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Metalex to acquire 21% stake in nondiamond JV in Quebec

Metalex Ventures Ltd. said Aug. 8 that it reached an agreement to acquire Threegold Resources Inc.'s 21% stake in the nondiamond portion of a joint venture that was established to explore for minerals in Quebec's James Bay and Abitibi areas.

In exchange for the stakes, Metalex agreed to pay C$5,000 and issue 100,000 common shares to Threegold.

The acquisition, which remains subject to the approval of the TSX Venture Exchange, will give Metalex a 100% stake in the nondiamond joint venture.