Zimtu Capital Corp. Announces Transaction with Olympic Resources Ltd. for McWhirter Lake Graphite Property in Ontario

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[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, Aug. 15, 2012 /CNW/ - Zimtu Capital Corp. (TSXV: ZC) (FSE:\n ZCT1) (the \"Company\" or \"Zimtu\") is pleased to announce that the\n Company and two of its prospecting partners have signed an agreement\n with Olympic Resources Ltd. (TSXv: OLA) (\"Olympic\") whereby Olympic can\n earn a 100%-interest in the McWhirter Lake Graphite Property located in\n southern Ontario.\n\n\nMcWhirter Lake Graphite Property:\n\n\nThe McWhirter Lake Graphite Property (the \"Property\") is located in the\n heart of southern Ontario graphite country, 13 kilometers southeast of\n the historic settlement of Graphite, Ontario and 15 kilometers\n northeast of Bancroft in the Carlow, Monteagle and Dungannon townships.\n The Property has the advantage of well developed access and\n infrastructure, bounded by provincial highways 62 to west and 28 to the\n south with extensive logging/forest access roads in the area. The\n Property is composed entirely of 3,132 hectares of unpatented mining\n claims.\n\n\nThe Property spans approximately 15 kilometers of strike extent of\n graphite-prospective Grenville marbles and gneisses and is anchored by\n the historic McWhirter Lake graphite occurrence (Lot 10, Con 8, Carlow\n Twp) for which there is very little concrete information. It was\n apparently first staked and worked in the early 1900s. A pit 12 feet by\n 15 feet to a depth of 6 feet to water level is described. The\n graphite-bearing rocks are described as paragneisses and marble.\n Another occurrence is mentioned in a 1931 government report in Con 9,\n which may be a continuation of this geological trend to the north.\n\n\nOlympic's first order of business will be to fly airborne EM and mag\n over the entire property and complete a groundwork reconnaissance\n program including surface mapping, sampling and an effort to locate the\n historic workings in the field. A follow up exploration program would\n be planned to follow.\n\n\nTerms:\n\n\nFor its participation in the transaction, Zimtu will receive staged cash\n and share payments from Olympic as follows: (i) $10,000 on signing;\n (ii) $10,000 and 750,000 common shares on acceptance by the TSX Venture\n Exchange (\"TSXv\"); (iii) 250,000 common shares 12 months from the date\n of TSXv acceptance; (iv) 250,000 common shares 14 months from the date\n of TSXv acceptance. Zimtu's prospe...

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