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INSIDEISSUE 01/2013 CONNECTING OPPORTUNITY AND YOU.

The most recent M&A announcements regarding Fission Energy and Uranium One have been a wake up call to the Uranium sector. Notably the south-western part of the Athabasca basin has triggered new interest from investors leading to rocketing share prices and major financings. Zim-tu is seizing the opportunity by securing two equi-ty positions in the space: Clermont Capital (TSXv: XYZ.P) and Lakeland Resources (TSXv: LK).

by Sven Olsson

he renaissance of the uranium sector was overdue. Effectively the market had already been prepared to rally

two years ago, when the Fukushima acci-dent smashed the sector and made explo-ration almost impossible to fund. Now this two year delay translates into an ever bigger pressure on the industry to balance supply and demand. According to the World Nu-clear Association 62 reactors are currently being built and more than 400 are in the planning stage. Japan, currently respon-sible for 10% of the world consumption, is about to return to nuclear power under it’s new liberal government. And last but not least the transfer of uranium from Rus-sia to the US under the program “mega-

tons to megawatts” is running out by the end of this year. The pressure for the US is particularly high. As the New York based resource analyst Chris Berry has recently pointed out the US is only producing 4M pounds of U3O8 domestically, but is consu-ming 55M. pounds per year. That should be a concern to politicians in Washington and a raging opportunity for the market.

As of today Zimtu has seized two urani-um related opportunities in the Athabasca basin. The first one is through the owner-ship of 1M shares in Clermont Capital, a CPC, that has just entered a binding ag-reement to amalgamate with the Austra-lian NexGen Energy group in order to list their flagship asset which is the Radio Project located adjacent to Rio Tinto’s Roughrider Uranium Deposit and to the Fission Energy discovery. We are aware that the financing is well underway and expect the transaction to complete shortly.

The second opportunity is Lakeland Resour-ces’ negotiations to acquire a significant land position within the Athabasca Basin. With ownership in over 4.3M shares, Lake-land represents a significant equity position for Zimtu.

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URANIUM IS HOT AGAIN - ZIMTU IS INSEIZING OPPORTUNITIES IN THE ATHABASCA BASIN

CONTENT:GUEST ARTICLE:TANTALUM SUPPLY SQUEEZEThe number of handheld electronic de-vices is increasing at a phenomenal pace. All of them require tantalum capacitors. Commerce Resources is working to provi-de a solution to the growing supply gap.

...more on page 3

INTERVIEW:BRAND NEW: ZIMTUGOES FLUORSPAROne of Zimtu‘s newest ventures is in fluorspar! Former Evolving Gold CEO Robert Bick explains why he is excited about the opportunity.

...more on page 4 and 5

GUEST ARTICLE:MAJOR PROGESS IN TURKEYIn just one year, Pasinex Resources has established itself as a serious player in the exploration for base metals in Turkey, working two flagship projects in zinc and copper.

...more on page 6

Zimtu Capital is very excited by 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 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.

BREAKINGNEWS

ASHRAM RARE EARTH PROJECT

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Sven OlssonDirector of Zimtu Capital Corp.

IMPRINT:

PUBLISHER:Zimtu Capital Corp.Suite 1450 - 789 West Pender St.Vancouver, BCV6C 1H2 CanadaTel: +1 604 681 1568Fax: +1 604 681 8240

EDITOR:Sven Olsson

GUEST ARTICLE:Steve Williams, CEO of Pasinex Resources Ltd.

LAYOUT & DESIGN:Hitman Creative Media Inc.

DISCLAIMER:

The views expressed here in this newsletter contain information derived from publicly available sources and have not been independently verified.

No representation or warranty is made as to the accuracy, completeness or reliability of the infor-mation.

Any forward looking information in this newsletter has been prepared on the basis of a number of as-sumptions which may prove to be incorrect. This newsletter should not be relied upon as a recom-mendation or forecast by Zimtu Capital Corp. or any other company mentioned in this newsletter.

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.

EVENT DATES:Here you can find all events where you can meet us.

