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Romios Signs Letter Agreement with Crystal Lake Mining to Option Its Newmont Lake Property
Toronto, Ontario--(Newsfile Corp. - September 24, 2018) - Romios Gold Resources Inc. (" Romi...
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[{"type":"text","content":"Romios Signs Letter Agreement with Crystal Lake Mining to Option Its Newmont Lake PropertyToronto, Ontario--(Newsfile Corp. - September 24, 2018) - Romios Gold Resources Inc. (\"Romios\" or the \"Company\") (TSXV: RG) (OTC Pink: RMIOF) (FSE: D4R) is pleased to announce that it has signed an agreement (the \"Letter Agreement\") with Crystal Lake Mining Corp. (\"CLM\") to option the Company's Newmont Lake Property (\"Newmont Lake\") to CLM. Newmont Lake is part of an extensive Romios land package consisting of 7 projects in the Golden Triangle area of northwestern British Columbia. Tom Drivas, President and CEO of Romios, stated: \"This transaction will help unlock immediate value for Romios shareholders as CLM has aggressive plans for Newmont Lake. Romios will become a substantial CLM shareholder. Romios can now focus resources on its other six highly prospective holdings in this very active part of the Golden Triangle.\"This strategic move will allow for a drill program at the promising Newmont Lake Burgundy Ridge target,\" Drivas continued. \"It will also allow us to dedicate much more attention to our exciting Lundmark-Akow Lake Project in northern Ontario which is ready for fresh drilling after a recent massive sulphide copper-gold-silver discovery on strike with Goldcorp's Musselwhite mine. Romios, over the last 25 years, has acquired substantial properties in 5 major mining camps in Canada and the USA and is currently advancing these projects using the project generator model.\" Terms of the Letter AgreementCLM 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 (4 million shares of which are issuable upon regulatory approval of the transaction); the payment of $2 million in cash option payments, of which a non-refundable deposit of $250,000 was paid upon signing of the Letter Agreement, and a further $250,000 is payable on each of the following 90 days, 180 days and 270 days from receipt of regulatory approval of this transaction; and a further $1 million is payable upon CLM earning its 100% interest in the Newmont Lake Property through the expenditure of $8 million on the Newmont Lake Property over a 3-year period. Romios retains a 2% Net Smelter Returns Royalty (\"2% NSR\") on the Newmont Lake Property, or on any af...