Business
ZIMTU CAPITAL CORP. ANNOUNCES RARE EARTH ELEMENT PROPERTY TRANSACTION WITH RARE EARTH METALS INC.
Jun. 7, 2011 (Canada NewsWire Group) -- VANCOUVER, June 7, 2011 /CNW/ - Zimtu Capital Corp. (...
About this update from Zimtu Capital Corp.
[{"type":"text","content":"\n\n\n Jun. 7, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nVANCOUVER, June 7, 2011 /CNW/ - Zimtu Capital Corp. (TSXV: ZC) (FSE:\n ZCT1) (the "Company" or "Zimtu") is pleased to announce that the\n Company and two prospecting partners have completed an agreement with\n Rare Earth Metals Inc. (TSXV: RA) ("Rare Earth") whereby Rare Earth can\n earn a 100% interest in 40 unpatented claim units totaling 647 hectares\n that make up a part of their newly acquired Lavergne Rare Earth Element\n ("REE") Prospect located 80 kilometres east of Sudbury, Ontario.\n\n\nFor its participation in the transaction, Zimtu will receive staged\n payments of C$100,000 and 1,000,000 common shares over a 24-month\n period. Zimtu's two acquisition partners will together receive cash and\n share consideration equal to that of Zimtu. The vendors will\n collectively retain a 2% Net Smelter Royalty on the claims; 1% of which\n can be purchased by Rare Earth for $1,000,000. The agreement is subject\n to acceptance by the TSX Venture Exchange.\n\n\nRare Earth's Lavergne Property, of which the optioned claims make up a\n part, covers a historic REE showing previously drilled in 1969 by\n Geophysical Engineering and Surveys Ltd. of North Bay, Ontario. Partial\n drill results from the four-hole program included 0.98% Rare Earth\n Oxide ("REO") over 112.7 meters which included a higher grade section\n of 1.22% REO over 63.3 meters (DDH-L-69-1). (Reference-Inter...