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International Cobalt to acquire Ramsay cobalt project

International Cobalt Corp. said March 27 that it signed a letter of intent to acquire the Ramsay cobalt project, which covers 8,007 hectares in New Brunswick's Bathurst mining camp.

The company will pay C$500,000 in cash and 2.5 million shares over 24 months. The vendor will retain a 2% net smelter returns royalty, with an option to buy down 1% NSR for C$1 million.