Romios Gold Resources Inc. (TSX-V:RG) ("Romios" or the "Company") is pleased to announce that further to its press release dated January 29, 2008, it has given notice to Gulf International Minerals Ltd. ("Gulf") to exercise its option to earn the remaining 25% interest in the Gulf Claims forming part of the Company's Newmont Lake Property for $2,000,000 to be satisfied through the issuance of 4,282,655 common shares of the Company to Gulf priced at $0.467 per share in accordance with the Further Amending Agreement dated May 12, 2010 between Gulf and Romios. As a result, Romios now holds a 100% interest in the Gulf Claims subject to a 1.5% Net Smelter Returns Royalty (the "Gulf NSR") in favour of Gulf. The Company has the option to purchase 1/3 of the Gulf NSR for $1,000,000. The issuance of the shares is subject to TSX Venture Exchange approval and will be subject to a four month hold.
The Newmont Lake property contains a NI 43-101 inferred resource for the Northwest Zone 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. (Mineral Resources have not demonstrated economic viability and therefore are not Mineral Reserves) (See Press Release dated March 26, 2007)
In addition to the Northwest Zone, the Newmont Lake property contains numerous additional mineralized occurrences, including the Ken, North Grid, Glacier, Rope Jazzman and Boulder Zones. The Company intends to explore and further develop the Newmont Lake property which is located approximately 30 km northwest of Eskay Creek and approximately 30 km southeast of Galore Creek.
The qualified person responsible for the technical information included in this press release is Mel de Quadros, Ph.D., P.Eng, and a Director of the Company.
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, Quebec and Nevada. The Company is undertaking extensive exploration work on its Galore Creek area properties in British Columbia, which are centrally located between Galore Creek Mining Corporation's large copper-gold-silver deposit and Barrick's high grade gold mine at Eskay Creek.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Tom Drivas, President and Director: (tel) 416-221-4124, (fax) 416-218-9772 or (email) email@example.com
Mel de Quadros, Ph.D., P.Eng. Director (tel) 416-668-6145 or (email) firstname.lastname@example.org
Michael D'Amico, CFO, Investor Relations: (tel) 647-500-6023 or (email) Michael@baystreetconnect.com
Exchange Listings and Symbols: TSX-V:RG, NASDAQ OTC:RMIOF, Frankfurt:D4R.
25 Adelaide Street East, Suite 1010
Toronto, ON Canada, M5C 3A1
Tel: 416-221-4124, Fax: 416 218-9772
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, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.