Zimtu INSIDE Newsletter [Issue 01/2013]

1. ISSUE 01/2013
BREAKING
INSIDE
INSIDE www.twitter.com/Zimtu
CONNECTING OPPORTUNITY AND YOU.
NEWS www.facebook.com/Zimt
Zimtu Capital is very excited by www.twitter.com/Zimtu
the Breaking News that has just
been released by Commerce Re-
sources on the achievement of
the highest grade mineral con-
centrate by a Rare Earth junior
(Feb 20, 2013). The fundamen-
tal importance of being able to
produce a mineral concentrate www.facebook.com/Zim
speaks directly to the expected
lower processing costs and in this
regard, it is thought that the Ash-
ram Project could have very low,
if not the lowest, operating costs
out of the current developing rare
earth element projects. ASHRAM RARE EARTH PROJECT
CONTENT: URANIUM IS HOT AGAIN - ZIMTU IS IN
GUEST ARTICLE: SEIZING OPPORTUNITIES IN THE ATHABASCA BASIN
TANTALUM SUPPLY SQUEEZE
The number of handheld electronic de- The most recent M&A announcements regarding tons to megawatts” is running out by the
vices is increasing at a phenomenal pace. Fission Energy and Uranium One have been a end of this year. The pressure for the US
All of them require tantalum capacitors. wake up call to the Uranium sector. Notably the is particularly high. As the New York based
Commerce Resources is working to provi- south-western part of the Athabasca basin has resource analyst Chris Berry has recently
de a solution to the growing supply gap. triggered new interest from investors leading to pointed out the US is only producing 4M
rocketing share prices and major financings. Zim- pounds of U3O8 domestically, but is consu-
...more on page 3 tu is seizing the opportunity by securing two equi- ming 55M. pounds per year. That should
ty positions in the space: Clermont Capital (TSXv: be a concern to politicians in Washington
INTERVIEW: XYZ.P) and Lakeland Resources (TSXv: LK). and a raging opportunity for the market.
BRAND NEW: ZIMTU
by Sven Olsson
GOES FLUORSPAR As of today Zimtu has seized two urani-
One of Zimtu‘s newest ventures is in
um related opportunities in the Athabasca
fluorspar! Former Evolving Gold CEO
basin. The first one is through the owner-
T
Robert Bick explains why he is excited
he renaissance of the uranium sector ship of 1M shares in Clermont Capital, a
about the opportunity.
was overdue. Effectively the market CPC, that has just entered a binding ag-
...more on page 4 and 5 had already been prepared to rally reement to amalgamate with the Austra-
two years ago, when the Fukushima acci- lian NexGen Energy group in order to list
dent smashed the sector and made explo- their flagship asset which is the Radio
GUEST ARTICLE: Project located adjacent to Rio Tinto’s
ration almost impossible to fund. Now this
MAJOR PROGESS IN TURKEY Roughrider Uranium Deposit and to the
two year delay translates into an ever bigger
In just one year, Pasinex Resources has
pressure on the industry to balance supply Fission Energy discovery. We are aware
established itself as a serious player in
and demand. According to the World Nu- that the financing is well underway and
the exploration for base metals in Turkey,
clear Association 62 reactors are currently expect the transaction to complete shortly.
working two flagship projects in zinc and
copper. being built and more than 400 are in the
planning stage. Japan, currently respon- The second opportunity is Lakeland Resour-
...more on page 6 sible for 10% of the world consumption, ces’ negotiations to acquire a significant
is about to return to nuclear power under land position within the Athabasca Basin.
Besuchen Sie uns: it’s new liberal government. And last but With ownership in over 4.3M shares, Lake-
not least the transfer of uranium from Rus-
www.zimtu.com
Visit us: www.ZIMTU.com land represents a significant equity position
sia to the US under the program “mega- for Zimtu.
-1- www.ZIMTU.com

2. INSIDE
COMMENTARY
ZIMTU PERSPECTIVE
2012 was a dark year for the exploration In addition, we anticipate that equity
industry. We observed investors shying holding Prima Fluorspar will shortly
away from early-stage opportunities in complete its Reverse Takeover and listing
an effort to minimize risk. This created on the TSX Venture Exchange. Prima
a lack of liquidity in the markets which Fluorspar is led by Robert Bick, the former
consequently made it extremely difficult CEO of Evolving Gold. We co-hosted the
for many companies to finance. With that Fluorspar 2012 Conference last October
said, it is worthwhile noting that Zimtu was and were encouraged hearing of the growing
able to complete a financing in addition to supply side deficit from the many major
many of our important equity holdings such chemical companies. As Zimtu will own
as Western Potash, Commerce Resources, 7.5 million shares of Prima Fluorspar, we
Pasinex Resources, Prima Fluorspar and will be following the company’s exploration
Montan Capital to the tune of over 18 activities and developments closely.
million dollars.
