Quantum Rare Earth Developments Corp. (TSX VENTURE:QRE) provided an update that the previously announced agreement to acquire Silver Mountain Mines Corp.,a private Nevada corporation, is proceeding.

The press release is quoted as saying:

Pursuant to the terms of the September letter agreement, and following entry into a definitive agreement, Quantum, a wholly-owned Nevada subsidiary of Quantum ("Acquisition Co.") and Silver Mountain have agreed to carry out a merger, whereby, on the effective date of the merger, Silver Mountain will be merged with and into Acquisition Co., with Acquisition Co. carrying on as the surviving corporation under the name "Silver Mountain Mines Corp." On the effective date of the merger, all of the Silver Mountain shares will be cancelled and the former shareholders of Silver Mountain will receive one share of the Company for each share of Silver Mountain formerly held by such persons.

Click here to access the entire press release ^[1]