Romios Gold Options Timmins Hislop Property to Mexivada
TORONTO, ONTARIO -- (Marketwire) -- 01/11/12 -- Romios Gold Resources Inc. (TSX VENTURE: RG)(OTCBB: RMIOF)(FRANKFURT: D4R) ('Romios' or the 'Company') is pleased to announce that it has signed an option agreement with Mexivada Mining Corp. ('Mexivada') pursuant to which Mexivada can earn up to a 60% interest in the mining rights to the Company's Timmins Hislop property (the 'Roger gold property') in Hislop Township in the Matheson gold camp, Ontario, Canada. Mexivada can earn a 50% interest in the property by expending $1,000,000 on exploration, paying $275,000 in cash option payments and issuing shares of Mexivada with a value of $275,000 over two years, with $25,000 in cash and $25,000 of Mexivada shares payable on receipt by Mexivada of approval by the TSX Venture Exchange ('Regulatory Approval'). Mexivada can earn a further 10% interest in the property by expending a further $1,000,000 on exploration before the third anniversary of the receipt of Regulatory Approval.
When Mexivada has earned either a 50% interest or a 60% interest in the Roger gold property, the parties will enter into a Joint Venture Agreement for the further exploration of the property. Romios retains the surface rights to the Roger gold property and will be entitled to rental payments for use of the surface rights unless Mexivada makes a further payment of $200,000, on the formation of the joint venture, to acquire its pro rata interest in the surface rights. The Joint Venture Agreement will provide for pro rata dilution for non-participation in programs. If either party is reduced below a 10% interest, such interest shall be converted into a 2% Net Smelter Returns Royalty ('NSR') and the other Party shall have the right to buy a 1% NSR for the sum of $1,000,000. The transaction is subject to regulatory approval by Mexivada.
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.
Exchange Listings and Symbols: (TSX VENTURE: RG)(OTCBB: RMIOF)(FRANKFURT: D4R)
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.
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.
Contacts:
Romios Gold Resources Inc.
Tom Drivas
President and Director
416-221-4124
416-218-9772 (FAX)
romios@romios.com
Romios Gold Resources Inc.
Michael D'Amico
CFO, Investor Relations
647-500-6023
Michael@baystreetconnect.com
Head Office:
25 Adelaide Street East, Suite 1010
Toronto, ON Canada, M5C 3A1
416-221-4124
416-218-9772 (FAX)
www.romios.com