Prima Fluorspar is also the first example
In exploration, money translates into pro- of a closer collaboration with 49 North Sven Olsson
Director of Zimtu Capital Corp.
gress. Western Potash produced their bank- Resources of Saskatoon. The second is
able feasibility study showing exceptionally Redstar Ventures; a Capital Pool Company
strong economics for the Milestone Potash that has recently announced an acquisition
Project in Saskatchewan. Commerce Re- as its Qualifying Transaction. This
sources presented two PEAs for the Blue transaction will be Zimtu’s first involvement EVENT DATES:
River Tantalum-Niobium Project and El- in the oil business in Saskatchewan. Upon
dor Rare Earth Element Project. Pasinex closing it is proposed that Zimtu will own Here you can find
Resources secured two major base me-
tal projects in Turkey and Montan Capital
more than 2.6 million shares.
all events where
completed its Initial Public Offering. With
regards to our transactional business, Zim-
A major turn-around is Pasinex Resources
which commenced activities last year.
you can meet us.
tu completed eight property transactions in We are pleased with the progress the
the graphite space; adding over 10 million company has made to date: securing $2.8 March 3-6, 2013
shares in various companies to the our as- million, establishment of a joint venture PDAC 2013
set base. The graphite sector was one of the partnership, and the acquisition of two TORONTO, CANADA
rare ‘bright’ sectors in the last year. significant projects exploring for zinc and
copper in Turkey. We feel that Turkey holds March 16-22, 2013
No doubt share prices are depressed if not significant exploration potential. MINES & MONEY HONG KONG
to say depressing, but regardless of this, HONG KONG
Zimtu has continued to invest and create The transition from a private to public
new opportunities. For example, Zimtu has company if often a challenge. Zimtu holds
April 5-6, 2013
secured equity positions in two companies equity positions in a number of private
CAMBRIDGE HOUSE CRIC 2013
well positioned in the uranium sector within companies that are in various stages of
the Athabasca Basin. seeking a public listing. It is true to say CALGARY, CANADA
that our business sometimes requires a lot social media link
of patience. April 19-20, 2013
INVEST STUTTGART 2013
STUTTGART, GERMANY
IMPRINT: DISCLAIMER: November 1-2, 2013
EDELMETALLMESSE MÜNCHEN
PUBLISHER: The views expressed here in this newsletter contain
Zimtu Capital Corp. information derived from publicly available sources MÜNCHEN, GERMANY
Suite 1450 - 789 West Pender St. and have not been independently verified.
Vancouver, BC
V6C 1H2 Canada No representation or warranty is made as to the
Tel: +1 604 681 1568 accuracy, completeness or reliability of the infor-
Fax: +1 604 681 8240 mation.
website URL
EDITOR: Any forward looking information in this newsletter
Sven Olsson has been prepared on the basis of a number of as-
sumptions which may prove to be incorrect. This
GUEST ARTICLE: newsletter should not be relied upon as a recom-
Steve Williams, CEO of Pasinex Resources Ltd. mendation or forecast by Zimtu Capital Corp. or any
other company mentioned in this newsletter.
LAYOUT & DESIGN:
Hitman Creative Media Inc. Nothing in this newsletter should be constructed as
either an offer to sell or a solicitation of an offer to
buy or sell shares in any jurisdiction.
Visit us: www.ZIMTU.com
-2- www.ZIMTU.com

3. INSIDE
GUEST ARTICLE
TANTALUM IS BACK ON THE AGENDA
COMMERCE IS - IN A GOOD WAY - A TWO-HEADED MONSTER
Chris Grove, Director of Commerce Resources is found in the Dodd-Frank financial reform
(TSX.V: CCE), discusses upcoming expectations bill signed into law by President Obama in
for their Rare Earth and Tantalum / Niobium pro- July 2010. This Conflict Minerals language
jects. is an attempt to address the fundamental
reasons causing the suffering in the Demo-
cratic Republic of Congo – which has requi-
T
antalum is back in the news at this red the continued presence of the largest
time – as one of the Three T’s that UN peacekeeping force in the world - that
the current US Conflict Minerals le- of the extractive practices that has produ-
gislation and subsequent SEC ruling is fo- ced a significant amount of the tantalum
cused on - and it is arguably the commodity that is found on the global market.
that is in the greatest supply shortfall out of
all commodities. Because of these signifi- To conclude, there is a significant tantalum Chris Grove
cant factors there is upward price pressure Director of Commerce Resources
shortfall from primary production, produc-
on tantalum and the highest prices we have tion shortfalls and stockpiles and in addi-
ever seen for this essential commodity. tion there is legislation that prohibits the
use of conflict tantalum by any US listed
Tantalum is essential in the continued de- company or its suppliers.
sign and manufacture of all electronics.
