- Press Releases
|TORONTO, ONTARIO - Oct. 5, 2006 - Romios Gold Resources Inc. ("Romios") (TSX VENTURE:RG) is pleased to announce that further to its press release dated April 27, 2006 it has exercised its right of first refusal to option the "JW Property" from the Galore Creek Syndicate of Vancouver, British Columbia (see the press release dated April 27, 2006 for information on the other properties in the area in which Romios has acquired an interest.)|
The JW Property consists of one land tenure which encompasses approximately 613.8 hectares (1,516.7 acres) of land in the Liard Mining Division in northwestern British Columbia. The property is located in the Galore Creek area and lies within the large parcel of land which houses NovaGold Resources' Galore Creek Project (reported combined measured and indicated reserves of 7.4 million ounces of gold, 117.1 million ounces of silver and 8.5 billion pounds of copper as of August 31, 2006 - the NovaGold website). For location of the JW Property, see property map in Romios' website: www.romios.com.
The JW property covers two distinct types of potentially economic, gold-bearing mineralization: the North Fork copper-gold porphyry prospect and a number of high-grade quartz-sulphide veins. The North Fork prospect is characterized by large, coincident gold and copper soil geochemical anomalies over an area of 500 X 1400 metres which are open to the north and the south. Since its discovery in the early 1960s, the JW Property has received only sporadic exploration attention, largely because of its remote location and mountainous topography. The last and most productive burst of exploration on the property was carried out from 1988 to 1990 when the Snip and Eskay Creek mines were being discovered 80 kilometres to the southwest in the equally remote and mountainous Iskut River region. In 1990, five core holes that were drilled by Bellex Mining Corp, tested a small portion of the North Fork prospect. Each hole intersected porphyry-style copper-gold mineralization which included 45 metres grading 0.24% copper and 0.4 grams/tonne gold in DDH 90JW-3 and 51 metres grading 0.24% copper and 0.5 grams/tonne in gold in DDH 90JW-1. The holes drilled by Bellex were confined to a 300 metre long section of the large soil anomaly and were drilled almost entirely away from the higher grade (greater than 200 ppb gold and greater than 500 ppm copper) core of the geochemical anomaly.
In addition to the North Fork porphyry prospect, at least six gold-rich quartz-sulphide veins have been discovered and sampled within a large pyritic halo surrounding the North Fork zone prospect. On one of the veins, known as the Jake Vein located near the northern boundary of the JW Property, 29 chip samples collected along 170 metres of strike length averaged 25.3 grams/tonne gold where the vein averaged 0.23 metre in width. The best sample assayed 169 grams/tonne gold across 0.4 metres. There is no historical evidence to indicate that any of these veins have ever been tested by diamond drilling. Several intensely silicified shear zones are exposed within a microdiorite near the foot of the North Fork canyon. A 3.4 metre chip sample across one of these shear zones assayed 11.3 grams/tonne gold and 0.11% copper. A 1.0 metre grab sample across another portion of the same shear zone assayed 42.8 grams/tonne gold and 0.24% copper.
The assay results referred to above were derived from a report provided to Romios by the Galore Creek Syndicate. A qualified person has not confirmed any of the results referred to above and the assay results may not be in compliance with NI 43-101. The data is relevant to the property interest being acquired by Romios but may not be reliable.
For the purposes of the disclosure in this press release, Thomas Skimming, P.Eng., Vice-President Exploration and director of the Company, is the Qualified Person ("QP") in accordance with NI 43-101.
Romios can earn a 100% interest in the JW Property, subject to a 2% Net Smelter Returns Royalty in favour of the optionors, by paying a total of $115,000 in cash option payments, issuing a total of 500,000 common shares and expending an aggregate of $2,000,000 on the JW Property over four years. Romios must pay $15,000 and issue 50,000 common shares on closing and spend $150,000 in the first year on the JW Property. This transaction is subject to approval by the TSX Venture Exchange.
To find out more about Romios Gold Resources Inc. (TSX VENTURE:RG) visit our website at http://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 a director
(416) 218-9772 (FAX)
Romios Gold Resources Inc.
Vice President Exploration and director
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