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:
For more information please visit the corporate website at http://www.zimtu.com or contact:
Toll Free: 1.877.377.6222