NEWS ROUNDUP — Ramrod adds to Cranbrook ground

Toronto-listed Consolidated Ramrod Gold has added to its ground position near Cranbrook, B.C., by entering an agreement to acquire the St. Joe claims, which lie north of its FORS and Vine properties.

Ramrod has been active in the area for some time, searching for a deposit similar to Cominco’s rich Sullivan mine at Kimberley.

To earn the interest, it must issue the vendors 71,000 shares over the next five years and spend $40,000 in the first year. The interest is subject to a 1.5% net smelter return set at a minimum of $10,000 per year and a maximum of $2.5 million in total.

Ramrod has completed a private placement of 763,000 units for $2.5 million. It also received a further $312,500 from the exercise of 250,000 warrants. An additional placement of 500,000 units at $3.57 each is expected to close within the next few weeks.