Apr 21, 2010–North American Palladium, Ltd. (AMEX: PAL), a precious metals mining company, has entered into a letter of intent to acquire the Vezza gold project in Quebec, Canada from Agnico-Eagle Mines Limited for CAD10 million ($9.83million).
Agnico-Eagle Mines is a gold mining company. Both the companies are based in Canada. The Vezza gold property has 288,000 contained ounces of gold.
The purchase consideration comprises a cash component of CAD3.5 million ($3.44 million) and CAD6.5 million ($6.39 million) in shares of Palladium.
The transaction is expected to close by May 20, 2010.