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| | Thu Aug 14, 2008
Romios Announces Joint Venture with Roca Mines Inc on ("Seagold") Galore Creek Property
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| | Romios Gold Resources Inc ("Romios" or the "Company") (TSX.V: RG, www.romios.com) is pleased to announce it has earned a 50% interest in Roca Mines Inc's ("Roca") Galore Creek area claims and has formed a 50:50 joint venture with Roca for the further exploration and development of the property. The property consists of 8 claims or 160 units, covering 4,000 hectares adjoining Romios' Newmont Lake property. Romios earned its 50% interest by incurring expenditures of $1,516,050 on exploration of the property, paying $200,000 in cash option payments and issuing 600,000 common shares to Roca and paying a $30,000 advance royalty payment.
Romios carried out an exploration program on the property in 2007 which included airborne DIGHEM EM/Magnetic geophysical surveys, ground Induced Polarization (IP) geophysical surveys, soil and rock geochemical surveys, prospecting and geological mapping. The Roca claims are adjacent to the North West Zone, which is contained within the Newmont Lake property, one of nine properties held by Romios in the Galore Creek area. Based on earlier drilling, the North West Zone was calculated to contain an inferred resource of 1,406,000 tonnes at a grade of 4.43 gpt Au, 0.22% Cu and 6.4 gpt Ag or a gold equivalent grade (AuEq) of 5.16 gpt that was announced in a press release dated March 26, 2007. This equates to in-situ contained metal of 200,000 ounces of gold, 6,790,000 pounds of copper and 291,000 ounces of silver. These resources are reported at a base case gold equivalent cut-off grade of 2 gpt. Mineral Resources are not Mineral Reserves as Mineral Resources have not demonstrated economic viability. A comprehensive $5 million exploration program is currently underway at Romios' Galore Creek properties. The program at the North West Zone includes diamond drilling, metallurgical sampling, ground magnetic, electrical geophysical surveys, and a down-the- hole EM survey.
Tom Drivas , President stated, "We are pleased to enter into his Joint Venture with Roca Mines Inc on the highly prospective Roca claims and look forward to conducting further exploration on the property. We view this property as a strategic land position that expands our current holdings in the immediate area of the North West Zone."
The technical information contained in this press release has been reviewed and approved by Mr. Thomas Skimming, P. Eng., Geologist, V.P. of Exploration, Director of Romios Gold Resources Inc. and a qualified person as defined by National Instrument 43-101. |
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