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First Energy Metals to acquire silver-lead-zinc property in China

First Energy Metals Ltd. entered a nonbinding letter of intent to wholly acquire private explorer Muzhu Mining Ltd. by issuing 9.0 million shares.

Muzhu holds an option to acquire up to 80% of the Xiao Wa Gou silver-lead-zinc property in China's Henan Province.

The company said Sept. 22 that it will appoint an additional Muzhu-nominated member to its board following the transaction.

Both companies have up to 10 business days to complete due diligence.

First Energy started trading on the Canadian Securities Exchange, and delisted its shares on the TSX Venture Exchange in early March.