Romios Receives 4 Million Shares of Enduro Metals Pursuant to Newmont Lake Option Agreement
Toronto, December 1, 2021 - Romios Gold Resources Inc. (TSXV: RG) (OTCQB: RMIOF) (FSE: D4R) ("Romios Gold" or the "Company") is pleased to report that it has received the final tranche of 4 million shares of Enduro Metals Corporation, (TSXV: ENDR) ("Enduro") pursuant to the option agreement to acquire 100% of the Newmont Lake Project in northwestern British Columbia. (See News Release - Dec. 4, 2018)
Agreement Highlights:
- The original Option Agreement included $2,000,000 CAD in cash payments, the issuance of 12,000,000 Enduro shares and making $8,000,000 CAD in Expenditures on the Newmont Lake Project.
- Previously, Enduro had issued 8 million shares and $1 million in payments.
- In addition to today's issuance of 4 million Enduro shares, in order to exercise its 100% option interest, Enduro is required to make a final $1 million CAD payment by February 22, 2022.
- Romios will retain a 2% NSR on the property with a 5 km area of interest of which Enduro may reduce to 1% (within 2 years after the earn-in date) for a total of $4 million CAD.
- In the event that one or more NI 43-101 compliant resource estimates which collectively exceed 1,000,000 ounces of gold equivalent resources (being the sum of indicated and inferred) are issued, Enduro will issue 2,000,000 shares to Romios. And an additional 1,000,000 shares will be issued to Romios for each full 1,000,000 additional ounces of gold equivalent resources which is so documented.
About Romios Gold Resources Inc.
Romios Gold Resources Inc. is a progressive Canadian mineral exploration company engaged in precious- and base-metal exploration, focused primarily on gold, copper and silver. It has a 100% interest in the Lundmark-Akow Lake gold-copper property in northwestern Ontario and extensive claim holdings covering several significant porphyry copper-gold prospects in the "Golden Triangle" of British Columbia. Additional interests include two former producers, the La Corne molybdenum mine property (Quebec) and a former high-grade gold producer, the Scossa mine property (Nevada). The Company also retains an ongoing interest in several properties including a 20% carried interest in five claim blocks in the Thunder Bay silver district of northwestern Ontario and a 2% NSR on the Hislop gold property in Ontario.
For more information, visit romios.com.
This News Release contains forward-looking statements which are typically preceded by, followed by or include the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. Forward-looking statements are not guarantees of future performance as they involve risks, uncertainties and assumptions. We do not intend and do not assume any obligation to update these forward-looking statements and shareholders are cautioned not to put undue reliance on such statements. TSX Venture Exchange or its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) do not accept responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Stephen Burega, President - 647-515-3734 or sburega@romios.com
John Biczok, P. Geo., VP of Exploration - 613-410-7877 or john.biczok@gmail.com
Frank van de Water, Chief Financial Officer and Director, (tel) 416-221-4124 (fax) 416-218-9772 or (email) fvandewater@rogers.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106090
