Lomiko Options Quebec Graphite Property from Zimtu

2012-01-10

Jan. 6, 2012 - Lomiko Metals Inc announced an agreement to acquire a 100% interest in the Quatre Milles Graphite Property in southwest Quebec. Under the agreement Lomiko will make the following payments and share issues to Zimtu Capital Corp and one of its prospecting partners: $25,000 on signing, one million shares on TSXV acceptance of the agreement, $25,000 and 500,000 shares six months later, one million shares six months after that and 1.5 million shares one year later. Within a year of TSXV acceptance, Lomiko will complete $200,000 of exploration on the property. The vendors will retain a 2% NSR on the property, of which 1% can be purchased for $1 million.
Lomiko CEO Paul Gill says "It's not an entirely new direction for our company because we've already been in the sector for minerals used in lithium-ion batteries, and this is just a new angle to that industry. So we're looking for new opportunities."
"It's hard to find people with graphite expertise, and that was one of the things we considered. We tentatively have a group in place. We're also looking for possible directors who can advise on future acquisitions or whether this project is a go after the first round of exploration. A director takes a different tack than a consultant in this field. A director will look after the company while a consultant will want to keep on drilling," Gill says.
"We're working closely with Zimtu on the Quatre Mills Project. They're leaders in the field. They're going to be a shareholder, and they'll have an NSR, so they'll be an ongoing partner. They're interested in the project just as much as we are."
Gill concludes, "We can ramp up work on the project fairly quickly. The company's valuation will follow the new 43-101 information that comes out. So the sooner we do the work, the quicker we can get the valuation of say Northern Graphite, Focus Metals or Orocan, which all have much higher market caps."