Romios Gold Receives $1 Million Final Payment and 2% NSR Pursuant to Its Newmont Lake Option Agreement with Enduro Metals
Romios Gold Receives $1 Million Final
Payment and 2% NSR Pursuant to Its Newmont
Lake Option Agreement with Enduro Metals
Toronto, Ontario--(Newsfile Corp. - February 2, 2022) -
Romios Gold Resources Inc.
(TSXV: RG)
(OTCQB: RMIOF) (FSE: D4R)
("Romios" or the "Company")
is pleased to report that it has
received the final C$1 million cash payment from Enduro Metals Corporation, ("
Enduro
") pursuant to the
option agreement by which Enduro has now acquired a 100% interest in the Newmont Lake Project in
northwestern British Columbia (
See News Release - Dec. 4, 2018
), subject to a 2% Net Smelter Return
Royalty (the "
2% NSR
") in favour of Romios.
Agreement Highlights:
The original Option Agreement included C$2,000,000 in cash payments, the issuance of
12,000,000 Enduro shares to Romios, and Enduro undertaking C$8,000,000 in exploration work
on the Newmont Lake Project. All option terms have now been fully satisfied.
Romios retains a 2% NSR on the Newmont Lake Project and on all property acquired by Enduro
within a 5 km area of interest (AOI). Enduro may purchase half of the 2% NSR (on or before
January 31, 2024) for a total of $4 million CAD.
This 2% NSR is in addition to any pre-existing
NSRs due under previous underlying agreements.
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.
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.
Romios recently staked 5 new properties adding to its extensive land package in the Golden Triangle
and currently holds 111 claims covering 40,124 hectares (401.2 square kilometres) and numerous
mineralized prospects including the Trek and JW Cu-Au-Ag porphyries.
Summer work programs will
continue exploring these prospects, particularly the Trek property where Romios previously drilled 131m
@ 0.6% Cu, 0.39 g/t Au, 8.5 g/t Ag and has completed over 14,000 metres of drilling to date.
"Today's announcement is not only a confirmation of Enduro's commitment and leadership toward the
development of the Newmont Lake Property but also an indication of the continued interest in the
development of exceptional assets in the Golden Triangle of British Columbia," commented Stephen
Burega, President.
He continued, "Romios spent a number of years amalgamating this exceptional property, and we are
confident that Enduro's team will continue to validate the tremendous potential of these assets. This
agreement ensures that Romios' shareholders are well positioned to benefit along the way."
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), as well as
numerous gold-silver-copper prospects on the Kinkaid property in 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; a 2% NSR on the Hislop gold property in Ontario; and
a 2% NSR on the Newmont Lake property owned by Enduro Metals Corp.
For more information, visit
www.
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
John Biczok, P. Geo., VP of Exploration - 613-410-7877 or
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/112493