I use 308 in both barrels; however the same bolt will accept about a dozen different cartridges of similar base diameter. S&L offer various magazine stops to accommodate varying cartridge lengths and also an alternative bolt to accommodate a range of magnum calibres. One might question the advantage OF HAVING A SWITCH BARREL INSTEAD OF TWO SEPERATE RIFLES, BUT AT THE END OF THE DAY THE EXTRA BARREL AND PERHAPS MAG AND BOLT costs less than a whole extra rifle and scope. The Schultz and Larsen are not a lightweight rifle, mine weighs over 8 lbs, but very well made and finished. The barrels are machined such that the 3 lug bolt head locks inside the barrel when the rifle is loaded so headspace is consistent. Mine will shoot 1/2 moa groups with handloads from either barrel so it is at least as accurate as my Sako 85 but in my opinion the S&L is a better finished rifle. S&L have a web site and I seem to recall a page on there which describes the barrel, calibre, magazine and bolt options. For instance, if I were to purchase a magnum bolt and magazine AND A 7MM MAGNUM BARREL, I COULD FIT THESE TO MY EXISTING RECIEVER AND STOCK IN ABOUT 5 MINUTES. (sOrry about the capitals, I keep hitting the caps lock by mistake) There are also several higher grades of rifles and stocks, as with other brands, available. I can only speak from my own experience, but I am very happy with mine.
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