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Mountain Capital Signs Amending Agreement And Receives NI43-101 Report On The Vermillion 15 Potash Property
Mountain Capital Signs Amending Agreement And Receives NI43-101 Report On The Vermillion 15 Potas...
About this update from Zimtu Capital Corp.
[{"type":"text","content":"\nMountain Capital Signs Amending Agreement And Receives NI43-101 Report On The Vermillion 15 Potash Property\n\n\n May 27, 2009 (Baystreet.ca) -- The Company is pleased to announce that it has signed an Amending Agreement with respect to the terms of its purchase of a 100% interest in the Vermillion 15 Potash Property located in east central Alberta from Zimtu Capital Corp., Jody Dahrouge and Spectre Investments Inc. (collectively, the \"Vendors\"). The Vermillion 15 Potash Property consists of four metallic and industrial minerals permit applications recently awarded through private bid by the Department of Energy, Alberta, encompassing approximately 77,665 acres (31,430 ha) located approximately 30 km west to southwest of Lloydminster, Saskatchewan.\nUnder the amended terms, the Company will pay to the Vendors the sum of $130,000 CDN (of which $100,000 has been paid) and issue to the Vendors an aggregate of 1,683,334 units, each comprised of one common share of the Company and one non-transferable share purchase warrant exercisable for a period of two (2) years to purchase one additional common share of the Company at a price of $0.25 per share in the first year and at a price of $0.35 in the second year. In connection with the acquisition, the Company will pay a finder’s fee in cash, shares, or both, to the extent permitted under the policies of the TSX Venture Exchange (the \"Exchange\"). The acquisition remains subject to the approval of the Exchange. \nThe property is underlain by the Prairie Evaporite Formation at depths that range from approximately 1050 to 1200 meters. It is also the site of the historic Vermillion No. 15 Well (VCO No. 15), which encountered substantial quantities of sylvite within the uppermost 50 feet of the Prairie Evaporite Formation. Golden (1965) reported “The potash minerals in the VCO #15 well are of the same composition and depositional sequence and depth as the potash at Unity, and it is feasibly possible that the potash in VCO #15 and Unity are one large continuous deposit”. \nAt Unity, Saskatchewan, which is about 50 km east of the Alberta-Saskatchewan border, the Verbata No. 2 contained 21.64% K2O across 11 feet at a depth 3,466 feet (1057 meters; Cole, 1948). When the Vermilion No. 15 Well was drilled during 1944/45; the cores (Golden, 1965) “were exposed for w...