VANCOUVER, March 18, 2014 /CNW/ - Zimtu Capital Corp. (TSXv:
ZC; FSE: ZCT1) (the "Company" or "Zimtu") is pleased to announce
that at the open of market today one of its core equity holdings
Olympic Resources Ltd. re-opened for trading under its new name
Kapuskasing Gold Corp. ("Kapuskasing") and new symbol TSXv:
KAP.
Zimtu currently holds 2,490,000 common shares of
Kapuskasing representing approximately 14% of the total 17,556,922
issued and outstanding common shares as well as 1,000,000 warrants
at C$0.10 with an expiry of
February 4, 2019.
Kapuskasing
recently announced that it has, subject to TSX Acceptance, agreed
to acquire the Borden North and Rollo gold exploration properties
located near Chapleau, Ontario.
The Borden North Property is situated along the southern flank of
the Kapuskasing Structural Zone approximately 50 km northeast of
Probe Mines' Borden Gold project. The Rollo Property is situated
within the Destor-Porcupine Fault Zone, which hosts several million
ounce plus gold producers in the nearby Timmins camp, and sits between IAMGold's Cote
Lake gold deposit and the Borden Gold project.
Probe Mines' Borden Gold project was discovered
in 2010 and now hosts a multi-million ounce gold zone. The Probe
exploration team, along with prospector Mike Tremblay, (see advisory board
below), have been recognized with the "2013 Ontario Prospector
Award" for the Borden Gold Discovery, during the OPA recent awards
ceremony.
In conjunction with the announced acquisitions,
Kapuskasing also announced the
appointment of Mr. Garry Clark, a
Qualified Person (P. Geo. - Ontario) under NI 43-101, as Exploration
Manager and as a Director of Kapuskasing.
Garry Clark,
B.Sc. P.Geo.: Mr. Garry Clark
brings a wealth of experience, knowledge and skills to Kapuskasing having focused the majority of his
career in northern Ontario. He has
held various exploration positions with both major and junior
explorers since the late 1980's. Mr. Clark has been the Executive
Director of the Ontario Prospectors Association (OPA) since its
restructuring in 2000 and has been a Director, Vice President or
President of the OPA since its formation in the early 1990's. The
Ontario Prospectors Association is focused on providing the mineral
explorers of Ontario a stronger
voice for issues that affect them. Mr. Clark serves on various
provincial government committees and boards that support mineral
explorers. Some of these include the Minister of Mines Mining Act
Advisory Committee and Ontario Geological Survey Advisory
Board.
Kapuskasing
also announced the formation of an advisory board comprised of
veteran Abitibi gold explorers to assist Kapuskasing in its efforts and in identifying
other opportunities in and around the Kapuskasing Structural Zone of Ontario. The new advisory team consists
of:
Michael A.
Tremblay: Mike Tremblay
along with Jacques Robert, Dr.
David Palmer and the Probe
exploration team have been recognized with the "2013 Ontario
Prospector Award" for the Borden Gold Discovery, during the annual
awards ceremony held in Sudbury on
November 5, 2013. Mike is
widely regarded as one of Ontario's leading prospectors, has been
actively exploring the Kapuskasing Structural Zone region most his
career and has been involved with a number of discoveries in the
area.
Robert L. Duess
B. Sc. P. Geo: Mr. Robert
Duess (Bob) is a professional geologist with over 30 years
experience in mineral exploration and development. Bob was
the Canadian project manager for West Timmins Mining Inc.
prior to its acquisition by Lake Shore Gold in the fall of 2009. In
his role with West Timmins, and in
his previous role as Vice President of Band-Ore Resources for over
15 years, Mr. Duess was instrumental in the early development of
the West Timmins area, including
the discovery of the Golden River Trend and the acquisition of the
Thunder Creek Property that now hosts the high grade Thunder Creek
Gold deposit. Bob currently acts as a technical advisor to
Balmoral Resources Ltd., and was also involved as an officer and/or
director of several other companies including Lateegra Gold Corp,
Trelawney Mining and Exploration, and Lakeland Resources Inc. Most
recently, Bob was instrumental in the formation and financing of
GTA Resources and Mining Inc., and currently serves as Vice
President and director of GTA.
Darin Wagner,
M. Sc., P.Geo: Mr. Darin W.
Wagner has been the President and Chief Executive Officer of
Balmoral Resources Ltd since its inception in 2010. He has 25 years
experience in mineral exploration, development and management. Mr.
Wagner served as President and CEO of West Timmins Mining Inc. from
September 2005 to its sale to Lake
Shore Gold in November of 2009 following the discovery of the
Thunder Creek gold deposit in Timmins. Prior to that Mr. Wagner served as
Manager of Exploration for Platinum Group Metals Ltd. from 2000 to
2005 during which time he was awarded with the 2004 "Discovery of
the Year" by the Northwestern
Ontario Prospectors Association for the Seagull PGE
discovery. On November 13,
2013, Mr. Wagner and Balmoral's exploration team were recognized as
the "Prospectors of the Year" in the Province of Quebec for their Bug Lake and related gold
discoveries on the Company's Detour Gold Trend Project.
Wayne Reid,
BSc. Geo, P.Geo: Mr. Wayne
Reid has been the Chief Executive Officer and President of
GTA Resources and Mining Inc. since December
1, 2012. Mr. Reid serves as Vice President of Corporate
Development at Metals Creek Resources Corp. He served as
Exploration Manager for St. Andrew Goldfields, Canadian Exploration
Manager for Echo Bay Mines, as well
as District Manager for Noranda Exploration and Hemlo Gold Mines
Inc. Mr. Reid has over 35 years experience in exploration and
mining geology, spanning a variety of Canadian geological terrains,
from Newfoundland to Yukon and Alaska. Mr. Reid was part of the exploration
team involved in the discovery of the Brewery Creek Gold Deposit in
the Yukon Territory and the
Boundary Massive Sulphide Deposit / Duck Pond Mine in Central Newfoundland. Mr. Reid is a
Professional Geologist registered with the Association of
Professional Geoscientists of Ontario and the Professional Engineers and
Geoscientists, Newfoundland and
Labrador.
Zimtu has been an active supporter of
Kapuskasing in its move to the
Borden Gold District and will continue to support the company as it
moves forward.
Additional information on Kapuskasing is available on the company's
website at: http://www.kapgold.com
About Zimtu Capital Corp.
Zimtu Capital Corp. is a public investment issuer that invests in,
creates and grows natural resource companies thereby providing a
way for shareholders to indirectly participate and profit in the
public company building process. 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."
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.
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.