There is no substitute for tantalum and in This leaves us now with the potential to be-
fact there has been a shift towards replacing come the largest producer of the commo- Mr. Chris Grove is an experienced com-
tungsten and titanium parts dity that is in the greatest munications and marketing professio-
with tantalum based parts WE HAVE BUILT A supply shortfall of all com- nal with several years experience with
because of its superiority in modities. private and public early stage growth
all aspects combined with
STRONG POSITION companies in the resource sector. Mr.
its unequaled performance AT THIS TIME AND And our resource continues Grove is currently the Director of Cor-
reliability. THIS IS BEING to grow. Following the com- porate Communications for Commerce
Resources Corp. (TSXv:CCE) an explo-
RECOGNIZED BY THE pletion by AMEC of the PEA ration and development company with
Our involvement with tanta- WORLD’S TANTALUM for our Upper Fir deposit a particular focus on tantalum, niobium
lum goes back to the tech in November 2011, AMEC and rare metal deposits.
boom in 1999/2000 when CONSUMERS. has reported a 42% incre-
Dave Hodge the president ase of our resource in July
of Commerce Resources correctly (IMHO) 2012 and there will also be a new 43-101
identified the opportunity that this metal pre- compliant resource estimate delivered this MAIN OFFICE:
sented and we staked the Blue River claims year that includes all of the drilling we have 1450 – 789 West Pender Street
in British Columbia. Our Upper Fir project completed since the PEA was released. Vancouver
is now the largest economically viable pro- BC, V6C 1H2
duction scenario for tantalum in the world. We are in a strong position at this time and tel: +1 604 681 1568
this is being recognized by the world’s tan- fax: +1 604 681 8240
Let me address the issue of scarcity first. talum consumers. Following the SEC ruling www.commerceresources.com
A significant number of former tantalum last August, supporting the Conflict Mine-
miners have put their projects under care rals legislation found in the Dodd-Frank
and maintenance in addition to the produc- bill, we have seen an increase of interest
tion shortfalls of current operating mines coming from companies that clearly under- on our ability to reduce our mass by ~95%,
and the depletion of stockpiles. The current stand that they need to change their pro- which simply means that we can strip away
shortfall of material is approximately 3.3 curement policy to be compliant with the a huge amount of rock before we begin the
Million pounds which represents about half current reporting requirements that apply to standard acid leaching process. This ulti-
of the global market that is usually reported all US listed companies and their suppliers. mately means lower operating costs
as being 6 – 7 Million pounds per annum. Clearly, there is an increased urgency for
these companies to make moves now that The Ashram REE project is huge, has high
There have been no new tantalum mines would ensure that they can continue to be grades, has a distribution with enrichment
started in the last 5 years and there are few viable in the world of electronics. in the light, middle and heavy REE’s, but
other tantalum projects of size being worked most importantly, it is hosted by the three
on at this time. If you do the math, you may Commerce Resources is - in a good way - a minerals that dominate current commercial
come to the conclusion, as we have, that two-headed monster. Therefore it would be processing in China and California, which
even if all of the current projects come into just wrong of me to not give you an update means the entire world.
production that there will be a continued on our Ashram REE project in Quebec.
shortfall for the foreseeable future. This deposit, as it continues to see metal-
On February 20, 2013, we announced the lurgical advances is something that every-
How, or from where, has this shortfall been production of a 40% TREO concentrate one should watch. We are sure that it will
filled? The answer to this question is best which is the highest grade mineral concen- be discovered once again - this time by
understood as being the driving force be- trate that any REE project has produced. the market and of course by potential JV-
hind the Conflict Minerals legislation that This is extremely significant and follows up partners.
-3- www.ZIMTU.com

4. INSIDE
INTERVIEW
BRAND NEW : PRIMA FLUORSPAR CORP.
WHY THE LIARD HIGH GRADE FLUORSPAR DEPOSIT CAN MAKE
A DIFFERENCE IN THE MARKET
Prima Fluorspar Corp. is preparing to be tra- RB: I like industrial minerals and the fact
ding on the TSX:V by Mid-March 2013. The that fluorspar is fundamental to all our
symbol will be PF. lives. Fluorspar is the major cooling agent
in our refrigerators and air conditioners. It
Sven Olsson (SO): Prima is in the final sta- is essential in aluminum and steel smel-
ges of their financing. What is the response ting. Consumer products like Gore-Tex® and
you have been getting from investors? Teflon® depend on fluorspar. Over 50% of
new drug formulas include fluorspar. The
Robert Bick (RB): Investors are telling us key to Fluorspar is „security of supply“.
