Zimtu Capital Corp. Announces Transaction with Canadian Metals for Silica Properties in British Columbia, Canada

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[{"type":"text","content":"\n\nVANCOUVER, March 11, 2014 /CNW/ - Zimtu Capital Corp. (TSXv: ZC; FSE: ZCT1) (the \"Company\" or \"Zimtu\") is pleased to announce that the Company has signed an agreement with Canadian Metals Inc. (CSE: CME) (\"Canadian Metals\") whereby Canadian Metals can earn a 100%-interest in the Longworth and Kinney High Purity Silica Properties located in British Columbia, Canada.\n\nFor its participation in the transaction, Zimtu will receive staged cash and share payments from Canadian Metals as follows: (i) C$50,000 and 1,000,000 common shares within five business days following, and subject to, the closing of a private placement of CME common shares for minimum gross proceeds of $500,000 (hard dollars) and $500,000 (flow-through) (the \"Financing Closing\"); (ii) 1,000,000 common shares on that day which is 12 months from the date of the Financing Closing, and; (iii) 1,000,000 common shares 24 months from the date of the Financing Closing. Zimtu will retain a 2% Royalty on the Properties. A finder's fee will be payable with respect to the transaction pursuant to the policies of the CSE.\n\nLongworth Property\n\nThe Longworth Property, consisting of 17 claims totalling 1,160 hectares, covers a band of quartzite on Bearpaw Ridge, on the east side of the Fraser River, about 85 km east of Prince George, British Columbia.\n\nA sequence of clastic sediments, limestone and volcanics equivalent to the Lower Silurian Nonda Formation, outcrop along the ridge. The quartzite is comprised of one main unit, up to 400 m thick, and three thinner units, all of which are characterized as massive, fine-grained, equigranular quartzite with silica values mainly in excess of 99.5% (Quartermain 1986).\n\nThe property is accessible by logging roads and is less than 4 km from the Canadian National Railroad mainline and power lines suitable for a quarry type mining operation. The current property covers recently lapsed claims that were held by Silver Standard Resources Inc. (\"Silver Standard\") since 1977. Silver Standard had completed detailed metallurgical work on the contained silica mineralization which yielded positive characteristics for a feed source for silicon metal smelting (Quartermain 1986). Silver Standard was incorporated in 1948 as a B.C. focused multi commodity mining company and has been recently letting its portfolio of legacy prope...

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