Granges options Casa Berardi bet

The 200-claim property of Ram Petroleums in Puiseaux and Brouillan twps. in the Casa Berardi area of Quebec, has been optioned to Granges Exploration.

Granges expects to start a diamond drill program soon.

By spending $350,000 on exploration before Dec 31 this year, and another $900,000 before the same date in 1989, as well as making property acquisition payments of $50,000, Granges can earn a 55% interest in the property.

Should Ram decline to pay its 45% of additional expenditures after Dec 31, 1989, Granges can reduce Ram’s interest to 20% of net profits by spending an additional $1,500,000 and making a further acquisition payment of $110,000 before Dec 31, 1991.