Looks like now we know what the volume was all about...
Very good news... EMI will be nicely positioned with multiple strong rare earth properties...
EMI is turning, after all of the craziness into a nice pure REE play with diversified props... Good days ahead!
Cussy, the Windsurfer:)
ZIMTU CAPITAL CORP. ANNOUNCES RARE EARTH ELEMENT PROPERTY TRANSACTION WITH ELECTRIC METALS INC.
VANCOUVER, Apr 20, 2011 (Canada NewsWire via COMTEX News Network) --
Zimtu Capital Corp. (TSXV: ZC) (FSE: ZCT1) (the "Company" or "Zimtu") is pleased to announce that the Company and three prospecting partners have signed an agreement with Electric Metals Inc. (TSXV: EMI) ("Electric") whereby Electric can earn a 100% interest in eight rare earth element ("REE") properties located in the Abitibi region of Quebec near Geomega's (TSXV: GMA) Montviel REE Property. The properties are referred to collectively as the "Abitibi Claims."
For its participation in the transaction, Zimtu will receive staged cash and share payments from Electric as follows: (i) $2,500 on signing (received); (ii) $10,000 and 500,000 common shares on acceptance by the TSX Venture Exchange ("TSXv"); (iii) $18,750 and 500,000 on the first anniversary of TSXv acceptance; and (iv) $31,250 and 375,000 on the second anniversary. Zimtu's three prospecting partners will each receive cash and share considerations equal to that of Zimtu. The vendors will collectively retain a 2% Net Smelter Royalty on the properties; 1% of which can be purchased by Electric for $500,000.
The Abitibi Claims total 21,600 hectares (216 square kilometres) and cover most of the known syenite occurrences surrounding Geomega's Montviel syenite-carbonatite complex, which has recently produced results of 485 metres of 1.44% Total Rare Earth Oxides ("TREO") including 111 metres of 2.09% TREO (see Geomega news release of March 31, 2011).
Of the eight claim blocks that comprise the Abitibi Claims, at the Ailly complex, approximately 10 kilometres south of Montviel, historical drilling has intersected carbonatite similar to that which hosts REE mineralization at Montviel, but which was not assayed for REE.
The majority of the syenite-carbonatite complexes in the Abitibi region have been emplaced along two major structural corridors. The Abitibi claims cover most of the known syenite occurrences that have intruded these trends. Because syenite occurs with carbonatite at Montviel and Ailly, the remaining syenites covered by the Abitibi Claims may also be prospective for carbonatite emplacement and associated REE mineralization. A map showing the location of the Abitibi Claims has been uploaded to: https://www.zimtu.com/i/pdf/Electric-Metals-Abitibi-Map-Geophysics.pdf
The claims were acquired by the Company and its partners by staking and were 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 rfletcher@zimtu.com.
About Zimtu Capital Corp. Zimtu Capital Corp. 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 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.
"David Hodge"
David Hodge 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 that Electric can earn a 100% interest in eight rare earth element properties; that in consideration for its interest, Zimtu will receive staged cash and share payments from Electric, that the vendors will retain a 2% NSR on the properties; that 1% of the NSR can be purchased by Electric for $500,000; 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.
To view this news release in HTML formatting, please use the following URL: https://www.newswire.ca/en/releases/archive/April2011/20/c5645.html
SOURCE: Zimtu Capital Corp.
<p> please visit the corporate website at <a
href="https://www.zimtu.com/">https://www.zimtu.com</a> or contact:
</p> <p align="justify"> Kevin Bottomley<br/> Shareholder
Services<br/> Toll Free: 1.877.377.6222<br/> Phone:
604.681.1568<br/> Email: <a
href="mailto:kevin@zimtu.com">kevin@zimtu.com</a> </p>
Copyright (C) 2011 CNW Group. All rights reserved.