Mr. Tom Drivas of Romios reports
ROMIOS RECEIVES THIRD $250,000 OPTION PAYMENT AND APPOINTS A DIRECTOR ON CRYSTAL LAKE'S BOARD
Crystal Lake Mining Corp. has made the third $250,000 option payment under the agreement whereby Romios Gold Resources Inc.'s Newmont Lake property has been optioned to Crystal Lake Mining. Under the terms of the definitive agreement, Romios has appointed Lawrence Roulston as its nominee on Crystal Lake Mining's board of directors.
Over the next three years, Crystal Lake Mining can earn a 100-per-cent working interest in Newmont Lake in consideration for, among other things, issuing to Romios 12 million common shares of Crystal Lake Mining, four million of which have been received, and paying a further $1-million ($1-million has been received to date) upon Crystal Lake Mining earning its 100-per-cent interest in Newmont Lake through the expenditure of $8-million on Newmont Lake over a three-year period. Crystal Lake Mining is required to spend $3-million on Newmont Lake by Sept. 20, 2019. Romios retains a 2-per-cent net smelter return royalty on Newmont Lake or on any after-acquired claims within a five-kilometre radius of the current boundaries of Newmont Lake. The 2-per-cent net smelter return royalty may be reduced at any time to a 1-per-cent net smelter return royalty on the payment of $2-million per 0.5-per-cent net smelter return royalty.
If Crystal Lake Mining is successful in acquiring Newmont Lake and in the event a National Instrument 43-101-compliant resource estimate is issued in respect of any part of Newmont Lake that exceeds one million ounces of gold equivalent resources, Romios will be issued an additional two million common shares of Crystal Lake Mining. It will also receive an additional one million common shares of Crystal Lake Mining for each additional one million ounces of gold equivalent resource on any part of Newmont Lake.
In addition to Newmont Lake, Romios holds approximately 390 square kilometres in the Golden Triangle area in British Columbia, near the Galore Creek project held by Newmont and Teck Resources. The company is planning exploration and drilling in the area this summer. Romios has also been conducting exploration and drilling on the Lundmark-Akow Lake copper-gold-silver project in Northwestern Ontario over the past two months.
About Romios Gold Resources Inc.
Romios Gold Resources, a progressive Canadian mineral exploration company established in 1995, is engaged in precious metal and base metal exploration primarily focused on gold, silver and copper on its properties in the Golden Triangle area in northwestern British Columbia. In addition to the properties in the Golden Triangle area, Romios holds a 100-per-cent interest in the Lundmark-Akow Lake property in Ontario, the La Corne property in Quebec and the Scossa property in Nevada. It also holds a 2-per-cent net smelter return royalty on the Hislop property in Ontario.
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