that they want something different. They Chemical companies need a safe and pre- Robert Bick
President & CEO of Prima Fluorspar Corp.
are particularly interested in the fact that dictable supply of Fluorspar. There are no
fluorspar is a critical industrial mineral that fluorspar mines in USA or Canada. Canada
will always have a market in our modern and USA are 100% dependent on exter-
world. Also the fact that the fluorspar on our nal sources for fluorspar. USA is the 2nd
property is close to surface making it likely largest consumer of fluorspar after China.
that this will be an open pit. This substan- North America’s biggest companies rely on
Mr. Robert Bick served as CEO and
tially reduces the risk for a junior company. fluorspar. Executive Chairman of Evolving Gold
Corp from 2007 to 2010. During that
SO: Obviously you have a background in SO: At the end of the day the size of the period, Evolving Gold’s market cap grew
gold as CEO of Evolving Gold in the past. market plays a major role for industrial mi- from $3 million to over $100 million,
What brought you to Fluorspar amongst all nerals. How big is the fluorspar market? raised $50 million in capital, made two
commodities? major gold discoveries and moved from
the CNSX to the TSX Venture and sub-
RB: In 2011, 6.2 million tonnes were sold
sequently to the TSX big board.
for a total of $2.4 billion. An interesting
fact – there is no substitute or replacement
PROPERTY HIGHLIGHTS for fluorspar so the market demand for flu-
orspar continues to grow. Fluorspar is the MAIN OFFICE:
source for fluorine – the most chemically re- 1450 – 789 West Pender Street
LIARD FLUORSPAR PROPERTY
active element on the planet. Because flu- Vancouver
• 22,588 ha (55,000 acres)
orine readily combines with other minerals, BC, V6C 1H2
• 55 mineral claims, 100%- fluorspar is the foundation for countless tel: +1 604 681 1568
owned chemicals across many applications. More fax: +1 604 681 8240
• On Alaska Highway than 50% of fluorspar is used to produce www.primafluorspar.com
hydrofluoric acid, essential to oil refining
HISTORIC MINERAL RESERVE* and a wide range of products. An industrial
• 60 drill holes, 20 showings, mineral is very different. Fluorspar is classi-
7 major showings fied as a critical commodity in the European
• Preliminary metallurgical testing Union and in the USA. It is essential for SO: Let‘s talk about the actual exploration
produced 97% concentrate major chemical companies like Honeywell, target that Prima holds. Tell us about your
Dupont, BASF, 3M, Bayer and aluminum fluorspar property
producers like Rio Tinto Alcan. Fluorspar
OPEN PIT POTENTIAL
will continue to be a critical ingredient in RB: Our Liard Fluorspar Property is an ad-
• Mineralization close to surface today’s world. vanced-stage exploration project, 22,588
ha (55,816 acres), located in northern
RESOURCE EXPANSION POTENTIAL SO: We know that Rare Earth or Graphite British Columbia. It is situated along the
• 30 km strike length are dominated by Asian producers, particu- Alaska Highway, 300 km from the railhead
larly China. Where does China fit into the at Fort Nelson. Over 60 holes were previ-
2013 WORK PROGRAM fluorspar picture? ously drilled on the property with 7 major
• Ground geophysics showings of fluorspar. The historic mineral
• Drill Program: 80-100 holes RB: You are right, over 50% of the world’s resource* is 3.2 million tonnes averaging
• 8,000 - 10,000 meters fluorspar is produced in China. Over the last 32% fluorspar. We believe this could be a
years, less and less of the fluorspar mined major fluorspar deposit with as much as 20
in China is being exported. China is consu- million tonnes. Liard is a big property with
ming the bulk of their fluorspar internally 30 kilometers of potential strike zone and
to satisfy the ever-increasing middle class many potential drilling zones. In addition,
demand for value-added products like ref- the historic drilling was shallow and did
rigerators. Within the decade, China is pro- not follow the ore-bodies to depth or along
jected to be a net importer of fluorspar. strike.
-4- www.ZIMTU.com

5. INSIDE
INTERVIEW CONTINUED
SO: Has any metallurgical work been done
in the past?
RB: The historic metallurgical testing at our
Liard Property provided a concentrate above
97%* purity which qualifies as acid grade
fluorspar and is sold at the highest prices.
Today’s metallurgical processes are subs-
tantially advanced since this original work
was done.
SO: How close to the surface does the flu-
orspar appear?
