Romios Obtains Exploration Permit and Signs Memorandum of Understanding with North Caribou Lake First Nation
Toronto, July 6, 2017 - Romios Gold Resources Inc. (TSXV: RG) (OTC Pink: RMIOF) (FSE: D4R) ("Romios" or the "Company") is pleased to announce that the Ontario Ministry of Northern Development and Mines has issued an Exploration Permit specific to Romios' claims in the vicinity of Akow Lake in the North Caribou Lake area, effective for a three year period. A new exploration Memorandum of Understanding ("MOU") with the North Caribou Lake First Nation ("NCLFN") has been signed, to be in effect for the duration of the Exploration Permit. This continues the initial MOU pledging Romios and 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 exploration work.
The initial plan is for a drill program to test a significant electromagnetic conductor at Atim Lake North, just northwest of the previous drilling on the Lundmark-Akow Lake property in northwestern Ontario, 18 km NNW of Goldcorp's Musselwhite gold mine. The drill was left on-site after completing the late 2016 drill program, the details of which were reported in the Company's news release dated November 7, 2016.
Further to the Company's News Release of June 1, 2017, two insiders of the Company will be subscribing for an aggregate of $60,000 of FT Units under the Offering. The insider private placements are exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 ("MI 61-101") by virtue of the exemptions contain in section 5.5(a) and 5.7(1) (a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company to be issued to the insiders does not exceed 25% of its market capitalization.
The Offering is expected to close on or before July 17, 2017 (for particulars of the Offering, please see the New Release dated June 1, 2017). Proceeds from the Offering are expected to be used for the drill program referred to above and for working capital purposes.
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. In addition to the Lundmark-Akow Lake and Hislop properties in Ontario, Romios has other property interests in 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) romios@romios.com.
Frank van de Water, Chief Financial Officer and Director, (tel) 416-221-4124 or (email) fvandewater@rogers.com.