Forbex Mining (ME) has reached an agreement with Bonanza Metals (ASE) to acquire the latter company’s 50% interest in the past-producing Poirier base metal property in northwestern Quebec. The deal calls for Forbex to make an initial cash payment of $75,000 plus another $125,000 in cash or shares by Mar. 14, 1993. Forbex has the right to settle the $125,000 payment by issuing shares to Bonanza in eight payments equal to $15,625, if Forbex shares trade at 22 cents or higher.
The property, located in Joutel Twp., has estimated reserves of 1.4 million tons grading 1.24% copper and 8.75% zinc.
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