A letter of intent gives Consolidated Ramrod Gold (TSE) the right to acquire a 51% interest in Aurora Exploration, a Honduran company.
Aurora has been exploring for precious and base metals in Honduras since 1988 and its land portfolio includes 15 permits covering 488 square miles. To acquire the interest, Ramrod must pay cash and cash-equivalent stock totaling US$1.25 million, as well as spend a further US$1.25 million on exploration over 30 months.
The properties are at various stages of exploration, ranging from sampling and mapping to preparation for confirmatory drilling.
Meanwhile in cooler climes, Ramrod is set to acquire a 58.8% interest in Lovitt Mining from Grange Gold (VSE) by paying $1.9 million in cash and stock. Lovitt owns the surface rights to more than 500 acres adjoining Ramrod’s Matthews gold prospect and Asamera’s Cannon mine near Wenatchee, Wash.
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