March 3-6, 2013PDAC 2013TORONTO, CANADA

March 16-22, 2013MINES & MONEY HONG KONGHONG KONG

April 5-6, 2013CAMBRIDGE HOUSE CRIC 2013CALGARY, CANADA

April 19-20, 2013INVEST STUTTGART 2013STUTTGART, GERMANY

November 1-2, 2013EDELMETALLMESSE MÜNCHENMÜNCHEN, GERMANY

2012 was a dark year for the exploration industry. We observed investors shying away from early-stage opportunities in an effort to minimize risk. This created a lack of liquidity in the markets which consequently made it extremely difficult for many companies to finance. With that said, it is worthwhile noting that Zimtu was able to complete a financing in addition to many of our important equity holdings such as Western Potash, Commerce Resources, Pasinex Resources, Prima Fluorspar and Montan Capital to the tune of over 18 million dollars.

In exploration, money translates into pro-gress. Western Potash produced their bank-able feasibility study showing exceptionally strong economics for the Milestone Potash Project in Saskatchewan. Commerce Re-sources presented two PEAs for the Blue River Tantalum-Niobium Project and El-dor Rare Earth Element Project. Pasinex Resources secured two major base me-tal projects in Turkey and Montan Capital completed its Initial Public Offering. With regards to our transactional business, Zim-tu completed eight property transactions in the graphite space; adding over 10 million shares in various companies to the our as-set base. The graphite sector was one of the rare ‘bright’ sectors in the last year.

No doubt share prices are depressed if not to say depressing, but regardless of this, Zimtu has continued to invest and create new opportunities. For example, Zimtu has secured equity positions in two companies well positioned in the uranium sector within the Athabasca Basin.

In addition, we anticipate that equity holding Prima Fluorspar will shortly complete its Reverse Takeover and listing on the TSX Venture Exchange. Prima Fluorspar is led by Robert Bick, the former CEO of Evolving Gold. We co-hosted the Fluorspar 2012 Conference last October and were encouraged hearing of the growing supply side deficit from the many major chemical companies. As Zimtu will own 7.5 million shares of Prima Fluorspar, we will be following the company’s exploration activities and developments closely.

Prima Fluorspar is also the first example of a closer collaboration with 49 North Resources of Saskatoon. The second is Redstar Ventures; a Capital Pool Company that has recently announced an acquisition as its Qualifying Transaction. This transaction will be Zimtu’s first involvement in the oil business in Saskatchewan. Upon closing it is proposed that Zimtu will own more than 2.6 million shares.

A major turn-around is Pasinex Resources which commenced activities last year. We are pleased with the progress the company has made to date: securing $2.8 million, establishment of a joint venture partnership, and the acquisition of two significant projects exploring for zinc and copper in Turkey. We feel that Turkey holds significant exploration potential.

The transition from a private to public company if often a challenge. Zimtu holds equity positions in a number of private companies that are in various stages of seeking a public listing. It is true to say that our business sometimes requires a lot of patience.

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COMMENTARY

ZIMTU PERSPECTIVE

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Chris Grove, Director of Commerce Resources (TSX.V: CCE), discusses upcoming expectations for their Rare Earth and Tantalum / Niobium pro-jects.

antalum is back in the news at this time – as one of the Three T’s that the current US Conflict Minerals le-

gislation and subsequent SEC ruling is fo-cused on - and it is arguably the commodity that is in the greatest supply shortfall out of all commodities. Because of these signifi-cant factors there is upward price pressure on tantalum and the highest prices we have ever seen for this essential commodity.

Tantalum is essential in the continued de-sign and manufacture of all electronics. There is no substitute for tantalum and in fact there has been a shift towards replacing tungsten and titanium parts with tantalum based parts because of its superiority in all aspects combined with its unequaled performance reliability.

Our involvement with tanta-lum goes back to the tech boom in 1999/2000 when Dave Hodge the president of Commerce Resources correctly (IMHO) identified the opportunity that this metal pre-sented and we staked the Blue River claims in British Columbia. Our Upper Fir project is now the largest economically viable pro-duction scenario for tantalum in the world.

Let me address the issue of scarcity first. A significant number of former tantalum miners have put their projects under care and maintenance in addition to the produc-tion shortfalls of current operating mines and the depletion of stockpiles. The current shortfall of material is approximately 3.3 Million pounds which represents about half of the global market that is usually reported as being 6 – 7 Million pounds per annum.

There have been no new tantalum mines started in the last 5 years and there are few other tantalum projects of size being worked on at this time. If you do the math, you may come to the conclusion, as we have, that even if all of the current projects come into production that there will be a continued shortfall for the foreseeable future.

