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ZIMTU CAPITAL CORP. COMPLETES RARE EARTH ELEMENT PROPERTY TRANSACTION WITH REMSTAR RESOURCES LTD.
ZIMTU CAPITAL CORP. COMPLETES RARE EARTH ELEMENT PROPERTY TRANSACTION WITH REMSTAR RESOURCES LTD.
About this update from Zimtu Capital Corp.
[{"type":"text","content":"\n\n\n\n Nov. 22, 2010 (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, Nov. 22 /CNW/ - Zimtu Capital Corp. (TSXv: ZC) (FSE: ZCT1)\n (the "Company" or "Zimtu") is pleased to announce that the Company and\n one of its prospecting partners have signed an option agreement with\n Remstar Resources Ltd. (TSXv:REM) (FSE:W2U) ("Remstar") whereby Remstar\n can earn a 60% interest in the Snip and Seebach 02-03 Rare Earth\n Element ("REE") Properties located in the Carbo area of northeastern\n British\nColumbia.\n\n\nThe Snip and Seebach 02-03 Properties are all located within the\n immediate vicinity of Spectrum Mining Corporation's Wicheeda REE\n Discovery as well as the Carbo Project which is currently being drilled\n by Canadian International Minerals Inc. and Commerce Resources Corp.\n\n\nFor its participation in the transaction, Zimtu will receive staged cash\n payments totaling $175,000. Zimtu's partner, 877384 Alberta Ltd. will\n receive cash consideration equal to that of Zimtu. Remstar will also be\n required to complete exploration expenditures totaling $5,000,000 over\n four years. The vendors will retain a 2% Net Smelter Royalty ("NSR") on\n the properties and shall be operators until Remstar has earned its 60%\n interest. As operators, the vendors will receive a ten per cent\n administration fee on exploration expenditures by Remstar. The\n transaction is subject to acceptance by the Toronto Venture Exchange\n ("TS...