Romios Announces Joint Venture With Roca Mines Inc on Galore Creek Propertyadmin
Thursday, August 14th 2008
Romios Gold Resources Inc announce it has earned a 50% interest in Roca Mines Inc’s 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.”
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 and Nevada. The Corporation plans to undertake extensive exploration work on its Galore Creek properties in British Columbia, which are centrally located between NovaGold’s large gold-copper-silver deposit and Barrick’s high grade gold mine at Eskay Creek.