VANCOUVER, March 11, 2014 /CNW/ - Zimtu Capital Corp.
(TSXv: ZC; FSE: ZCT1) (the "Company" or "Zimtu") is pleased to
announce that the Company has signed an agreement with Canadian
Metals Inc. (CSE: CME) ("Canadian Metals") whereby Canadian Metals
can earn a 100%-interest in the Longworth and Kinney High Purity
Silica Properties located in British
Columbia, Canada.
For its participation in the transaction, Zimtu will receive
staged cash and share payments from Canadian Metals as follows: (i)
C$50,000 and 1,000,000 common shares
within five business days following, and subject to, the closing of
a private placement of CME common shares for minimum gross proceeds
of $500,000 (hard dollars) and
$500,000 (flow-through) (the
"Financing Closing"); (ii) 1,000,000 common shares on that day
which is 12 months from the date of the Financing Closing, and;
(iii) 1,000,000 common shares 24 months from the date of the
Financing Closing. Zimtu will retain a 2% Royalty on the
Properties. A finder's fee will be payable with respect to the
transaction pursuant to the policies of the CSE.
Longworth Property
The Longworth Property, consisting of 17 claims totalling 1,160
hectares, covers a band of quartzite on Bearpaw Ridge, on the east
side of the Fraser River, about 85 km east of Prince George, British Columbia.
A sequence of clastic sediments, limestone and volcanics
equivalent to the Lower Silurian Nonda Formation, outcrop along the
ridge. The quartzite is comprised of one main unit, up to 400 m
thick, and three thinner units, all of which are characterized as
massive, fine-grained, equigranular quartzite with silica values
mainly in excess of 99.5% (Quartermain 1986).
The property is accessible by logging roads and is less than 4
km from the Canadian National Railroad mainline and power lines
suitable for a quarry type mining operation. The current property
covers recently lapsed claims that were held by Silver Standard
Resources Inc. ("Silver Standard") since 1977. Silver Standard had
completed detailed metallurgical work on the contained silica
mineralization which yielded positive characteristics for a feed
source for silicon metal smelting (Quartermain 1986). Silver
Standard was incorporated in 1948 as a B.C. focused multi commodity
mining company and has been recently letting its portfolio of
legacy properties to expire in the current market environment to
focus on their South American projects.
Kinney Property
The Kinney Property consists of two individual, continuous
claims totaling 518 hectares located approximately 70 km's
south-east of Mackenzie, British
Columbia, adjacent to Mt. Kinney. The majority of the
visible outcrop on the property was held by Silver Standard
historically and was host to a drilling program by the company in
July 1975. It is known that Silver
Standard encountered quartzite at 12'-298 feet and quartzite and
dolomite from 298-358 feet. In 1975, Silver Standard was engaged in
a joint venture on the project with Hanna Mining Ltd. whom produced
crude historic economic studies for the project.
Canadian Metals will be compiling all of the historic
exploration information available for the Longworth and Kinney
Properties in anticipation of initial surface exploration program
in the spring/summer of this year.
High Purity Silica
High purity silica is prized by the silicon industry who use it
in the production of silicon metal. Silicon-based materials,
including silicones, can be formulated to deliver a wide range of
products from more durable construction materials; faster, smarter
electronic devices; to more efficient solar panels and wind
turbines. They are also used in healthcare and cosmetic
products.
High purity silica can be used to make silicon and ferrosilicon.
Silicon is used in the manufacturing of aluminum alloys, where
iron, calcium and phosphorus are critical elements; silicones and
silanes, where calcium and aluminum are critical elements; and
semiconductor silicon (polysilicon) which remains the
fastest-growing segment of the metallurgical silicon market.
As part of Zimtu's business, the Company provides mineral
property project generation and advisory services and helps to
connect companies with mineral properties of interest.
The technical information above has been prepared in accordance
with the Canadian regulatory requirements set out in National
Instrument 43-101 and reviewed on behalf of the Company by Donald
Théberge Eng., M.B.A, a qualified person.
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.
"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
Canadian Metals can earn a 100%-interest in the Longworth and
Kinney Properties located in British
Columbia, Canada; that in consideration for its interest,
Zimtu will receive staged cash and share payments from Canadian
Metals; that Zimtu will retain a 2% Royalty on the Properties; and
that Canadian Metals will be compiling all of the historic
exploration information available for the Longworth and Kinney
Properties in anticipation of initial surface exploration program
in the Spring/Summer of this year.
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.