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|HISTORIC RESULTS INCLUDE 27.09 g/t GOLD, 1220.60 g/t SILVER OVER 2 METRES & 15.09 g/t GOLD, 1073.20 g/t SILVER OVER 3.5 METRES|
TORONTO, ONTARIO - March 12, 2007 - Romios Gold Resources Inc. (TSX VENTURE:RG), is pleased to announce that it has signed an option agreement with Kaminak Gold Corporation (TSX VENTURE:KAM) on Kaminak's Nizi Creek Gold-Silver Property (The Property) located in northwestern British Columbia. The option agreement is subject to regulatory approval from the TSX Venture Exchange.
"Romios is focused on continuing to become a major explorer in British Columbia" says Tom Drivas, President and CEO of Romios. "We are pleased to add this quality, high- grade project to our portfolio and look forward to a long and fruitful relationship with Kaminak."
Nizi Creek Option
The Property encompasses 6,800 acres and is located 80 kilometres northeast of Dease Lake, British Columbia. Six main zones of high-grade, vein-hosted, gold-silver mineralization have been outlined to date over a northwesterly elongate area 2 kilometers long by 1 kilometer wide. The Discovery Vein / Surprise Vein is the most advanced prospect on the property with previous chip samples yielding 27.09 g/t Au plus 1220.6 g/t Ag over 2.0m and 15.09 g/t Au plus 1073.20 g/t Ag over 3.5m. Minor drilling on this zone in the mid-1990's confirmed surface assays and yielded 5.68 g/t Au over 13.77m and 3.54 g/t Au plus 27.21 g/t Ag over 6.1m. Other notable assays from the property include, 11.38 g/t Au (Gully Zone) and 6.0 g/t Au (Zinc Lake).
Initially, Romios has the right to earn a 51% interest in the Property by incurring exploration expenditures totaling $1 million and making staged payments to Kaminak totaling 200,000 Units of equity in the capital of Romios by December 31, 2010. Each Unit consists of one common share and one 12-month share purchase warrant with an exercise price set in accordance with the market price of Romios' shares at the time of issuance of the Units. Romios will have the right to increase its project interest to 60% by spending an additional $1.0 million prior to December 31, 2010. Exploration expenditures during the first year are set at a minimum of $50,000. Romios can earn an additional 10% interest in the Property by completing a bankable feasibility study, for a total earn-in of 70%. The Hunter Exploration Group holds a 2% NSR on the Nizi Creek Property. Romios is commited to make the first year payment of the 50,000 Units to Kaminak and incur $50,000 of exploration expenditures on the Property. All further exploration expenditures and share allotments are at the option of Romios pursuant to the terms of the agreement with Kaminak.
In addition to the existing Nizi Creek Option Agreement, Romios may elect to option Kaminak's Sail Property, British Columbia, for a period of six months as per terms in the Letter of Agreement agreed to by both parties. In the event that Kaminak receives another offer on the Sail Property, Kaminak will notify Romios who will then have 7 days to decide if they wish to exercise their option and will have a further 6 months right of first refusal on any third-party offer. The 12 months will start from the date of signing the Letter of Agreement.
About Kaminak Gold Corporation
Kaminak Gold Corporation is a project generator employing a joint venture strategy that maximizes opportunities for discovery while minimizing exploration and shareholder risk. Kaminak holds one of the largest land positions, covering several million acres in Canada devoted to metallic mineral exploration. Kaminak's projects offer world-class exploration potential and present exposure to strategic commodities including, gold, uranium and nickel.
About Romios Gold Resources Inc.
Romios Gold Resources Inc. is a Canadian exploration company which focuses on the acquisition and exploration of North American precious and base metal prospects. Romios has been a public company since 1995 and in addition to trading on the Toronto Venture Exchange, it trades on the over-the counter market in the United States (Exemption No. 82-5093, symbol RMIOF) and on the Frankfurt Stock Exchange (Symbol: D4R). Currently, Romios is involved in several major exploration projects in British Columbia, Nevada and Ontario.
For further information about Romios or this press release, please visit our website at www.romios.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
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Romios Gold Resources Inc.
President and Director
(416) 218-9772 (FAX)
Romios Gold Resources Inc.
Vice President of Exploration and Director
(416) 444-0586 (FAX)
You can view the Next News Releases item: March 27, 2007, Romios Announces 200,000 Ounces of Gold, 6.7 Million Pounds of Copper and 291,000 Ounces of Silver as an Inferred Resource for the NW Zone, Newmont Lake Project, Galore Creek Area
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