PowerOre Inc. said Dec. 12 that it agreed to acquire the Opemiska copper mine complex in Quebec from Explorateurs-Innovateurs de Québec Inc., or Ex-In, in a cash and share deal.

Under the terms, PowerOre is required to pay Ex-In C$1.5 million and spend C$3 million on work within 42 months after the deal's closing, apart from issuing 8 million shares and 8 million warrants.

Ex-In will retain a 2% net smelter royalty, which can be halved for C$4.5 million.

Opemiska, which consists of 11 claims, covers the past-producing Springer and Perry underground mines formerly operated by Falconbridge Ltd. within the Abitibi Greenstone belt.

PowerOre CEO Stephen Stewart said the company will use Opemiska's database to determine the potential for an open pit mining scenario.