VANCOUVER, April 6 /CNW/ - Zimtu Capital Corp. (TSXv: ZC) (FSE: ZCT1) (the "Company" or "Zimtu") is pleased to announce that it has acted as one of the property vendors in Fieldex Exploration Inc's (TSXv: FLX) (FSE: F7E) ("Fieldex") acquisition of the Michikamats Rare Earth Project located in Labrador south of Quest Uranium Corp's Misery Lake Project.
In early March 2010, the government of Labrador released new geophysical data for the Labrador side of Quest Uranium's Misery Lake and Strange Lake Projects in Quebec. The government data outlined a distinctly anomalous ringed target just over the Labrador border now known as the Michikamats Project. Local prospectors, Gary Lewis and Aubrey Budgell, with the support of Zimtu, staked the property and have sold 100% of the project to Fieldex. A map showing the project location is available at:
For its participation in the Fieldex transaction, Zimtu will receive 2,000,000 common shares and $80,000 over a two-year period, subject to TSX-Venture Exchange acceptance. Gary Lewis and Aubrey Budgell will also receive 2,000,000 common shares and $80,000 over a two-year period payable subject to TSX-Venture Exchange acceptance. Collectively, the vendors will retain a 2% Net Smelter Return ("NSR") royalty, 1% of which may be purchased by Fieldex for C$1,000,000.
Fieldex is engaged in the exploration for rare metals and base metals. FNX Mining Company owns 6,500,000 shares of Fieldex. The company has 57,922,018 shares outstanding and a cash position of $3.4 Million. Fieldex intends to move the project forward rapidly, initially with prospecting and anticipated drilling in the third quarter of 2010.
Zimtu continues 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 opportunities available, contact Ryan Fletcher, Corporate Development at 604.681.1568 or via email at email@example.com.
About Zimtu Capital Corp.
Zimtu Capital Corp. is a TSX Venture listed investment company that invests in, creates, and grows natural resource companies thereby providing a way for investors to 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.
On Behalf of the Board of Directors
ZIMTU CAPITAL CORP.
President & Director
Phone: (604) 681 1568
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 Zimtu's receiving of shares and/or cash for its role as vendor or finder of certain mineral properties, Zimtu's evaluation and acquiring of properties for partnership and Zimtu's providing mineral property advisory services and assisting 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: For further information: Kevin Bottomley, Shareholder Services, Phone: (604) 681-1568, Email: firstname.lastname@example.org, Website: http://www.zimtu.com