How, or from where, has this shortfall been filled? The answer to this question is best understood as being the driving force be-hind the Conflict Minerals legislation that

is found in the Dodd-Frank financial reform bill signed into law by President Obama in July 2010. This Conflict Minerals language is an attempt to address the fundamental reasons causing the suffering in the Demo-cratic Republic of Congo – which has requi-red the continued presence of the largest UN peacekeeping force in the world - that of the extractive practices that has produ-ced a significant amount of the tantalum that is found on the global market.

To conclude, there is a significant tantalum shortfall from primary production, produc-tion shortfalls and stockpiles and in addi-tion there is legislation that prohibits the use of conflict tantalum by any US listed company or its suppliers.

This leaves us now with the potential to be-come the largest producer of the commo-

dity that is in the greatest supply shortfall of all com-modities.

And our resource continues to grow. Following the com-pletion by AMEC of the PEA for our Upper Fir deposit in November 2011, AMEC has reported a 42% incre-ase of our resource in July

2012 and there will also be a new 43-101 compliant resource estimate delivered this year that includes all of the drilling we have completed since the PEA was released.

We are in a strong position at this time and this is being recognized by the world’s tan-talum consumers. Following the SEC ruling last August, supporting the Conflict Mine-rals legislation found in the Dodd-Frank bill, we have seen an increase of interest coming from companies that clearly under-stand that they need to change their pro-curement policy to be compliant with the current reporting requirements that apply to all US listed companies and their suppliers.Clearly, there is an increased urgency for these companies to make moves now that would ensure that they can continue to be viable in the world of electronics.

Commerce Resources is - in a good way - a two-headed monster. Therefore it would be just wrong of me to not give you an update on our Ashram REE project in Quebec.

On February 20, 2013, we announced the production of a 40% TREO concentrate which is the highest grade mineral concen-trate that any REE project has produced. This is extremely significant and follows up

on our ability to reduce our mass by ~95%, which simply means that we can strip away a huge amount of rock before we begin the standard acid leaching process. This ulti-mately means lower operating costs

The Ashram REE project is huge, has high grades, has a distribution with enrichment in the light, middle and heavy REE’s, but most importantly, it is hosted by the three minerals that dominate current commercial processing in China and California, which means the entire world.

This deposit, as it continues to see metal-lurgical advances is something that every-one should watch. We are sure that it will be discovered once again - this time by the market and of course by potential JV-partners.

GUEST ARTICLE

TANTALUM IS BACK ON THE AGENDACOMMERCE IS - IN A GOOD WAY - A TWO-HEADED MONSTER

Chris GroveDirector of Commerce Resources

T

Mr. Chris Grove is an experienced com-munications and marketing professio-nal with several years experience with private and public early stage growth companies in the resource sector. Mr. Grove is currently the Director of Cor-porate Communications for Commerce Resources Corp. (TSXv:CCE) an explo-ration and development company with a particular focus on tantalum, niobium and rare metal deposits.

MAIN OFFICE:1450 – 789 West Pender StreetVancouverBC, V6C 1H2tel: +1 604 681 1568fax: +1 604 681 8240www.commerceresources.com

WE HAVE BUILT A STRONG POSITION AT THIS TIME AND THIS IS BEING RECOGNIZED BY THE WORLD’S TANTALUM CONSUMERS.

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INTERVIEW

Prima Fluorspar Corp. is preparing to be tra-ding on the TSX:V by Mid-March 2013. The symbol will be PF.

Sven Olsson (SO): Prima is in the final sta-ges of their financing. What is the response you have been getting from investors?

Robert Bick (RB): Investors are telling us that they want something different. They are particularly interested in the fact that fluorspar is a critical industrial mineral that will always have a market in our modern world. Also the fact that the fluorspar on our property is close to surface making it likely that this will be an open pit. This substan-tially reduces the risk for a junior company.

SO: Obviously you have a background in gold as CEO of Evolving Gold in the past. What brought you to Fluorspar amongst all commodities?

RB: I like industrial minerals and the fact that fluorspar is fundamental to all our lives. Fluorspar is the major cooling agent in our refrigerators and air conditioners. It is essential in aluminum and steel smel-ting. Consumer products like Gore-Tex® and Teflon® depend on fluorspar. Over 50% of new drug formulas include fluorspar. The key to Fluorspar is „security of supply“. Chemical companies need a safe and pre-dictable supply of Fluorspar. There are no fluorspar mines in USA or Canada. Canada and USA are 100% dependent on exter-nal sources for fluorspar. USA is the 2nd largest consumer of fluorspar after China. North America’s biggest companies rely on fluorspar.