RB: When I visited the Liard property last
September, I took the photo (at right). The
purple fluorspar in this picture says better
than anything else how close the fluorspar
is to surface. We anticipate an eventual CFI with a market cap of approximately $35 consider Prima?
mine to be open pit. million. They have a 50/50 joint venture
with the French Chemical company Arke- RB: I will give you seven reasons:
SO: The other key for success in the indus- ma on their St Lawrence Fluorspar Project. 1. The world needs fluorspar for a wide
trial minerals game is infrastructure. How They anticipate producing fluorspar in late range of uses.
does Liard do on in that regard? 2014. 2. China is projected to be a net importer
of fluorspar within the decade.
RB: The property is right on the Alaska SO: Please describe Prima’s relationship 3. There are no producing fluorspar mines
Highway which is the major transportation with Zimtu Capital. in Canada or United States.
route in Northern British Columbia. The 4. Our Liard fluorspar property has sig-
topography is only moderately hilly which RB: Zimtu initially invited me to form a nificant tonnage and high grade. The
allows easy access for drills and equipment. company to acquire the Liard Property historic resource* is 3.2 million ton-
which Zimtu owned. Zimtu holds over 20% nes* with an average grade of 32%
SO: Which exploration activities do you of the Prima shares of the company and fluorspar.
have planned for this season? have a vested interest in Prima’s success. 5. The Liard property has 30 km of strike
Prima does a lot of co-marketing with Zimtu zone providing an opportunity to grea-
RB: We will be doing a geophysics (gravity) which reduces our costs and gives us wide tly increase the resource.
survey and a drill program. We would like to exposure to the market. It is also helpful to 6. The historic metallurgical testing pro-
drill as many as 80-100 holes. The holes us that Zimtu has a lot of experience with vided a concentrate above 97%* purity
will be shallow (75-120 meters). critical industrial minerals and metals like qualifying as acid grade and is sold at
tantalum, graphite and fluorspar. Zimtu is a the highest prices.
SO: Are there other fluorspar companies on perfect fit for us. 7. We have a strong relationship with Zim-
the TSX-V? tu Capital which provides us with co-
RB: The other company is Canada Fluorspar SO: In summary, what are the primary marketing opportunities to make sure
Inc. trading on the TSX:V under the symbol reasons you think investors should that Prima is in front of the market.
*Historical Data: Prima Fluorspar Corp (Prima) has not
undertaken an independent verification to classify the
Production
China Demand Is Straining Global Supply. historic resource estimate quoted from a Mineral Po-
tential Compilation Report for the BC Department of
Consumption Economic Development, written by Wright Engineers Li-
mited and H.N. Halvorson Consultants Ltd., in January
3 000 000
1993 2011 17, 1975 as a current mineral resource. Neither has
Prima independently verified the results of the previous
2 500 000
...Now though, it consumes almost
exploration work. Therefore, the historical mineral re-
For decades, China has produced all of the fluorspar it produces - and source should not be relied upon, but the issuer believes
2 000 000 roughly half of the world’s fluorspar... its reserves are running out. Fluorspar is not
recyclable. the information to be relevant and reasonably reliable.
An unknown quantity of the 3.2 million tonnes are on
1 500 000
New fluorspar must mineral claims outside of the current Liard Fluorspar
be mined. Property. However, based on the information available,
1 000 000
the majority of the estimate is based on the deposits
500 000 located on Prima’s Liard Fluorspar Property. The key
assumptions, parameters and methods of the resource
0 estimate are unknown at this time. New deposit defi-
nition drilling is needed to develop a current resource
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It's clear that new sources of fluorspar must be developed to replace diminishing Chinese exports. Prima believes that these historical mineral resources
provide a conceptual indication of the potential of the
property and are relevant to ongoing exploration.
Future Applications
-5-
Fluorspar products are added to the electrolyte of prototype lithium-ion batteries, improving their: www.ZIMTU.com

6. INSIDE
GUEST ARTICLE
A JUMPSTART IN TURKEY
PASINEX RESOURCES SECURES
ASSETS AND JV-PARTNER
What a year it was for Pasinex Resources. One year ago this month (March 2012) Pasinex Resources
was formed. In that one year span the company has gone from the early challenges of formation to
acquiring two major base metal prospects performed exploration and drilled the Cu / Ag project called
Golcuk. CNSX:PSE
by Steve Williams
L
ast February Pasinex came into opportunity between the two parties. Akme-
being. The company was formed af- tal have three mines in Turkey (a chromite
ter taking over management of Triple mine in Adana and a joint venture with a
Dragon Resources, rebranding it and refo- gold mine and a base metal mine in Tur-
cusing it to base and precious metal explo- key) and so bring local where with all to the
ration in Turkey. Since then the company joint venture. An agreement was struck with
Steven Williams
raised over $2.8 million CAD through priva- Akmetal in July 2012 covering what would
President and CEO, Director te placements at 10 cents / share. The ma- be the Horzum regional zinc opportunity in
nagement team is lead by Steve Williams as Adana www.pasinex.com
province.
