Val d’Or negotiating deal with Abcourt

An option to acquire a 100% interest in the Vendome zinc deposit in Barraute and Fiedmont twps. near Val d’Or, Que., will be exercised, Ressources Val d’Or (ME) says. The junior is finalizing a series of private placements to finance the acquisition from Mines Abcourt (ME); each company has a 50% interest in the property. The companies have agreed to complete the deal, subject to regulatory approval, by June 19.

Abcourt will receive an immediate payment of $500,000, an additional $500,000 within 18 months and a further $500,000 within 30 months. Abcourt will retain a 2.5% net smelter royalty on production exceeding the first 500,000 tons of ore.