Business
Zimtu Capital Corp. announces Rare Earth element property transaction
Zimtu Capital Corp. announces Rare Earth element property transaction
About this update from Zimtu Capital Corp.
[{"type":"text","content":"\n\n\n\nVANCOUVER, Apr. 6, 2010 (Canada NewsWire Group) -- /CNW/ -- Zimtu Capital Corp. (TSXv: ZC) (FSE: ZCT1) (the \"Company\" or \"Zimtu\") is pleased to announce that it has acted as one of the property vendors in Fieldex Exploration Inc's (TSXv: FLX) (FSE: F7E) (\"Fieldex\") acquisition of the Michikamats Rare Earth Project located in Labrador south of Quest Uranium Corp's Misery Lake Project.In early March 2010, the government of Labrador released new geophysical data for the Labrador side of Quest Uranium's Misery Lake and Strange Lake Projects in Quebec. The government data outlined a distinctly anomalous ringed target just over the Labrador border now known as the Michikamats Project. Local prospectors, Gary Lewis and Aubrey Budgell, with the support of Zimtu, staked the property and have sold 100% of the project to Fieldex. A map showing the project location is available at:http://www.zimtu.com/i/pdf/MichikamatsProjectMap.pdfFor its participation in the Fieldex transaction, Zimtu will receive 2,000,000 common shares and $80,000 over a two-year period, subject to TSX-Venture Exchange acceptance. Gary Lewis and Aubrey Budgell will also receive 2,000,000 common shares and $80,000 over a two-year period payable subject to TSX-Venture Exchange acceptance. Collectively, the vendors will retain a 2% Net Smelter Return (\"NSR\") royalty, 1% of which may be purchased by Fieldex for C$1,000,000.Fieldex is engaged in the exploration for rare metals and base metals. FNX Mining Company owns 6,500,000 shares of Fieldex. The company has 57,922,018 shares outstanding and a cash position of $3.4 Million. Fieldex intends to move the project forward rapidly, initially with prospecting and anticipated drilling in the third quarter of 2010.Zimtu continues 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 opportunities available, contact Ryan Fletcher, Corporate Development at 604.681.1568 or via email at [email protected] Zimtu Capital Corp.Zimtu Capital Corp. is a TSX Venture listed investment company that invests in, creates, and grows natural resource compan...