SO: At the end of the day the size of the market plays a major role for industrial mi-nerals. How big is the fluorspar market?

RB: In 2011, 6.2 million tonnes were sold for a total of $2.4 billion. An interesting fact – there is no substitute or replacement for fluorspar so the market demand for flu-orspar continues to grow. Fluorspar is the source for fluorine – the most chemically re-active element on the planet. Because flu-orine readily combines with other minerals, fluorspar is the foundation for countless chemicals across many applications. More than 50% of fluorspar is used to produce hydrofluoric acid, essential to oil refining and a wide range of products. An industrial mineral is very different. Fluorspar is classi-fied as a critical commodity in the European Union and in the USA. It is essential for major chemical companies like Honeywell, Dupont, BASF, 3M, Bayer and aluminum producers like Rio Tinto Alcan. Fluorspar will continue to be a critical ingredient in today’s world.

SO: We know that Rare Earth or Graphite are dominated by Asian producers, particu-larly China. Where does China fit into the fluorspar picture?

RB: You are right, over 50% of the world’s fluorspar is produced in China. Over the last years, less and less of the fluorspar mined in China is being exported. China is consu-ming the bulk of their fluorspar internally to satisfy the ever-increasing middle class demand for value-added products like ref-rigerators. Within the decade, China is pro-jected to be a net importer of fluorspar.

SO: Let‘s talk about the actual exploration target that Prima holds. Tell us about your fluorspar property

RB: Our Liard Fluorspar Property is an ad-vanced-stage exploration project, 22,588 ha (55,816 acres), located in northern British Columbia. It is situated along the Alaska Highway, 300 km from the railhead at Fort Nelson. Over 60 holes were previ-ously drilled on the property with 7 major showings of fluorspar. The historic mineral resource* is 3.2 million tonnes averaging 32% fluorspar. We believe this could be a major fluorspar deposit with as much as 20 million tonnes. Liard is a big property with 30 kilometers of potential strike zone and many potential drilling zones. In addition, the historic drilling was shallow and did not follow the ore-bodies to depth or along strike.

BRAND NEW : PRIMA FLUORSPAR CORP.WHY THE LIARD HIGH GRADE FLUORSPAR DEPOSIT CAN MAKE A DIFFERENCE IN THE MARKET

PROPERTY HIGHLIGHTS

LIARD FLUORSPAR PROPERTY• 22,588 ha (55,000 acres)• 55 mineral claims, 100%- owned• On Alaska Highway

HISTORIC MINERAL RESERVE*• 60 drill holes, 20 showings, 7 major showings• Preliminary metallurgical testing

produced 97% concentrate

OPEN PIT POTENTIAL• Mineralization close to surface

RESOURCE EXPANSION POTENTIAL• 30 km strike length

2013 WORK PROGRAM• Ground geophysics• Drill Program: 80-100 holes• 8,000 - 10,000 meters

Robert BickPresident & CEO of Prima Fluorspar Corp.

Mr. Robert Bick served as CEO and Executive Chairman of Evolving Gold Corp from 2007 to 2010. During that period, Evolving Gold’s market cap grew from $3 million to over $100 million, raised $50 million in capital, made two major gold discoveries and moved from the CNSX to the TSX Venture and sub-sequently to the TSX big board.

MAIN OFFICE:1450 – 789 West Pender StreetVancouverBC, V6C 1H2tel: +1 604 681 1568fax: +1 604 681 8240www.primafluorspar.com

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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 mine to be open pit.

SO: The other key for success in the indus-trial minerals game is infrastructure. How does Liard do on in that regard?

RB: The property is right on the Alaska Highway which is the major transportation route in Northern British Columbia. The topography is only moderately hilly which allows easy access for drills and equipment.

SO: Which exploration activities do you have planned for this season?

RB: We will be doing a geophysics (gravity) survey and a drill program. We would like to drill as many as 80-100 holes. The holes will be shallow (75-120 meters).

SO: Are there other fluorspar companies on the TSX-V?RB: The other company is Canada Fluorspar Inc. trading on the TSX:V under the symbol

CFI with a market cap of approximately $35 million. They have a 50/50 joint venture with the French Chemical company Arke-ma on their St Lawrence Fluorspar Project. They anticipate producing fluorspar in late 2014.

