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 Advisory Board.
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 Project.
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 moves forward.
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