The management of Romios Gold Resources Inc. ("Romios" or the "Corporation") is pleased to announce that it has commenced exploration on its various properties in the vicinity of Romios' principal Newmont Lake Property located in the Galore Creek area of northwestern British Columbia. The properties lie adjacent to the large parcel of land which houses NovaGold Resources' Galore Creek deposits which are currently under development on a partnership basis between NovaGold Resources Inc. and Teck Cominco Limited.
A portion of the main camp was damaged due to heavy winter snows which caused a slight delay in the startup of the 2007 summer exploration program. The camp has now been repaired and expanded to accommodate a much larger exploration team than was used last year. The current exploration program consists of an airborne geophysical survey over all of Romios' properties, extensive ground geochemical and geophysical surveys, geological mapping, prospect evaluation, trench sampling and diamond drilling. All of this work is currently in progress. Drilling will commence at the Ken Zone and will then proceed to the Black Bear Zone and NW Zone following an induced polarization survey which will assist in optimizing the location of drill holes. The proposed drill program at the NW Zone is designed to expand the NI43-101 compliant inferred resources for the Northwest Zone which are calculated to be 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 that was announced in a press release dated March 26, 2007. This equates to insitu 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. . The entire exploration program that will be carried out by Romios is budgeted at $2.5 to $3.0 million.
The claims which comprise the Newmont Lake Property form an irregular staircaseshaped block approximately sixteen kilometres long and six kilometres wide that covers a northeast oriented graben structure underlain by Late Triassic to Early Jurassic aged intrusives, sediments and volcanic rocks. In the Iskut River region these rock units have potential to host high grade vein-type gold occurrences such as the Snip deposit, volcanogenic massive sulfide mineralization similar to that developed at Eskay Creek and skarn-type copper gold occurrences, and alkalic, porphyry copper/gold-type mineralization similar to that presently being developed by Novagold Resources Inc. and Teck Cominco Limited at their Galore Creek Project. According to published technical information there are a total of 22 intrusion related gold, copper and silver prospects located in the the Newmont Lake area all of which are located within Romios' Newmont Lake property.
The known prospects include three advanced stage targets referred to as the NW Zone, the Ken Zone and the Camp Zone where drilling by previous operators has partially defined several significant mineralized zones. The NW Zone and the Camp Zone were the focus of extensive drill testing by Gulf International Minerals Limited between 1987 and 1990 and the Ken Zone was tested by a limited drill program in 1988 by Pezgold Resources. With the exception of several scattered drill holes, the majority of the remaining 19 occurrences have not been tested by diamond drilling. Other significant mineralization occurs on the Trek, Royce, Porc and JW properties which are under option to Romios.
The results from an airborne magnetic survey completed over a portion of the Newmont Lake Property during the summer of 2005 (Press Release dated April 5, 2006) exhibited geophysical signatures characteristic of alkalic porphyry copper-gold centres. Significantly, the survey delineated a pronounced, five kilometre long, northerly trending magnetic feature within which occurs many of the known mineral prospects encompassed by the Newmont Lake Property. The Ken Zone, the NW Zone, the Camp Zone, a number of prospects localized between the Ken Zone and the NW Zone and a train of angular, mineralized boulders located two kilometers southwest of the NW Zone, all lie within this large magnetic feature. Ground geophysical and geochemical surveys will be carried out over this entire magnetic feature concurrent with the proposed diamond drill program. Significant anomalies, notably those that coincide with zones of known gold/copper mineralization will be considered for testing by diamond drilling during the current summer field season.
On July 16, 2007, NovaGold Resources announced that with mandatory federal and provincial authorizations in hand, its board of directors approved the official start of project construction. As of July 16, 2007 approximately 25 kilometers of the access road to NovaGold's Galore Creek Project was nearing completion and an additional 25 kilometers of "right-of-way" had been cleared for road construction. In addition, the first permanent bridge across the Iskut River, providing access from Highway 37 to the lower More Creek valley in support of construction activities, was nearing completion. Fortuitously, this access road will traverse three of Romios' properties which will afford easier access to some of our project areas with an attendant, significant reduction in transportation costs.
Romios trades on the TSX Venture Exchange (Symbol: RG) and on the "over the counter"market in the United States (Exemption No. 82-5093, Symbol: RMIOF)
For the purposes of the disclosure in this Press Release, Thomas Skimming, P.Eng., is the Qualified Person ("QP") in accordance with NI 43-101.
For further information, please contact:
Tom Drivas, President and Director
416-221-4124 or 416-218-9772 (fax) email@example.com
Thomas Skimming, Vice President of Exploration and Director
416-444-0900 or 416-444-0586 (fax) firstname.lastname@example.org
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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.