SO: Please describe Prima’s relationship with Zimtu Capital.

RB: Zimtu initially invited me to form a company to acquire the Liard Property which Zimtu owned. Zimtu holds over 20% of the Prima shares of the company and have a vested interest in Prima’s success. Prima does a lot of co-marketing with Zimtu which reduces our costs and gives us wide exposure to the market. It is also helpful to us that Zimtu has a lot of experience with critical industrial minerals and metals like tantalum, graphite and fluorspar. Zimtu is a perfect fit for us.

SO: In summary, what are the primary reasons you think investors should

consider Prima?

RB: I will give you seven reasons:1. The world needs fluorspar for a wide

range of uses. 2. China is projected to be a net importer

of fluorspar within the decade.3. There are no producing fluorspar mines

in Canada or United States.4. Our Liard fluorspar property has sig-

nificant tonnage and high grade. The historic resource* is 3.2 million ton-nes* with an average grade of 32% fluorspar.

5. The Liard property has 30 km of strike zone providing an opportunity to grea-tly increase the resource.

6. The historic metallurgical testing pro-vided a concentrate above 97%* purity qualifying as acid grade and is sold at the highest prices.

7. We have a strong relationship with Zim-tu Capital which provides us with co-marketing opportunities to make sure that Prima is in front of the market.

INTERVIEW CONTINUED

www.visualcapitalist.com@VisualCap

VISUAL CAPITALIST: EDUCATING A NEW GENERATION OF INVESTORS ABOUT RESOURCE INVESTING AND MANAGEMENT.

VISUAL CAPITALIST IS COMMITTED TO PROVIDING INDEPENDENTLY RESEARCHED CONTENT FOR EDUCATIONAL PURPOSES.

THANKS TO PRIMA FLUORSPAR FOR COVERING THE PRODUCTION COSTS OF THIS PROJECT. LEARN MORE AT PRIMAFLUORSPAR.COM

TOP 5 SOURCES: HTTP://BUSINESS-REPORTER.CO.UK/2012/05/SUPPLYING-THE-DEMAND/HTTP://MINERALS.USGS.GOV/MINERALOFTHEMONTH/FLUORSPAR.PDFHTTP://WWW.BGS.AC.UK/DOWNLOADS/START.CFM?ID=1357HTTP://MINERALS.USGS.GOV/MINERALS/PUBS/COMMODITY/FLUORSPAR/MYB1-2010-FLUOR.PDFHTTP://WWW.NORTHERNGRAPHITE.COM/WP-CONTENT/UPLOADS/2010/08/LI-ION-IN-THE-DRIVING-SEAT.DOCFOR A COMPLETE LIST OF SOURCES, PLEASE VISIT: VISUALCAPITALIST.COM/SOURCES

Fluorspar products are added to the electrolyte of prototype lithium-ion batteries, improving their:

Future Applications

Safety Lifetime Capacity

Thanks to these Fluorine-enhanced batteries, the world’s first solar-powered airplane can fly through the night.

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For decades, China has produced roughly half of the world’s fluorspar... Fluorspar is not

recyclable.

New fluorspar must be mined.

It's clear that new sources of fluorspar must be developed to replace diminishing Chinese exports.

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China Demand Is Straining Global Supply.

...Now though, it consumes almost all of the fluorspar it produces - and its reserves are running out.

*Historical Data: Prima Fluorspar Corp (Prima) has not undertaken an independent verification to classify the historic resource estimate quoted from a Mineral Po-tential Compilation Report for the BC Department of Economic Development, written by Wright Engineers Li-mited and H.N. Halvorson Consultants Ltd., in January 17, 1975 as a current mineral resource. Neither has Prima independently verified the results of the previous exploration work. Therefore, the historical mineral re-source should not be relied upon, but the issuer believes the information to be relevant and reasonably reliable. An unknown quantity of the 3.2 million tonnes are on mineral claims outside of the current Liard Fluorspar Property. However, based on the information available, the majority of the estimate is based on the deposits located on Prima’s Liard Fluorspar Property. The key assumptions, parameters and methods of the resource estimate are unknown at this time. New deposit defi-nition drilling is needed to develop a current resource estimate on the property.

Prima believes that these historical mineral resources provide a conceptual indication of the potential of the property and are relevant to ongoing exploration.

