Business
Zimtu Capital Corp. enters into agreement for rare earth element project generation
Zimtu Capital Corp. enters into agreement for rare earth element project generation
About this update from Zimtu Capital Corp.
[{"type":"text","content":"\n\n\n\nDec. 2, 2009 (Canada NewsWire Group) -- VANCOUVER, Dec. 2 /CNW/ -- Zimtu Capital Corp. (TSXv: ZC) (FSE: ZCT1) (the \"Company\" or \"Zimtu\") is pleased to announce that it has entered into an agreement with two private companies Cathro Resources Corp. and Cazador Resources Ltd. (collectively, \"C&C\") to conduct rare earth element project generation in Western Canada.The companies have agreed to jointly identify and acquire rare earth element projects in British Columbia and the Yukon to make available for sale or joint-venture. Zimtu and C&C will both contribute to the acquisition costs of the properties identified. Zimtu will also commit $100,000 towards the advancement of the properties. The properties will be held on a 50-50% joint venture basis, and the proceeds from the sale of any or all of the properties will be shared equally by the Company and C&C.Several properties covering a total of approximately 32,000 hectares have initially been staked by the companies. The properties were selected after an assessment of geological environments prospective for rare earths and a detailed review of government stream and lake sediment geochemistry databases. Targets were then refined using geology, airborne magnetics, known mineral prospects, access, and land use considerations. An emphasis was placed on targets enriched in the heavy rare earth elements.The joint-venture will benefit from the combined talents of Zimtu and Mike Cathro, M.Sc P.Geo and Adam Travis, B.Sc. the principals of C&C.Mike Cathro is a Kamloops-based geological consultant and currently serves as Vice President of Exploration for Virginia Energy Resources Inc. Mr. Cathro's career has included work as an exploration geologist in Canada and overseas, and seventeen years with the BC Ministry of Energy, Mines and Petroleum Resources in geological research, policy, regulatory and managerial roles. Mike is President and Director of the Kamloops Exploration Group, and also serves on the Board of Directors for the Association for Mineral Exploration British Columbia (AMEBC). He received his M.Sc. from the Colorado School of Mines in 1992 and B.Sc. from Queen's University in 1984.Adam Travis is an accomplished exploration geologist with over fifteen years experience in the identification, exploration, and development of mineral properties. Adam worked with Keewati...