TORONTO, ONTARIO, Romios Gold Resources Inc. ('Romios') (TSX-V: RG) is pleased to announce that it has entered into an exploration Memorandum of Understanding (MOU) with the North Caribou Lake First Nation (NCLFN) to work together to establish a long-term, mutually beneficial and cooperative relationship based on trust and certainty, and to agree upon various matters regarding the Exploration Program. The MOU is in effect for the duration of the Exploration Permit which was issued earlier to Romios by the Mineral Development and Lands Branch of the Ministry of Northern Development and Mines relating to Romios' claims in the vicinity of Akow Lake in the North Caribou Lake area in northwestern Ontario. Romios will have the opportunity to renew or amend the MOU upon further approved exploration permits.
Recent Maxwell Modeling of the geophysics has shown that all the holes drilled to date were not drilled deep enough to have intersected the geophysical anomalies recently identified at depth. Subject to financing, Romios plans to initiate a drill program to test the significance of the deeper geophysical anomalies as well as the deeper levels of gold-bearing shear zone identified in Romios' earlier exploration programs on the property.
Tom Drivas, President and CEO of Romios comments: 'Romios wishes to thank the NCLFN, Chief Dinah Kanate, Council Members, the Association of Trappers, the Working Group and the entire Community for their effort in working together to complete this MOU. Romios is confident that this will be the beginning of a long and mutually beneficial relationship'.
As previously reported, five holes were drilled to test Romios' copper-gold shear zone during the winter of 1998-1999. All five drill holes (holes RGRI-99-1 to RGRI-99-5) intersected wide zones of copper and gold mineralization over a strike length of more than 1,000 metres (3,280 feet). One of the more notable holes, RGRI-99-3, intersected 94.0 metres (308 feet) of the stringer-type copper mineralization. Highly anomalous gold values were encountered over 96.32 metres (316.0 feet) within this zone. Similar copper and gold grades over comparable widths were encountered in the other 4 holes. (For the details of the drill results, please see the Press Release dated March 31, 1999, as filed on Sedar at www.sedar.com).
In the most southerly exposed portion of the gold-bearing deformation zone on the property, 14 grab and channel samples collected from an outcrop area assayed from a low of 12.26 gpt (0.358 oz/ton) to a high of 1,323.81 gpt (38.612 oz/ton) of gold. (Press Release dated November 24, 1997 as filed on Sedar).
The technical content of this news release was reviewed and approved by Thomas Skimming, P.Eng, Vice-President of Exploration and a Director of Romios and a Qualified Person as defined by National Instrument 43-101.
About Romios Gold Resources Inc.
Romios Gold Resources Inc., a progressive Canadian mineral exploration company established in 1995, is engaged in precious and base metal exploration primarily focused on gold, silver and copper in its properties in British Columbia centrally located between Galore Creek Mining Corporation's large copper-gold-silver deposit and Barrick's high grade gold mine at Eskay Creek. Romios has other property interests in Ontario, Quebec, and Nevada.
This News Release contains forward-looking statements which are typically preceded by, followed by or including 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.
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 protected]
Frank van de Water, Chief Operating Officer and Director, (tel) (416) 221-4124 or (email) [email protected]
Thomas Skimming, P.Eng., Vice-President, Exploration and Director, (tel) (416)-444-0900 or (email) [email protected]