|January 06, 2011|
Zimtu Capital Corp. Completes Transaction for Goeland Rare Earth Property, Montviel Carbonatite Complex, Quebec
|Zimtu Capital Corp. (TSXv: ZC; FSE: ZCT1) (the "Company" or "Zimtu") is pleased to announce that the Company and one of its prospecting partners have signed an agreement with Canada Gas Corp. (TSXv: CJC; FSE: YXEN; OTC-BB: CJCFF) ("Canada Gas") whereby Canada Gas can earn a 100% interest in and to the Goeland Rare Earth Property located 215 km north of Val d'Or in the Abitibi region of Quebec.|
For its participation in the transaction, Zimtu will receive $12,500 cash on signing and staged share payments totaling 1,250,000 common shares over a 36 month period. Zimtu's partner, Glenn Griesbach will receive cash and share consideration equal to that of Zimtu. The vendors will retain a 2% Net Smelter Royalty on the properties. The transaction is subject to acceptance by the TSX Venture Exchange ("TSXv"). A finders fee in accordance with TSXv policies will be payable for the transaction.
The Goeland Property is accessible via a network of logging roads and consists of 47 mining claims encompassing approximately 2,585 hectares within and adjacent to the Montviel Carbonatite Complex. Historic exploration at Montviel has revealed strong potential for rare earth element ("REE"), niobium and phosphate mineralization.
The principal exploration target for the property is carbonatite hosted REE mineralization, similar to Commerce Resources' (TSXv: CCE; FSE: D7H) Ashram REE Zone at the Eldor Property, northern Quebec or the ST1 REE Zone at Hudson Resources' (TSXv: HUD) Sarfartoq Property in Greenland.
The project was acquired by the Company and its partner by staking and was acquired for project generation. Zimtu will 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 firstname.lastname@example.org.
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 Zimtu will receive staged cash and share payments totaling $12,500 and 1,500,000 common shares over a 36 month period on acceptance by the TSX Venture Exchange for the Goeland Property; that Glenn Griesbach will receive cash and share consideration equal to that of Zimtu; that the vendors will retain a 2% NSR on the property; that Zimtu will continue to evaluate and acquire prospective resource properties to make available for sale or joint venture; and that Zimtu provides mineral property advisory services and helps 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: Wed Apr 20, 2011, Zimtu Capital Corp. Announces Rare Earth Element Property Transaction With Electric Metals Inc.
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