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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.

by Steve Williams

Mr. Williams graduated with a Bachelor of Applied Science (Extractive Metallur-gy) from the Western Australian School of Mines and an MBA from Tulane Uni-versity. He has worked in the mining in-dustry since 1976 in mining operations in Australia and Canada – including a Cu / Pb / Zn operation in NSW, Australia, a Au mine in Queensland, Australia and a Pb / Zn mine in New Brunswick, Canada. He worked 20 years with SGS Lakefield Research in Canada and Chile in both metallurgical project management and business management. His technical ex-perience covered base metals, precious metals and selected specialty metals and minerals such as graphite and barite. Mr Williams’ business management roles for SGS included building a global metal-lurgical network of laboratories in Chile, Mexico, UK and Russia. Finally, Mr Wil-liams became Managing Director for SGS Canada, a company with about 1300 employees. He has authored many tech-nical papers and in 2004 he became a CIM Distinguished Lecturer and in 2008 a CIM Fellow, for his work specialising in geometallurgy. Mr Williams has a strong background of both technical and management skills that serves well for leadership of a ju-nior mining and exploration team. His strengths are in vision, stragegy and team building.

ast February Pasinex came into being. The company was formed af-ter taking over management of Triple

Dragon Resources, rebranding it and refo-cusing it to base and precious metal explo-ration in Turkey. Since then the company raised over $2.8 million CAD through priva-te placements at 10 cents / share. The ma-nagement team is lead by Steve Williams as President and CEO. and key team members are Clinton Smyth, VP- Exploration and Ba-ris Yildirm, Manager in Turkey.

Pasinex holds 21 mineral property licen-ses throughout Turkey really making up five distinct projects. Our two key projects are Golcuk Cu / Ag project, in Sivas province, Turkey and the Horzum AS company zinc projects in Adana province Turkey. Golcuk was acquired as a 100% option from Eura-sian Minerals Limited in September 2012. The 8 properties that Pasinex acquired in the Horzum district Adana were acquired through staking and auction process mostly around the middle of 2012. In addition, Pasinex acquired properties in the provin-ces of Afyon (a Cu prospect), Bursa (a Cu prospect) and Artvin (prospective for poly-metallic type deposits).

A key objective for Pasinex was to build a strong technical team in Turkey. This pro-cess was led by Baris Yildirim and resulted in a team of 9 people being put together in Turkey. The team consists of 1 Senior Geo-logist and 6 Geologists plus 2 support staff. The team is based in Horzum and Golcuk with three people based out of Ankara. This team works very closely with Clinton Smyth our VP – Exploration and has been a key factor in Pasinex advancing rapidly in their field exploration during 2012.

Pasinex Resources want to build mines in Turkey. Given this, Pasinex recognized, right from the outset, that they needed a strong strategic, Turkish partner. We met Akmetal AS, a Turkish mining company and immediately recognized the synergistic

opportunity between the two parties. Akme-tal have three mines in Turkey (a chromite mine in Adana and a joint venture with a gold mine and a base metal mine in Tur-key) and so bring local where with all to the joint venture. An agreement was struck with Akmetal in July 2012 covering what would be the Horzum regional zinc opportunity in Adana province.

Golcuk Cu / Ag project in Sivas was acquired by Pasinex from Eurasian Minerals. Eurasi-an (either directly or indirectly) had carried out quite a bit of valuable work that provi-ded a basis for Pasinex to go forward. The first task for Pasinex was to assimilate all this information and digitize historic drilling and various maps. With this and our own project geological mapping we were able to determine where we wanted to start drilling. By December 2012 we began drilling two holes into Golcuk. The first of these holes was reported in January 2013 and inclu-ded a 10 meter intercept of 2.97% Cu, 37 g/t Ag. This was a great start for Pasinex at Golcuk. Pasinex plans to do a much larger drilling campaign on the Golcuk property in 2013.

The Horzum regional zinc project was pie-ced together throughout 2012. By the end of 2012 the Joint venture mineral property holding in this area totaled about 16,000 hectares. Each property was then systema-tically explored. The exploration consisted of mapping, rock and stream sediment sampling and then geochem soil sampling either on ridge and spurs or using area grid sampling. In total about 5000 samples were taken on the Horzum regional proper-ties in 2012. By the end of the year this program had resulted in coming up with two new and significant zinc / lead geochem anomalies on properties called Akkaya and Pasali (both of these have been reported to the market). The Akkaya and Pasali geo-chem “finds” are sufficiently encouraging to mean that in 2013 Pasinex intends that both of these targets will be drilled.