President and CEO. and key team members
are Clinton Smyth, VP- Exploration and Ba- Golcuk Cu / Ag project in Sivas was acquired
ris Yildirm, Manager in Turkey. by Pasinex from Eurasian Minerals. Eurasi-
an (either directly or indirectly) had carried
Pasinex holds 21 mineral property licen- out quite a bit of valuable work that provi-
ses throughout Turkey really making up five ded a basis for Pasinex to go forward. The
distinct projects. Our two key projects are first task for Pasinex was to assimilate all
Mr. Williams graduated with a Bachelor Golcuk Cu / Ag project, in Sivas province, this information and digitize historic drilling
of Applied Science (Extractive Metallur- Turkey and the Horzum AS company zinc and various maps. With this and our own
gy) from the Western Australian School projects in Adana province Turkey. Golcuk project geological mapping we were able to
of Mines and an MBA from Tulane Uni-
was acquired as a 100% option from Eura- determine where we wanted to start drilling.
versity. He has worked in the mining in-
dustry since 1976 in mining operations sian Minerals Limited in September 2012. By December 2012 we began drilling two
in Australia and Canada – including a Cu The 8 properties that Pasinex acquired in holes into Golcuk. The first of these holes
/ Pb / Zn operation in NSW, Australia, a the Horzum district Adana were acquired was reported in January 2013 and inclu-
Au mine in Queensland, Australia and a through staking and auction process mostly ded a 10 meter intercept of 2.97% Cu, 37
Pb / Zn mine in New Brunswick, Canada. around the middle of 2012. In addition, g/t Ag. This was a great start for Pasinex at
He worked 20 years with SGS Lakefield Pasinex acquired properties in the provin- Golcuk. Pasinex plans to do a much larger
Research in Canada and Chile in both ces of Afyon (a Cu prospect), Bursa (a Cu drilling campaign on the Golcuk property in
metallurgical project management and
prospect) and Artvin (prospective for poly- 2013.
business management. His technical ex-
perience covered base metals, precious metallic type deposits).
metals and selected specialty metals and The Horzum regional zinc project was pie-
minerals such as graphite and barite. Mr A key objective for Pasinex was to build a ced together throughout 2012. By the end
Williams’ business management roles for strong technical team in Turkey. This pro- of 2012 the Joint venture mineral property
SGS included building a global metal- cess was led by Baris Yildirim and resulted holding in this area totaled about 16,000
lurgical network of laboratories in Chile, in a team of 9 people being put together in hectares. Each property was then systema-
Mexico, UK and Russia. Finally, Mr Wil- Turkey. The team consists of 1 Senior Geo- tically explored. The exploration consisted
liams became Managing Director for SGS
logist and 6 Geologists plus 2 support staff. of mapping, rock and stream sediment
Canada, a company with about 1300
employees. He has authored many tech- The team is based in Horzum and Golcuk sampling and then geochem soil sampling
nical papers and in 2004 he became a with three people based out of Ankara. This either on ridge and spurs or using area grid
CIM Distinguished Lecturer and in 2008 team works very closely with Clinton Smyth sampling. In total about 5000 samples
a CIM Fellow, for his work specialising in our VP – Exploration and has been a key were taken on the Horzum regional proper-
geometallurgy. factor in Pasinex advancing rapidly in their ties in 2012. By the end of the year this
Mr Williams has a strong background field exploration during 2012. program had resulted in coming up with
of both technical and management skills two new and significant zinc / lead geochem
that serves well for leadership of a ju-
Pasinex Resources want to build mines anomalies on properties called Akkaya and
nior mining and exploration team. His
strengths are in vision, stragegy and in Turkey. Given this, Pasinex recognized, Pasali (both of these have been reported to
team building. right from the outset, that they needed a the market). The Akkaya and Pasali geo-
strong strategic, Turkish partner. We met chem “finds” are sufficiently encouraging
Akmetal AS, a Turkish mining company to mean that in 2013 Pasinex intends that
and immediately recognized the synergistic both of these targets will be drilled.
