|September 02, 2010|
Zimtu Capital Corp. Announces Rare Earth Element Property Transaction With Rare Earth Metals Inc.
|September 2, 2010 - Zimtu Capital Corp. (TSXv: ZC) (FSE: ZCT1) ("Zimtu" or the "Company") is pleased to announce that the Company and its prospecting partners Gary Lewis, Aubrey Budgell and Neh Pinsent (collectively, the "Vendors") have entered into an option agreement with Rare Earth Metals Inc. ("Rare Earth") pursuant to which Rare Earth will acquire a 100% interest in mining claims totaling 508 claim units prospective for rare earth elements located in the Red Wine/Letitia Lake area of west central Labrador (the "Zimtu Property"). |
For its participation in the transaction, Zimtu will receive staged payments of C$75,000 and 1,000,000 common shares over a 24-month period subject to acceptance by the TSX Venture Exchange. Zimtu's acquisition partners for the project (Gary Lewis, Aubrey Budgell and Neh Pinsent) will together receive cash and share consideration equal to that of Zimtu. The Vendors will retain a 2% Net Smelter Return ("NSR") royalty of which 1% may be purchased by Rare Earth for C$1,000,000
The Zimtu Property is situated at six separate areas along the strike length of the Red Wine Belt and adds potential strike extensions to prospective mineralized zones Rare Earth has already delineated at the historic Two Tom, Mann #1, Mann #2, and Michelin showings, as well as newly-discovered mineralization on the Playfair, South Block. Rare Earth is compiling all airborne radiometric and magnetic data for the Zimtu Property. Prospecting and mapping to further evaluate the claims will take place immediately. Rare Earth now controls a total of 1,359 claim units totaling 338.5 square kilometres; which gives them up to 70% control of all staked ground in the emerging Red Wine Rare Earth Element Belt.
Zimtu, along with its prospecting and staking partners, continue 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 available opportunities, contact Ryan Fletcher, Corporate Development and Director 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.
Zimtu Capital trades on the TSX Venture Exchange under the symbol "ZC" and the Frankfurt Stock Exchange under the symbol "ZCT1." For more information please visit the corporate website at http://www.zimtu.com or contact:
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.
You can view the Next News Releases item: Thu Sep 23, 2010, Zimtu Capital Corp. Completes Generative Rare Earth Element Exploration in British Columbia
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