Romios optionee receives TSX-V OK for Newmont property

Feb 26, 2019

2019-02-25 16:31 ET – News Release

Mr. Tom Drivas reports

TSXV APPROVES OPTION OF ROMIOS’ NEWMONT LAKE PROPERTY

Crystal Lake Mining Corp. (CLM) received regulatory approval from the TSX Venture Exchange on Feb. 22, 2019, for it to enter into the definitive agreement, whereby Romios Gold Resources Inc.’s Newmont Lake property is optioned to CLM. Under the terms of the definitive agreement, payments due to Romios to date have been made and the initial consideration of four million common shares of CLM is to be received by Romios on or before Feb. 28, 2019.

CLM over the next three years can earn a 100-per-cent working interest in Newmont Lake in consideration for, among other things: (i) 12 million common shares of CLM; (ii) the payment of an additional $1.75-million in cash option payments, with $250,000 payable on 90 days, 180 days and 270 days from the Feb. 22, 2019; and (iii) a further $1-million payable upon CLM earning its 100-per-cent interest in Newmont Lake through the expenditure of $8-million on Newmont Lake over a three-year period. CLM is required to spend $3-million on Newmont Lake by Sept. 20, 2019, and present an exploration program and budget, as well as provide evidence that the funds are available for the program by March 18, 2019, failing which the definitive agreement may be terminated by Romios. If CLM is successful in acquiring Newmont Lake, Romios will receive 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.

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 Gold Resources holds a 100-per-cent interest in the Lundmark-Akow Lake property in Ontario, the LaCorne property in Quebec and the Scossa property in Nevada. Romios Gold Resources also holds a 2-per-cent net smelter return royalty on the Hislop property in Ontario.

We seek Safe Harbor.

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