Rambo-Royex deal

An agreement has been worked out between Rambo Exploration of Rouyn-Noranda, Que., and To ronto-based Royex Gold Mining whereby the latter may acquire a 50% interest in Rambo’s 35-claim gold prospect in Massicotte Twp., about 125 km north of La Sarre, Que.

To earn its interest, Royex must spend $2 million before the end of 1990, with $1 million of that total to be spent by the end of 1988. Royex must also make a payment of $100,000 to Rambo in early 1989.