LSteven WilliamsPresident and CEO, Director

www.pasinex.com

CNSX:PSE

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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: PP)SHARES OUTSTANDING: 39.9 MCURRENT PRICE: C$0.08ZIMTU SHARE POSITION: 4,396,000 In June 2012, Pacific Potash announced the acquisition of Western Potash’s Brazilian potash assets. The land package comprises several claim parcels that extend from the Amazon River to the centre of the Amazonas Basin, in the same area where Potassio do Brasil, Petrobras, and Vale, among others, are exploring for potash deposits. There has been a large amount of capital and investor interest in the Amazonas Basin area and Brazil recently. Mr. Dean Pekeski was also subsequently appointed to Pacific’s Board of Directors. Mr. Pekeski is currently Executive Vice President for Western Potash.

(TSXV: MO.P)SHARES OUTSTANDING: 8.0 MCURRENT PRICE: C$0.25ZIMTU SHARE POSITION: 1,070,000

Montan Capital recently completed its IPO as a new Capital Pool Company. The company currently has 8 million shares outstanding (5 million of which are held in escrow) and C$925,000 cash. Management includes Ryan Fletcher, Director of Zimtu Capital Corp., Michel Robert former Senior Vice President for Pan American Silver and Vice President of Exploration for Quinto Mining which was sold to Consolidated Thompson Iron Mines for approximately C$150 million, Ian Graham, former Chief Geologist with the Project Gene-ration group of Rio Tinto and Alfredo Ferrero, a former Minister of Foreign Trade and Tourism in Peru. With the strong treasury the company is reviewing potential Qualifying Transactions in the Metal and Mining space.

(TSXV: NRT)SHARES OUTSTANDING: 24.1 MCURRENT PRICE: C$0.09ZIMTU SHARE POSITION: 2,103,000

Big North recently acquired three past pro-ducing graphite mines located in Sonora Mexico. The mines are located in the San Jose de Moradillas region of Mexico where graphite has been produced for more than 145 years. Big North has raised close to C$ 1 million in December to fund the restarting of the Nuevo San Pedro Project.

(TSXV: XYZ.P)SHARES OUTSTANDING: 15.8 MCURRENT PRICE: HALTEDZIMTU SHARE POSITION: 1,000,000

Clermont Capital recently announced that it had entered into a LOI for the acquisition of NexGen Energy Ltd. for its Qualifying Tran-saction. NexGen aims to become the premi-er uranium explorer in the Athabasca Basin in Saskatchewan, Canada. The company’s flagship asset is the Radio Project located adjacent to Rio Tinto’s Roughrider Uranium Deposit. Rio Tinto acquired Roughrider from Hathor Exploration in a takeover bid valued at approximately C$642 million in 2012. Nex-gen also acquired 10 Canadian projects from Mega Uranium in the Athabasca and Thelon basins. Nexgen is in the process of closing a $6.6 million financing and will drill several of the projects in 2013.

(TSXV: ADD)SHARES OUTSTANDING: 43.3 MCURRENT PRICE: C$0.16ZIMTU SHARE POSITION: 1,235,556

Arctic Star recently announced that it had staked 10,000 hectares of mineral claims in the Northwest Territories, Canada. The property, known as the Redemption Diamond Property, is located approximately 40 kilome-tres southwest of the Ekati Mine. The property is adjacent to the Credit Lake Property which Arctic acquired from Kennecott in 2004 and actively explored until 2011. When the new ground opened for staking, Arctic hurried to acquire it as diamond indicator trains inden-tified at Credit Lake pointed to a potential source at the staked property. The property was previously tied up by Peregrine Diamonds Ltd. Arctic plans to drill the diamond target in spring 2013.

