Zimtu Capital Corp. Announces Transaction With Belmont Resources Inc. For Claims in Nevada, USA
Vancouver, British Columbia (FSCwire) - Zimtu Capital Corp. (TSXv: ZC; FSE: ZCT1) (the “Company” or “Zimtu”) is pleased to announce that the Company has signed a property purchase agreement with Belmont Resources Inc. (TSXv: BEA; FSE: L3L1) (“Belmont Resources”) whereby Belmont Resources can acquire a 100%-interest in the Kibby Basin Property.
The Kibby Basin Property consists of thirteen placer mineral claims totaling approximately 1,036 hectares and is located 65 kilometers north of Clayton Valley, Nevada, USA. Belmont Resources anticipates conducting a fieldwork program of detailed mapping and surface sampling within the current exploration season.
For its participation in the transaction, Zimtu will receive staged cash and share payments from Belmont Resources as follows: (i) $5,000 on signing (paid); (ii) 500,000 common shares upon TSX Venture Exchange (“TSXv”) approval; (iii) $20,000 on TSXv approval; (iv) 500,000 common shares 6 months from the date of TSXv acceptance. Zimtu will retain a 1.5% Net Smelter Returns Royalty on the Property. Belmont Resources has the right to purchase half from Zimtu for $1,000,000.
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 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. 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 Belmont Resources can purchase a 100%-interest in certain mineral claims located in Nevada, USA; that in consideration for its interest, Zimtu will receive staged cash and share payments from Belmont Resources, 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.