VANCOUVER, Nov. 18, 2014 /CNW/ - Zimtu Capital Corp. (TSXv: ZC; FSE: ZCT1) (the "Company" or "Zimtu") is pleased to announce that the Company and two of its prospecting partners have received TSX Venture Exchange ("TSXv") acceptance of an option agreement with Equitas Resources Corp. (TSXv: EQT) ("Equitas") whereby Equitas can earn a 100%-interest in the Garland Property located in Labrador, Canada.
For its participation in the transaction, Zimtu will receive staged cash and share payments from Equitas as follows: (i) $15,000 on signing; (ii) 1,000,000 common shares on acceptance by the TSXv; (iii) $25,000 on completion of an airbourne survey; (iii) 1,000,000 common shares 18 months following the TSXv acceptance date; and (iv) 1,000,000 common shares 36 months from the TSXv acceptance date. Zimtu's partners will also receive staged cash and share payments.
The Garland Property encompasses 25,050 hectares and is 30 kilometres southeast of Vale's Voisey's Bay Nickel/Copper/Cobalt mine. A review of historical exploration work shows the property to be within an environment favorable for magmatic Ni-Cu sulphide deposits; and which also possess strikingly similar features to the Voisey's Bay deposit(s).
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." For more information visit http://www.zimtu.com.
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 Equitas will earn a 100%-interest in the Garland Property located in Labrador, Canada; that in consideration for its interest, Zimtu will receive staged cash and share payments from Equitas, that Zimtu's partners will receive cash and share consideration; reference to historical exploration work showing the property to be within an environment favorable for magmatic Ni-Cu sulphide deposits; and which also possess strikingly similar features to the Voisey's Bay deposit(s).
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: David Hodge, President & Director, Phone: 604.681.1568