(TSXV: DLT)SHARES OUTSTANDING: 191.1 MCURRENT PRICE: C$0.10ZIMTU 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 intent to to combine with Delta Gold Inc. Delta holds 100% of the Imperial Gold Project loca-ted in southern California which it acquired from Goldcorp. The property host a dissemi-nated, open-pit-minable, heap-leachable gold deposit. The project host an Indicated Resource of 50.4 million tonnes at 0.49 g/t Au for 879,000 oz Au and a total Inferred Resource of 84.1 million tonnes at 0.43 g/t Au for 1,251,000 oz Au. A PEA has been com-pleted which projects a proposed operation with 119,000 oz Au per year over a 10-year mine life. Life-of-mine cash costs and total costs are projected to average $599 (U.S.) per oz and $965 (U.S.) per oz respectively. At a $1,300-(U.S.)-per-oz Au price, the after-tax NPV discounted at 5 per cent is estimated at $136.3-million (U.S.), the internal rate of return at 19.4% and the payback at 4.4 years. Delta‘s management team has a reputation for excellence and high standards in explora-tion, mine development and operations, and are recognized leaders in the area of corpo-rate social responsibility.

(TSXV: CRE)SHARES OUTSTANDING: 110.7 MCURRENT PRICE: C$0.22ZIMTU SHARE POSITION: 1,500,000

Critical Elements has been working with end-users and potential strategic partners to discuss the sale of lithium carbonate and tantalite concentrate from its flagship Rose Lithium-Tantalum Project in Quebec. In 2011, Critical Elements announced the results of a PEA for the project. The after tax IRR for the Rose Project is estimated at 25% , with a NPV of C$279 million at an 8% discount rate. The payback period is estimated at 4.1 years. The economic analysis is based on a mine life of 17 years, estimated capital costs of C$268.6 million and operating costs of C$67.65/tonne of ore milled.

(TSXV: TNK)SHARES OUTSTANDING: 17.3 MCURRENT PRICE: C$0.07ZIMTU SHARE POSITION: 1,000,000

Iron Tank was listed on the TSX-V in March, 2012. The new company is a cooperative project between the Preakness Group (http://preaknessgroup.com/) and Zimtu Capital. Preakness and Zimtu are currently reviewing advanced mineral property assets for the company.

IRON TANKRESOURCES

INSIDE

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ZIMTU NEWS

ZIMTU UPDATETSX.V: ZC . FSE: ZCT1 . WKN: A0RDR9

REDSTAR CAPITAL VENTURESTSXV: RSMZIMTU WILL HOLD 2.6M

Red Star will enter into a farm-in agreement with Allstar Energy Ltd., a wholly owned subsidiary of 49 North. The 3 well program for the transaction will be based on the 100 for 60 deal metrics, loca-ted on the Riverside Property (the “Property”), a 31,360-acre land package located in the west central area of Saskatchewan. Allstar has a 100% interest in the Property and as operator will conduct all drilling, servicing, completion and administ-ration of farm-in wells.It is intended that the transaction, when comple-ted, will constitute the qualifiying transaction.

DISCOVERY HARBOUR CORP.PRIVATE ZIMTU HOLDS 2M

Discovery Harbour, led by Ian Gra-ham, formerly Chief Geologist with Rio Tinto, has earned-in 51% in-terest (49% Northern Shield: TSX-V:NRN) in the Wabassi project a layered intrusion with potential Cu-Ni mineralization (drill indica-ted, 2008 and 2011). The Wabassi project features a land position co-vering 35,136 ha. This district size land holding with multiple volcano-genic massive sulphide discoveries has the potential to be the first new volcanogenic massive sulfide dis-trict discovered in over 20 years.

JACKS FORK CORP.PRIVATEZIMTU HOLDS 2.1M

Jack‘s Fork is led by Don Taylor a geologist with 30+ years experi-ence in the mining and explora-tion business. The properties in Virginia were identified Don‘s team when working for BHP Minerals in the 1990‘s. Jack‘s Fork has since continued to focus on base metal targets generated during the BHP efforts, but have also expanded the program to include a high quality gold target that resembles the Hai-le Mine Property, currently under permitting by Romarco Minerals in South Carolina.

MOGUL VENTURES CORP.PRIVATEZIMTU HOLDS 1M

Mogul is focusing on acquisition, exploration and development of coal projects in Mongolia. The Com-pany is developing its 100% owned flagship asset, the Black Hills ther-mal coal project located in Midd-le Gobi near Choir city. Extensive exploration and engineering work was carried out on Black Hills in the 1960s and 1970s by Russian interests and in 2011, Mogul com-pleted an initial drill program resul-ting in a new NI 43-101 compliant Inferred Resource estimate totalling 89.6 million tonnes for the Ovdog Hudag coal deposit.

COMING TO TRADE SOON?

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

REDSTARCAPITAL VENTURES