92 ResourcesCorp. said July 26 that it entered into a purchase agreement toacquire a 100% interest in the Pontax lithium property in Quebec.
The company will issue 3.0 million common shares and make cashpayments totaling C$50,000 over a 12-month period to the vendor.
The deal is subject to a 3% net smelter royalty return, 1%of which can be bought back by the company.
The property consists of 104 mineral claims covering fourblocks, totaling about 5,536 hectares.