06:29:50 EDT Sat 18 May 2024
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Romios Gold receives four million Enduro shares

2021-12-01 14:08 ET - News Release

Also News Release (C-ENDR) Enduro Metals Corp

Mr. Stephen Burega of Romios Gold reports

ROMIOS RECEIVES 4 MILLION SHARES OF ENDURO METALS PURSUANT TO NEWMONT LAKE OPTION AGREEMENT

Romios Gold Resources Inc. has received the final tranche of four million shares of Enduro Metals Corp. pursuant to the option agreement to acquire 100 per cent of the Newmont Lake project in northwestern British Columbia (see news release dated Dec. 4, 2018).

Agreement highlights:

  • The original option agreement included $2-million in cash payments, the issuance of 12 million Enduro shares and making $8-million in expenditures on the Newmont Lake project. Previously, Enduro had issued eight million shares and $1-million in payments.
  • In addition to today's issuance of four million Enduro shares, in order to exercise its 100-per-cent option interest, Enduro is required to make a final $1-million payment by Feb. 22, 2022.
  • Romios will retain a 2-per-cent net smelter return royalty on the property with a five-kilometre area of interest, of which Enduro may reduce to 1 per cent (within two years after the earn-in date) for a total of $4-million.
  • In the event that one or more National Instrument 43-101 compliant resource estimates (which collectively exceed one million ounces of gold equivalent resources (being the sum of indicated and inferred)) are issued, Enduro will issue two million shares to Romios. An additional one million shares will be issued to Romios for each full one million additional ounces of gold equivalent resources, which is so documented.

About Romios Gold Resources Inc.

Romios Gold Resources is a progressive Canadian mineral exploration company engaged in precious metal and base metal exploration, focused primarily on gold, copper and silver. It has a 100-per-cent interest in the Lundmark/Akow Lake gold-copper property in Northwestern Ontario and extensive claimholdings covering several significant porphyry copper-gold prospects in the Golden Triangle of British Columbia. Additional interests include two former producers: the La Corne molybdenum mine property (Quebec) and a former high-grade gold producer, the Scossa mine property (Nevada). The company also retains a continuing interest in several properties, including a 20-per-cent carried interest in five claim blocks, in the Thunder Bay silver district of Northwestern Ontario and a 2-per-cent NSR royalty on the Hislop gold property in Ontario.

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