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.
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.
President & Director
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.