Romios Earns Interest in Newmont Lake Property
December 13 2007 - 12:29PM
Marketwired
TORONTO, ONTARIO (OTCBB: RMIOF)(FRANKFURT: D4R)("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.
Exchange Listings and Symbols: TSXV:RG, NASDAQ OTF:RMIOF,
Frankfurt:D4R.
Head Office: 25 Adelaide Street East, Suite 1010, Toronto, ON
Canada, M5C 3A1
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.
Contacts: Romios Gold Resources Inc. Tom Drivas President and
Director (416) 221-4124 (416) 218-9772 (FAX) Email:
romios@romios.com Romios Gold Resources Inc. Thomas Skimming Vice
President of Exploration and Director (416) 444-0900 (416) 444-0586
(FAX) Email: tmsk8ing@hotmail.com Website: www.romios.com
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