TORONTO, ONTARIO–(Marketwire – May 5, 2011) – The management of Romios Gold Resources Inc. (TSX VENTURE:RG)(OTCBB:RMIOF)(FRANKFURT:D4R) is pleased to announce that it will undertake an aggressive exploration program beginning in late May 2011 on its Trek, Dirk and Newmont Lake properties located in northwestern British Columbia. The program, estimated to cost about $6.0 million, will consist of approximately 11,800 metres of diamond drilling on the Trek, Dirk, and Newmont Lake properties, with geophysical surveys on the Trek, Andrei and Dirk properties. In addition, systematic prospecting and geochemical sampling will be carried out along the 35 kilometre long Stikine VMS belt located on Romios’ Newmont Lake property, recently described as, “an active VMS mineralizing system of regional extent” and called the “Last Frontier of the Golden Triangle,” by the British Columbia Ministry of Mines. (Press Release dated March 3, 2011; Mihalynuk et al., 2011).
Trek Property: Au-Cu Porphyry
The 2011, 8,200 metre drill program on the Trek property’s North Zone is designed to expand the pervasive porphyry-style copper and gold mineralization. It will also test the significant opportunities for added tonnage at the North Zone identified by previous drill campaigns and will target a large, deep conductor located below and adjacent to the previous drilling which was identified by recent Quantec Titan-24 geophysical surveys (Press Release November 4, 2010). Ground geophysical surveys consisting of 2.4 line kilometres and down-hole induced polarization (IP), resistivity (RES) and magnetics (MAG) surveys, and TEM loop geophysical surveys are planned in early June to further refine the exploration and infill drilling of the North Zone.
Four holes totaling 2,000 metres will additionally be drilled to test formineralization at Trek’s Tangle Zone, where a deep conductive anomaly identified during the 2010 Quantec Titan-24 geophysical survey is the main drill target. The anomaly correlates well with grab sample assays and a significant soil copper-gold geochemical anomaly. Previous grab samples assayed up to 9.6 g/t Au, and 16.45% Cu with 7.56 g/t Au. Soil sampling in the area assayed up to 5.31 g/t Au and 12.2% Cu (Press Release dated November 4, 2010).
The Trek property, 100% owned by Romios, consists of 5 land tenures which cover 2,693.27 hectares (6,654.98 acres) in the Galore Creek Area which encompasses GCMC’s (NovaGold and Teck Resources) Galore Creek Project, that contains a large, undeveloped, porphyry-related, copper-gold-silver deposit. Since acquiring the Trek property in 2006, Romios has been carrying out exploration programs to evaluate the widespread zones of breccia-hosted copper-gold mineralization and zones of porphyry-style gold-copper mineralization on the property.
Dirk Property: Cu-Au Porphyry
The 1200-metre drill program planned for the Dirk property is designed to evaluate the significance of the extensive, high-grade copper-gold-silver mineralization encountered on the property where surface sampling has identified extensive veinlets and stringers of bornite, covellite and trace amounts of chalcopyrite. A 2010 mapping project from the British Columbia Geological Survey (“BCGS”) supported Romios’ contention that the Dirk property mineralization is analogous to and may be as large as the Galore Creek Project (Press Release March 3, 2011). Geophysical surveys consisting of three line kilometre and 2 TEM loop geophysical surveys will also be conducted at the Birthday Jim, Dirk, Telena, Ridge and Icefield Zones on the Dirk property.
The Dirk property, 100% owned by Romios, consists of 3 contiguous claims covering 1,202.68 hectares (2,971.78 acres) in the vicinity of the Company’s Newmont Lake property. During 2010 field work, Romios geologists conducted additional sampling at the Telena showing, which included a chip sample with 1.23% Cu, 1.00 g/t Au and 12.88 g/t Ag over 3 metres (Press Release February 9, 2011), and discovered and sampled the Ridge showing. The program focused on connecting the mineralization between the Dirk, Telena and Ridge Zones, and identified three drill sites designed to intersect and explore the exposed mineralization at depth. The presence of high-grade mineralized surface exposures, spanning 300 metres in elevation for over 2.4 kilometres horizontally indicates the potential for rapid exploration growth in the developing mineral district.
Newmont Lake & Andrei Properties: Au, Cu, Ag, Zn VMS and Cu-Au Porphyry
The Newmont Lake property consists of 6,200 hectares (15,320 acres) with an NI 43-101 inferred resource of 1,406,000 tonnes containing 200,000 ounces of gold at 4.43 g/t, 6,790,000 lbs. of copper at 0.22% and 291,000 ounces of silver at 6.4 g/t at its Northwest Zone (Mineral Resources have not demonstrated economic viability and therefore are not Mineral Reserves).
The drill program planned for the Newmont Lake property may include 400 metres of drilling at the Ken Zone, and a pre-assessment study for future development of the Northwest Zone resource. In addition, Romios will conduct geochemical sampling and systematic prospecting along the 35 km long Stikine VMS belt. Mitch Mihalynuk and Jim Logan of the Ministry of Forests, Mines and Lands postulated that the Dirk property and the VMS belt discoveries, of which Romios is the primary tenure holder, are “unprecedented opportunities to expand the ‘Golden Triangle’ to the north, from the Eskay Creek, Snip, and Rock and Roll deposits, towards the large Cu-Au-Ag porphyries in the neighbouring Galore Creek area” which includes Romios’ Trek property and the NovaGold/Teck Resources’ Copper Canyon property (Press Release March 3, 2011).
Expiry Date of 2010 $0.25 Warrants accelerated to June 2, 2011 and additional financing
Pursuant to the terms of the $0.25 warrants issued in the summer of 2010 pursuant to various flow-through and working capital private placements announced on July 6, 2010, July 15, 2010 and August 31, 2010 (collectively, the “PP Press Releases”), the expiry date of the warrants would be accelerated if the Romios Gold stock traded at $0.50 or more for 10 consecutive trading days (the “Accelerated Warrants”). As of May 3, 2011, being the “Final Trading Day” as defined in the warrant certificates and PP Press Releases, the common shares of Romios Gold had traded at more than $0.50 for 10 consecutive trading days. Please be advised that the new expiry date for the Accelerated Warrants is now June 2, 2011. If funds are not received by the Company by the close of business on Thursday June 2, 2011, any unexercised Accelerated Warrants will expire. If all Accelerated Warrants are exercised, the Company will receive approximately $1.53 million.
The Company will need additional funding to fully execute the above plans and it believes that it has the ability to raise any capital required to complete this exploration program.
The technical information contained in this press release has been reviewed and approved by Mr. Mel de Quadros, Ph.D., P.Eng., Director of Romios Gold Resources Inc. 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 headquartered in Toronto and is actively engaged in precious and base metal exploration across North America with a primary focus on gold, silver and copper. Romios has significant property interests in British Columbia, Ontario, Quebec and Nevada. The Company is undertaking extensive exploration work on its Galore Creek area properties in British Columbia, which are centrally located between Galore Creek Mining Corporation’s large copper-gold-silver deposit and Barrick’s high grade gold mine at Eskay Creek.
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking 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:
President and Director
Mel de Quadros, Ph.D., P.Eng.
Exchange Listings and Symbols: TSX-V:RG, NASDAQ OTC:RMIOF, Frankfurt:D4R.
25 Adelaide Street East, Suite 1010
Toronto, ON Canada, M5C 3A1
Tel: 416-221-4124, Fax: 416 218-9772