CONSOLIDATED RAMROD, ATHABASKA GOLD, AND GITTENES DAMOTI LAKE PROJECT--EXPANDED EXPLORATION PROGRAM INCLUDING UNDERGROUND DEVELOPMENT PROPOSED BY JOINT VENTURE PARTNERS.

VANCOUVER, B.C.--(BUSINESS WIRE)--June 7, 1995-- Consolidated Ramrod Gold Corporation, Athabaska Gold Resources Ltd. and Gitennes Exploration Inc., the joint venture partners on the Damoti Lake Project are pleased to provide a summary of the significance of this discovery. Exploration work at Damoti Lake to date has discovered ten gold bearing zones. Recent diamond drilling has been mainly focused on BIF Island-North Island zone which is 2,650 feet long and open to the north and at depth, and the Horseshoe zone which is open in both directions beyond the 1,000 feet of strike length tested to date, and to depth.

The drill program on the BIF Island-North Island and Horseshoe zones was designed to test the gold bearing structure in detail to a vertical depth of 300 feet. Widely spaced deeper holes also intersected high grade gold on both Horseshoe and BIF Island zones. For example, on the Horseshoe zone, ore grade gold (0.755 opt with a width of 10 feet) was intersected at a depth of 656 feet and at the BIF Island zone, ore grade gold (0.385 opt over a width of 25 feet) was found at a depth of 525 feet.

Consolidated Ramrod Gold Corporation, the project operator, previously reported a drill indicated resource of 600,000 ounces of gold in four separate gold zones, all within 300 feet of surface, based on drilling completed to that date. It is expected that when the results of the recent drilling are incorporated, this figure will be revised upward.

An additional six known gold zones that have received preliminary drill testing all contain attractive ore grade gold intercepts and require further drilling to define and increase reserves.

During the second half of 1995 activities on the property will include a major drill program to further expand the gold reserves. An inclined tunnel will be driven to bulk sample the Horseshoe zone at depth with the tunnelling designed to accommodate expected commercial production.

The Damoti Joint Venture Partners expect to ultimately define a multi-million ounce gold reserve. The partners have committed to fast-tracking exploration and development work on the project.

Consolidated Ramrod Gold is operator of the project. Ownership interest in the Damoti Lake Joint Venture is:

Consolidated Ramrod Gold Corporation         51 percent
Athabaska Gold Resources Ltd.                24 percent
Gitennes Exploration Inc.                    25 percent-0-

The Toronto Stock Exchange and NASDAQ have neither approved nor disapproved of the contents of this press release.

CONTACT: Consolidated Ramrod Gold Corp.

Karl Rollke, 604/682-6477

or

Athabaska Gold Resources Ltd.

James Kermeen, 604/688-3144

or

Gitennes Exploration Inc.

Jerry Blackwell, 604/682-7970

INDUSTRY KEYWORD: MINING REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or