TORONTO, ONTARIO (February 28, 2013) - Romios Gold Resources Inc. (TSX.V -RG) ("Romios" or the "Company") is pleased to provide an update on its current activities and plans.
In light of the extreme uncertainty in the stability of global markets, commodity prices have declined sharply during the last year. Investor confidence has eroded which has impacted negatively on the junior resource industry. The current market is challenging for junior exploration and mining companies and many are not raising money by conventional means at severely depressed share prices to avoid unnecessary dilution to shareholders.
Romios has $1.95 million of unallocated funds on hand and has no need to raise money at this time. In addition, the Company has no long term debt, minimal carrying costs on all of its mineral properties and is in the process of further reducing its overhead costs. Assessment work applied to most of Romios' properties will allow the Company to maintain ownership for several years without incurring further expenditures.
Romios has successfully advanced its exploration programs over 17 years including years of difficult financial market conditions.
Romios is currently designing a streamlined exploration program for its property interests in the Golden Triangle area of British Columbia which will focus on targets that exhibit the greatest potential. The summer program is expected to consist principally of diamond drilling to further evaluate high priority targets identified in previous programs. In addition to the planned exploration activities, the Company will continue to seek joint venture partners to conduct exploration programs on the Company's properties.
Normally, companies consider a consolidation of their shares during difficult markets in order to attract a financing, often to the detriment of its existing shareholders. At this point in time, Romios is pleased to report that it does not intend to consolidate its shares.
For further information, please see the Company's quarterly report to shareholders for the period ended December 31, 2012, filed February 27, 2013 at www.sedar.com and available on the Company's website at www.romios.com
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 the Golden Triangle area of British Columbia, Timmons, Ontario, Val d'Or, Quebec and Nevada.
Neither the 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, CEO and Director: (tel) 416-221-4124, (fax) 416-218-9772 or (email) email@example.com
Thomas Skimming, P.Eng, Vice-President, Exploration and Director, (tel) 416-444-0900 or (email) firstname.lastname@example.org
Michael D'Amico, CFO: (tel) 647-500-6023 or (email) email@example.com
Exchange Listings and Symbols: TSX-V:RG, OTC-PK: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.