The acquisition of all outstanding shares of Atlanta Gold (TSE) will give Consolidated Ramrod Gold (TSE) a 100% interest in the Atlanta gold project in southwestern Idaho.
Ramrod proposes to issue one common share in return for every five shares of Atlanta Gold. Based on Atlanta’s 17.7 million outstanding shares, Ramrod will issue 3.5 million shares.
Ramrod currently holds an option to earn a 51% interest in the Atlanta project by spending US$9.5 million by May 30, 1997.
Drilling has outlined two open-pit resources. one is estimated at 8.3 million tons grading 0.08 oz. gold and 0.24 oz. silver per ton, and the other at 6.2 million tons grading 0.049 oz. gold and 0.088 oz. silver.
The company has also been working to upgrade an underground geologic resource estimated at 800,000 tons grading 0.34 oz. gold.
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