Zimtu Capital Corp. Announces Transaction with Olympic Resources Ltd. for McWhirter Lake Graphite Property in Ontario
August 15 2012 - 8:00AM
PR Newswire (Canada)
VANCOUVER, Aug. 15, 2012 /CNW/ - Zimtu Capital Corp. (the "Company"
or "Zimtu") is pleased to announce that the Company and two of its
prospecting partners have signed an agreement with Olympic
Resources Ltd. ("Olympic") whereby Olympic can earn a 100%-interest
in the McWhirter Lake Graphite Property located in southern
Ontario. McWhirter Lake Graphite Property: The McWhirter Lake
Graphite Property (the "Property") is located in the heart of
southern Ontario graphite country, 13 kilometers southeast of the
historic settlement of Graphite, Ontario and 15 kilometers
northeast of Bancroft in the Carlow, Monteagle and Dungannon
townships. The Property has the advantage of well developed access
and infrastructure, bounded by provincial highways 62 to west and
28 to the south with extensive logging/forest access roads in the
area. The Property is composed entirely of 3,132 hectares of
unpatented mining claims. The Property spans approximately 15
kilometers of strike extent of graphite-prospective Grenville
marbles and gneisses and is anchored by the historic McWhirter Lake
graphite occurrence (Lot 10, Con 8, Carlow Twp) for which there is
very little concrete information. It was apparently first staked
and worked in the early 1900s. A pit 12 feet by 15 feet to a depth
of 6 feet to water level is described. The graphite-bearing rocks
are described as paragneisses and marble. Another occurrence is
mentioned in a 1931 government report in Con 9, which may be a
continuation of this geological trend to the north. Olympic's first
order of business will be to fly airborne EM and mag over the
entire property and complete a groundwork reconnaissance program
including surface mapping, sampling and an effort to locate the
historic workings in the field. A follow up exploration program
would be planned to follow. Terms: For its participation in the
transaction, Zimtu will receive staged cash and share payments from
Olympic as follows: (i) $10,000 on signing; (ii) $10,000 and
750,000 common shares on acceptance by the TSX Venture Exchange
("TSXv"); (iii) 250,000 common shares 12 months from the date of
TSXv acceptance; (iv) 250,000 common shares 14 months from the date
of TSXv acceptance. Zimtu's prospecting partners will collectively
receive cash and share consideration equal to that of Zimtu. The
vendors will retain a 2% Net Smelter Royalty on the Property; 1% of
which can be purchased by Olympic for C$1 million. The optioned
claims were acquired by the Company and its partners by staking.
Zimtu, along with its prospecting 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. Mr. Bill Brereton,
P.Eng., a Qualified Person as defined by National Instrument
43-101, independent of Olympic, and an Optionor of the Property,
has reviewed and approved the technical content of this release.
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 Olympic can earn a 100%-interest in the
McWhirter Lake Property; that in consideration for its interest,
Zimtu will receive staged cash and share payments from Olympic,
that Zimtu's partners will receive cash and share consideration
equal to that of Zimtu; that the vendors will collectively retain a
2% Net Smelter Royalty on the property, 1% of which can be
purchased by Olympic for C$1 million; that Olympic's first order of
business will be to fly airborne EM and mag over the entire
property and complete a groundwork reconnaissance program including
surface mapping, sampling and an effort to locate the historic
workings in the field; that a follow up exploration program would
be planned to follow; and that Zimtu with the support of its
prospecting partners will continue to evaluate and acquire
prospective resource properties to make available for sale or joint
venture. 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.
Zimtu Capital Corp. CONTACT: For more information please visit the
corporate websiteat http://www.zimtu.com or contact:Kevin
BottomleyShareholder ServicesToll Free: 1.877.377.6222Phone:
604.681.1568Email: info@zimtu.com
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