7mm bullets have very high ballistic coefficients and are very popular with long range shooters.

If you want to get the maximum potential out of that gun, I recommend a tactical style scope with adjustable turrets and at least 16x power - preferably 24 or more. Then, take the time to learn how to use it. The Vortex PST is a great option from a value perspective. If you can afford it, I would try to scrounge up a bit more money and go for this:

http://www.opticsplanet.com/vortex-viper-pst-6-24x50-ffp-riflescope.html

For long range shooters, the general rule of thumb is that the value of your scope should be about 2x the value of your rifle (assuming an off-the shelf rifle).

Some routinely take elk at 1,000+ yards with the 7mm. Of course, this is only after spending hours and hours at the range and knowing your ability to humanely place the shot. You have the right gun for the job, though!