Toronto, Ontario–(Newsfile Corp. – February 25, 2019) – Romios Gold Resources Inc. (TSXV:RG) (OTC Pink:RMIOF) (FSE: D4R) (“Romios” or the “Company”) today announced that Crystal Lake Mining Corp. (“CLM“) received regulatory approval from the TSX Venture Exchange on February 22, 2019 for it to enter into the definitive agreement (the “Definitive Agreement”) whereby Romios’ Newmont Lake Property (“Newmont Lake“) is optioned to CLM. Under the terms of the Definitive Agreement, payments due to Romios to date have been made, and the initial consideration of four million common shares of CLM is to be received by Romios on or before February 28, 2019.
CLM over the next three years can earn a 100% working interest in Newmont Lake in consideration for, among other things, 12 million common shares of CLM; the payment of an additional $1.75 million in cash option payments, with $250,000 payable on each of the following: 90 days, 180 days and 270 days from the February 22, 2019 and a further $1 million payable upon CLM earning its 100% interest in Newmont Lake through the expenditure of $8 million on Newmont Lake over a 3-year period. CLM is required to spend $3 million on Newmont Lake by September 20, 2019, and present an exploration program and budget and provide evidence that the funds are available for the program by March 18, 2019, failing which the Definitive Agreement may be terminated by Romios. If CLM is successful in acquiring Newmont Lake, Romios will receive a 2% Net Smelter Returns Royalty (“2% NSR“) on Newmont Lake, or on any after-acquired claims within a 5 km radius of the current boundaries of Newmont Lake. The 2% NSR may be reduced at any time to a 1% NSR on the payment of $2 million per 0.5% NSR.
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 on its properties in the Golden Triangle area, northwestern British Columbia. In addition to the properties in the Golden Triangle area, Romios holds a 100% interest in the Lundmark-Akow Lake property in Ontario, the LaCorne Property in Quebec and the Scossa Property in Nevada. It also holds a 2% Net Smelter Return Royalty on the Hislop property in Ontario.
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 Financial Officer and Director, (tel) 416-221-4124 or (email) [email protected].
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43031
Original Press Release: stockhouse.com