-6- www.ZIMTU.com

7. INSIDE
NEWS
ONE SINGLE SUCCESS STORY HAS THE POTENTIAL TO CHANGE ZIMTU‘S ENTIRE VALUATION
WE HOLD BIG POSITIONS WITH LEVERAGE
A lot of value that is contained within Zimtu Capital is often not talked about as we tend to focus on our core
holdings such as Western Potash, Commerce Resources, Pasinex Resources and Lakeland Resources. Some of
our other equity holdings include:
(TSXV: ADD) (TSXV: NRT) (TSXV: MO.P) (TSXV: PP)
SHARES OUTSTANDING: 43.3 M SHARES OUTSTANDING: 24.1 M SHARES OUTSTANDING: 8.0 M SHARES OUTSTANDING: 39.9 M
CURRENT PRICE: C$0.16 CURRENT PRICE: C$0.09 CURRENT PRICE: C$0.25 CURRENT PRICE: C$0.08
ZIMTU SHARE POSITION: 1,235,556 ZIMTU SHARE POSITION: 2,103,000 ZIMTU SHARE POSITION: 1,070,000 ZIMTU SHARE POSITION: 4,396,000
Arctic Star recently announced that it had Big North recently acquired three past pro- Montan Capital recently completed its IPO as In June 2012, Pacific Potash announced the
staked 10,000 hectares of mineral claims ducing graphite mines located in Sonora a new Capital Pool Company. The company acquisition of Western Potash’s Brazilian
in the Northwest Territories, Canada. The Mexico. The mines are located in the San Jose currently has 8 million shares outstanding potash assets. The land package comprises
property, known as the Redemption Diamond de Moradillas region of Mexico where graphite (5 million of which are held in escrow) and several claim parcels that extend from the
Property, is located approximately 40 kilome- has been produced for more than 145 years. C$925,000 cash. Management includes Ryan Amazon River to the centre of the Amazonas
tres southwest of the Ekati Mine. The property Big North has raised close to C$ 1 million in Fletcher, Director of Zimtu Capital Corp., Basin, in the same area where Potassio do
is adjacent to the Credit Lake Property which December to fund the restarting of the Nuevo Michel Robert former Senior Vice President Brasil, Petrobras, and Vale, among others,
Arctic acquired from Kennecott in 2004 and San Pedro Project. for Pan American Silver and Vice President are exploring for potash deposits. There has
actively explored until 2011. When the new of Exploration for Quinto Mining which was been a large amount of capital and investor
ground opened for staking, Arctic hurried to sold to Consolidated Thompson Iron Mines interest in the Amazonas Basin area and
acquire it as diamond indicator trains inden- for approximately C$150 million, Ian Graham, Brazil recently. Mr. Dean Pekeski was also
tified at Credit Lake pointed to a potential former Chief Geologist with the Project Gene- subsequently appointed to Pacific’s Board of
source at the staked property. The property ration group of Rio Tinto and Alfredo Ferrero, a Directors. Mr. Pekeski is currently Executive
was previously tied up by Peregrine Diamonds former Minister of Foreign Trade and Tourism Vice President for Western Potash.
Ltd. Arctic plans to drill the diamond target in Peru. With the strong treasury the company
in spring 2013. is reviewing potential Qualifying Transactions
in the Metal and Mining space.
(TSXV: DLT)
SHARES OUTSTANDING: 191.1 M
CURRENT PRICE: C$0.10
ZIMTU SHARE POSITION: 1,000,000
On February 15th 2013 the TSX Venture Ex-
change accepted the Qualifying Transaction
of Delta Gold Corp., formerly ADR Capital. In
December 2012, ADR Capital announced it‘s IRON TANK
intent to to combine with Delta Gold Inc. Delta RESOURCES
holds 100% of the Imperial Gold Project loca-
(TSXV: XYZ.P) ted in southern California which it acquired (TSXV: CRE)
SHARES OUTSTANDING: 15.8 M from Goldcorp. The property host a dissemi- SHARES OUTSTANDING: 110.7 M
CURRENT PRICE: HALTED nated, open-pit-minable, heap-leachable (TSXV: TNK) CURRENT PRICE: C$0.22
ZIMTU SHARE POSITION: 1,000,000 gold deposit. The project host an Indicated SHARES OUTSTANDING: 17.3 M ZIMTU SHARE POSITION: 1,500,000
Resource of 50.4 million tonnes at 0.49 g/t CURRENT PRICE: C$0.07
Clermont Capital recently announced that it Au for 879,000 oz Au and a total Inferred ZIMTU SHARE POSITION: 1,000,000 Critical Elements has been working with
had entered into a LOI for the acquisition of Resource of 84.1 million tonnes at 0.43 g/t end-users and potential strategic partners
NexGen Energy Ltd. for its Qualifying Tran- Au for 1,251,000 oz Au. A PEA has been com- Iron Tank was listed on the TSX-V in March, to discuss the sale of lithium carbonate and
saction. NexGen aims to become the premi- pleted which projects a proposed operation 2012. The new company is a cooperative tantalite concentrate from its flagship Rose
er uranium explorer in the Athabasca Basin with 119,000 oz Au per year over a 10-year project between the Preakness Group (http:// Lithium-Tantalum Project in Quebec. In 2011,
in Saskatchewan, Canada. The company’s mine life. Life-of-mine cash costs and total preaknessgroup.com/) and Zimtu Capital. Critical Elements announced the results of a
flagship asset is the Radio Project located costs are projected to average $599 (U.S.) per Preakness and Zimtu are currently reviewing PEA for the project. The after tax IRR for the
adjacent to Rio Tinto’s Roughrider Uranium oz and $965 (U.S.) per oz respectively. At a advanced mineral property assets for the Rose Project is estimated at 25% , with a NPV
Deposit. Rio Tinto acquired Roughrider from $1,300-(U.S.)-per-oz Au price, the after-tax company. of C$279 million at an 8% discount rate. The
Hathor Exploration in a takeover bid valued NPV discounted at 5 per cent is estimated payback period is estimated at 4.1 years. The
at approximately C$642 million in 2012. Nex- at $136.3-million (U.S.), the internal rate of economic analysis is based on a mine life of
gen also acquired 10 Canadian projects from return at 19.4% and the payback at 4.4 years. 17 years, estimated capital costs of C$268.6
Mega Uranium in the Athabasca and Thelon Delta‘s management team has a reputation million and operating costs of C$67.65/tonne
basins. Nexgen is in the process of closing a for excellence and high standards in explora- of ore milled.
