VANCOUVER, Feb. 1, 2016 /CNW/ - Zimtu Capital Corp. (TSXv:
ZC; FSE: ZCT1) (the "Company" or "Zimtu") is pleased to announce
that the Company and two of its prospecting partners have signed an
agreement with MGX Minerals Inc. (CSE: XMG; FSE: 1MG) ("MGX
Minerals") whereby MGX Minerals can acquire a 100%-interest in 12
Metallic and Industrial Mineral Permits and Permit Applications
encompassing 96,000 hectares throughout the Province of
Alberta (the "Properties").
For its participation in the transaction, Zimtu will receive
cash and share payments from MGX Minerals as follows: (i)
$10,000 on signing; (ii) 250,000
common shares within 10 days of signing; (iii) 250,000 common
shares within 12 months of signing; and (iv) 250,000 common shares
within 24 months of signing.
The Properties were acquired based on compilation of historic
oil and gas well data and known geology. Lithium, potassium and
magnesium rich brines have been identified with historic levels of
lithium reported up to 140 Mg/L.
Location
The Properties surround existing wells that
have provided the initial historic assays. The Properties are
generally associated with past producing oil fields that are fully
serviced with nearby roads, power and wellheads in place. Six
Permits are located in Alberta's
Fox Creek area and include wells
with reported historic lithium values ranging from 115-140 Mg/L, in
the lithium-bearing Leduc and San
Hills formations. The six Permit Applications cover various
locations throughout the Province including the Keg River,
Winterburn and Woodbend Group
formations, with reported historic lithium values ranging from
95-140 Mg/L. All assays referenced are from the geoScout Oil
& Gas Industry database as reported by well operators and
monitored by the Government of Alberta.
MGX Minerals intends to conduct additional data compilation and
analysis to determine the best path forward for the development for
these projects.
Zimtu Capital Corp., along with its prospecting partners,
continues to evaluate and acquire prospective resource properties
for sale or joint venture. As part of the Company's business, Zimtu
provides mineral property project generation and advisory services
and helps to connect companies with mineral properties of
interest.
About MGX Minerals Inc.
MGX Minerals Inc. (CSE: XMG)
is a diversified Canadian mining company engaged in the acquisition
and development of industrial mineral deposits in western
Canada. For further information, please visit the corporate
website at http://www.mgxminerals.com.
About Zimtu Capital Corp.
Zimtu Capital Corp. is a
public investment issuer that invests in, creates and grows natural
resource companies. The Company also provides mineral
property project generation and advisory services helping to
connect companies to properties of interest.
Zimtu Capital trades on the TSX Venture Exchange under the
symbol "ZC" and the Frankfurt Stock Exchange under the symbol
"ZCT1." For more information please visit the corporate website at
http://www.zimtu.com.
On Behalf of the Board of Directors
ZIMTU CAPITAL CORP.
"David Hodge"
David
Hodge
President & Director
Phone: 604.681.1568
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Statements in this document which are not purely historical are
forward-looking statements, including any statements regarding
beliefs, plans, expectations or intentions regarding the
future.
Forward-looking statements in this news release include that
MGX Minerals can purchase a 100%-interest in certain mineral claims
located in Alberta, Canada; that
in consideration for its interest, Zimtu will receive cash and
share payments from MGX Minerals, and that Zimtu, along with its
prospecting partners, continue to evaluate and acquire prospective
resource properties to make available for sale or joint
venture.
It is important to note that actual outcomes and the
Company's actual results could differ materially from those in such
forward-looking statements. Risks and uncertainties include, but
are not limited to, economic, competitive, governmental,
environmental and technological factors that may affect the
Company's operations, markets, products and prices. Readers should
refer to the risk disclosures outlined in the Company's Management
Discussion and Analysis of its audited financial statements filed
with the British Columbia Securities Commission.
SOURCE Zimtu Capital Corp.