- Press Releases
Romios Gold Resources Inc (TSX-V:RG) ("Romios" or the "Company") is pleased to announce that it has earned its 50% interest in the Gulf Claims forming part of the Company's Newmont Lake Property and has advised Gulf International Minerals Ltd. that it will exercise its option to earn an additional 25% interest in consideration for the payment of up to $1,000,000 in cash and/or shares of Romios on or before January 31, 2008. Following the payment, Romios will hold a 75% working interest in the Gulf Claims.
The parties entered into an Amending Agreement pursuant to which Romios has been granted the option to earn a further 25% interest in the property (for a total of a 100% interest) for a period of 30 months from the date Romios earns its 75% interest in the property by paying to Gulf an additional $2,000,000 in cash and/or shares of Romios and granting to Gulf a 1.5% net smelter return royalty in the property. Romios will have the right to purchase a 0.5% net smelter return royalty from Gulf for the payment of $1,000,000. If Romios does not exercise the final option, then the parties will form a joint venture with Romios having a 75% participating interest and Gulf having a 25% participating interest in the joint venture.
The Company previously reported an inferred resource on the NW Zone at the Company's Newmont Lake Property of 1,406,000 tonnes at a grade of 4.43 gpt Au, 0.22% Cu and 6.4 gpt Ag or a gold equivalent grade (AuEq) of 5.16 gpt. This equates to in-situ contained metal of 200,000 ounces of gold, 6,790,000 pounds of copper and 291,000 ounces of silver. These resources are reported at a base case gold equivalent cut-off grade of 2 gpt (see Press Release dated March 26, 2007).
Romios Management believes that the suspension of construction of the Galore Creek deposit by NovaGold/Teck will not have any long term material effect on Romios or the Newmont Lake Property. The Newmont Lake Property is in close proximity to the highway and the Galore road has been substantially completed beyond the Newmont Lake Property.
Tom Drivas, president and CEO of Romios, stated "We are very pleased to have reached an agreement with Gulf to modify the existing option and joint venture arrangement. We are excited about the prospects for the Newmont Lake Property and the resources defined on that property and intend to do further extensive exploration of the Newmont Lake Property in 2008."
For the purposes of the disclosure in this Press Release, Thomas Skimming, P.Eng., Vice-President of Exploration and a Director is the Qualified Person ("QP") in accordance with NI-43-101.
About Romios Gold Resources Inc.
Romios Gold Resources Inc., a progressive Canadian mineral exploration company established in 1995, is headquartered in Toronto and is actively engaged in precious and base metal exploration across North America with a primary focus on gold, silver and copper. Romios has significant property interests in British Columbia, Ontario and Nevada. The Corporation plans to undertake extensive exploration work on its Galore Creek properties in British Columbia, which are centrally located between NovaGold's large gold-copper-silver deposit and Barrick's high grade gold mine at Eskay Creek.
For further information, please contact:
Tom Drivas, President and Director: (tel) 416-221-4124, (fax) 416-218-9772 or (email) email@example.com
Thomas Skimming, Vice President of Exploration and Director: (tel) 416-444-0900, (fax) 416-444-0586 or (email) firstname.lastname@example.org
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Exchange Listings and Symbols: TSXV:RG, NASDAQ OTF:RMIOF, Frankfurt:D4R.
Head Office: 25 Adelaide Street East, Suite 1010, Toronto, ON Canada, M5C 3A1
Tel: 416-221-4124, Fax: 416 218-9772
Website: www.romios.com. Contact: Tom Drivas, President
Email Address: email@example.com
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe","estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
You can view the Next News Releases item: December 18, 2007, Romios Intersects 7.82 GPT Gold Over 19.69 Metres..... Includes High Grade Zone Of 27.32 GPT Gold Over 2.35 Metres At Its Newmont Lake Property
You can view the Previous News Releases item: December 3, 2007, Romios Discovers New Zone Of Copper-Gold Mineralization At Newmont Lake, Northwestern British Columbia ---Grades Of 2.61% Copper And 0.796 Gpt Gold Encountered---
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