$6.6 million financing and will drill several of tion, mine development and operations, and
the projects in 2013. are recognized leaders in the area of corpo-
rate social responsibility.
-7- www.ZIMTU.com

8. INSIDE
ZIMTU NEWS
ZIMTU UPDATE
TSX.V: ZC . FSE: ZCT1 . WKN: A0RDR9
SHORT FACTS:
Shares Outstanding: ~11.2 M
Shares Fully Diluted: 12.6 M
52 Week High: 1.49 CAD
52 Week Low: 0.37 CAD
Market Cap.: ~5.0 M CAD
Cash & Securities: ~8.7 M CAD
PORTFOLIO ANALYSIS:
Top 5 Positions: 41.21%
Western Potash (TSX: WPX) 14.27%
Pasinex Res. Corp. (CNSX: PSE) 12.96%
Commerce Resources (TSX.V: CCE) 5.98%
Critical Elements Corp. 4.01%
Jack‘s Fork Corp. (private) 3.99%
NAV of Top 5: ~3.6M CAD
Total Positions: >50
*As of February 25, 2013
COMING TO TRADE SOON?
REDSTAR
CAPITAL VENTURES
REDSTAR CAPITAL VENTURES DISCOVERY HARBOUR CORP. JACKS FORK CORP. MOGUL VENTURES CORP.
TSXV: RSM PRIVATE PRIVATE PRIVATE
ZIMTU WILL HOLD 2.6M ZIMTU HOLDS 2M ZIMTU HOLDS 2.1M ZIMTU HOLDS 1M
Red Star will enter into a farm- Discovery Harbour, led by Ian Gra- Jack‘s Fork is led by Don Taylor a Mogul is focusing on acquisition,
in agreement with Allstar Energy ham, formerly Chief Geologist with geologist with 30+ years experi- exploration and development of
Ltd., a wholly owned subsidiary of Rio Tinto, has earned-in 51% in- ence in the mining and explora- coal projects in Mongolia. The Com-
49 North. The 3 well program for terest (49% Northern Shield: TSX- tion business. The properties in pany is developing its 100% owned
the transaction will be based on V:NRN) in the Wabassi project a Virginia were identified Don‘s team flagship asset, the Black Hills ther-
the 100 for 60 deal metrics, loca- layered intrusion with potential when working for BHP Minerals in mal coal project located in Midd-
ted on the Riverside Property (the Cu-Ni mineralization (drill indica- the 1990‘s. Jack‘s Fork has since le Gobi near Choir city. Extensive
“Property”), a 31,360-acre land ted, 2008 and 2011). The Wabassi continued to focus on base metal exploration and engineering work
package located in the west central project features a land position co- targets generated during the BHP was carried out on Black Hills in
area of Saskatchewan. Allstar has a vering 35,136 ha. This district size efforts, but have also expanded the the 1960s and 1970s by Russian
100% interest in the Property and land holding with multiple volcano- program to include a high quality interests and in 2011, Mogul com-
as operator will conduct all drilling, genic massive sulphide discoveries gold target that resembles the Hai- pleted an initial drill program resul-
servicing, completion and administ- has the potential to be the first new le Mine Property, currently under ting in a new NI 43-101 compliant
ration of farm-in wells.It is intended volcanogenic massive sulfide dis- permitting by Romarco Minerals in Inferred Resource estimate totalling
that the transaction, when comple- trict discovered in over 20 years. South Carolina. 89.6 million tonnes for the Ovdog
ted, will constitute the qualifiying Hudag coal deposit.
transaction.
-8- www.ZIMTU.com