VANCOUVER, Dec. 2 /CNW/ -- Zimtu Capital Corp. (TSXv: ZC) (FSE: ZCT1) (the "Company" or "Zimtu") is pleased to announce that it has entered into an agreement with two private companies Cathro Resources Corp. and Cazador Resources Ltd. (collectively, "C&C") to conduct rare earth element project generation in Western Canada.
The companies have agreed to jointly identify and acquire rare earth element projects in British Columbia and the Yukon to make available for sale or joint-venture. Zimtu and C&C will both contribute to the acquisition costs of the properties identified. Zimtu will also commit $100,000 towards the advancement of the properties. The properties will be held on a 50-50% joint venture basis, and the proceeds from the sale of any or all of the properties will be shared equally by the Company and C&C.
Several properties covering a total of approximately 32,000 hectares have initially been staked by the companies. The properties were selected after an assessment of geological environments prospective for rare earths and a detailed review of government stream and lake sediment geochemistry databases. Targets were then refined using geology, airborne magnetics, known mineral prospects, access, and land use considerations. An emphasis was placed on targets enriched in the heavy rare earth elements.
The joint-venture will benefit from the combined talents of Zimtu and Mike Cathro, M.Sc P.Geo and Adam Travis, B.Sc. the principals of C&C.
Mike Cathro is a Kamloops-based geological consultant and currently serves as Vice President of Exploration for Virginia Energy Resources Inc. Mr. Cathro's career has included work as an exploration geologist in Canada and overseas, and seventeen years with the BC Ministry of Energy, Mines and Petroleum Resources in geological research, policy, regulatory and managerial roles. Mike is President and Director of the Kamloops Exploration Group, and also serves on the Board of Directors for the Association for Mineral Exploration British Columbia (AMEBC). He received his M.Sc. from the Colorado School of Mines in 1992 and B.Sc. from Queen's University in 1984.
Adam Travis is an accomplished exploration geologist with over fifteen years experience in the identification, exploration, and development of mineral properties. Adam worked with Keewatin Engineering and the Hunter Dickinson Group of companies before founding Cazador Resources Ltd. Cazador has focused primarily on the acquisition of exploration projects in Western Canada. Projects identified by Adam have been optioned to several companies including: Amarc Resources Ltd., Avanti Mining Corp., Western Keltic Mines Inc., Solomon Resources Ltd., and Virginia Energy Resources. Adam received his B.Sc. in Geology from the University of British Columbia in 1990.
There is currently a high degree of interest in, and anticipated future growth for, rare earth element exploration. Rare earths are vital components in a variety of technologies - electronics, aerospace, military, automotive, clean-tech and renewable energy - and include the 15 lanthanide elements and yttrium and scandium. In many applications they have no substitutes.
As part of the Company's business model, Zimtu provides mineral property advisory services and helps to connect companies with mineral properties of interest. For information on our mineral property advisory services, and projects available, contact Ryan Fletcher, Corporate Development at 604.681.1568 or via email at firstname.lastname@example.org.
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.
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 the joint identification and acquisition of rare earth element projects in British Columbia and the Yukon by Zimtu and C&C to make available for sale or joint-venture; that Zimtu and C&C will both contribute to the acquisition costs of the properties identified; that Zimtu will commit $100,000 towards the advancement of the properties; that the properties will be held on a 50-50% joint venture basis; and that the proceeds from the sale of any or all of the properties will be shared equally by the Company and C&C.
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.