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First Energy Metals to acquire 80% stake in Chinese silver-lead-zinc project

First Energy Metals Ltd. signed a binding letter of intent to acquire Muzhu Mining Ltd., which holds an option to acquire up to 80% in the Xiao Wa Gou silver-lead-zinc project in China's Henan province.

The companies entered a nonbinding letter of intent for the deal in late September.

First Energy said Oct. 7 that the binding deal is contingent on Muzhu Mining completing a National Instrument 43-101-compliant technical report for the Xiao Wa Gou property, as well as completing a debt or equity financing.

The company also appointed Craig Alford as a director, as Muzaffar Sultan resigned to focus on other business ventures.