Overview of Romios' 2007 Summer Exploration Program Galore Project, Northwestern British Columbia
The management of Romios Gold Resources Inc. ("Romios" or the "Corporation") is pleased to announce the successful completion of its 2007 summer exploration program on its various properties located in the Galore Creek area in northwestern British Columbia. The properties lie adjacent to the large parcel of land which houses NovaGold Resources' Galore Creek copper-gold deposits which are currently under development on a partnership basis between NovaGold Resources Inc. and Teck Cominco Limited. Romios' exploration program consisted of airborne and ground geophysical surveys, geological mapping, prospecting, reconnaissance soil geochemistry and diamond drilling.
A total of 9 holes, collectively amounting to 1,214.6 metres (3,985 feet) in length, were drilled mainly by Apex Drilling of Smithers, B.C., to test the Ken, B&D, Vera, Bridget, RNT and the NW Zones.
One hole was designed to test an induced polarization anomaly believed to be reflecting an extension to the zone of gold mineralization at the NW Zone, which previously 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. This hole was drilled to a depth of 190.5 metres (625 feet) and encountered extensive sulphide and magnetite mineralization associated with zones of brecciation and silicification similar to that which characterizes the NW Zone. The core from this hole has been logged, sampled and submitted to ALS Chemex Laboratories in Vancouver for chemical analyses. The results will be announced once they have been received and evaluated by Romios' technical team.
Two holes were drilled at the B&D Zone, located 500 meters (1,640 feet) northwest of the Ken Zone, to undercut a surface exposure of significant copper-gold-silver mineralization within a highly fractured feldspar porphyry dike that was discovered by Romios personnel this summer. Each hole encountered similar widths of mineralization to that exposed on surface. The core from these holes has been logged, sampled and submitted to ALS Chemex for analyses and will be reported when available.
Two holes were drilled into the newly discovered RNT zone which consists of several outcrops of an alkalic porphyry, exposed in a large expanse of glacial debris below the toe of a glacier, which contains both disseminated and stringer-type chalcopyrite and magnetite mineralization similar to that being developed at the Galore Creek Project. The outcrops cover an area of approximately 325 m X 325 m (1,065 ft X 1,065 ft) and appear to be bounded by northwest and southeast trending faults. The results of the samples collected from these holes, together with the samples from the other holes, will be announced in due course, when they have been received from ALS Chemex Laboratories.
A single hole was drilled to intersect the Bridget showing which, on surface, exhibited similar mineralization and lithology to that at the NW Zone.
As part of the 2007 Summer Exploration Program, three core holes were drilled on the "JW" Property. One of these holes, (Hole JW07-06) intersected a 2.4 meter (7.87 feet) interval that contained a weighted average of 31.87 g/t (0.93 oz/t). The other two holes (JW07-07 and JW07-08) were drilled to test the northern portion of a large geochemical anomaly. The
details of this drilling were announced in a Press Release dated September 20, 2007.
Airborne and Ground Geophysics
A combined magnetic-electromagnetic-resistivity airborne survey, involving approximately 1,280 line kilometres, was carried out by Fugro Airborne Surveys Corporation using an A-Star helicopter over most of Romios' claim holdings in the area. The raw data collected from this survey are being processed by Fugro and a report on the results will be announced once they have been received from Fugro and assessed by Romios' geologists.
Ground magnetic and Induced Polarization surveys were completed on the Black Bear, Vera, and northern half of the NW Zones, and detailed ground magnetic surveys were carried out over the Ken and the RNT Zones. Collectively, a total of 25.4 line kilometers (15.78 linear miles) of magnetic and 15.4 line kilometers (9.57 linear miles) of induced polarization survey was completed during the summer program. Similar to the airborne survey, the raw data is being processed and the results of these surveys will be announced when available.
Soil Sampling:
Systematic soil sampling was carried out at 50 meter (164 feet) sample intervals across and adjacent to the McLymont and Newmont faults. Although only a small percentage of the results from this sampling were generated during the 2007 field season, these early results led to the discovery of the RNT Zone.
Geological Mapping and Prospecting:
Geological mapping and reconnaissance prospecting, for the most part, was concentrated within the graben portion of Romios' Newmont Lake claim block. A limited amount of reconnaissance mapping and prospecting was carried out in the vicinity of the NW Zone. A detailed prospecting program carried out between the NW Zone and the Ken Zone, in the vicinity of a large circular magnetic feature, resulted in the discovery of 17 new outcropping occurrences of chalcopyrite and/or chalcopyrite-magnetite. A comprehensive followup of soil anomalies adjacent to the Newmont Fault resulted in the discovery of the RNT showing described previously in this press release. These occurrences have only recently become exposed as a result of prolific glacial melting in the area. Previously, the area was covered by an alpine glacier which in effect, masked these copper-magnetite showings from view.
One of these occurrences, which is now referred to as the B&D Zone, is described in a Romios press release dated September 11, 2007 where it was announced that two chip samples taken across a zone approximately 2.0 meters in width assayed 8.59% copper, 16.5 g/ton (0.48 oz/t) gold, 82.5 g/ton(2.40 oz/t) silver, 0.052% molybdenum and 3.01% copper, 5.19 g/ton(0.15 oz/t) gold, 36.5g/ton (1.06 oz/t) silver and 0.003% molybdenum respectively.
As part of a prospecting strategy, on-site analyses of the results generated in the field from the combined airborne magnetic-electromagnetic-resistivity were used to define the areas in which basic prospecting was to be carried out. This methodology led to the discovery of several new mineral occurrences north of the NW Zone in the Newmont Lake area. These new occurrences were sampled and have been submitted to ALS Chemex Laboratories for analyses. The results will be released when available.
On October 1, 2007, the B.C. Provincial Government announced its intent to construct a new transmission line, an extension of its existing power grid, into the remote northwestern regions of British Columbia. Estimated to cost $400 million, the line is expected to be 335 kilometres in length, running between Terrace and Bob Quinn Lake along Highway 37 and will be built as a public- private partnership wherein Galore Creek Partnership, representing the private sector, will contribute $158 million of the cost. The new line will provide conventional electricity to remote communities and will benefit mineral exploration and mine development in the region. A spur line from this new transmission line into NovaGold/Teck Cominco's Galore Creek Project would pass through several of Romios' properties which would result in significant savings to Romios in the event any of its projects in the Galore Creek area progress to production.
Scossa Project, Nevada
In addition to the large exploration program carried out in the Galore Creek area of northwestern British Columbia, a five hole diamond drill program was carried out on the Scossa Property in Pershing County, Nevada with the objective of intersecting the Noble Vein above its intersection with the previously drilled hole RGR-20 (10.0 feet or 3.05 meters averaging 4.26 g/t (0.124 oz/t) gold). Two holes (RGR-31 and RGR-32), located to achieve this objective, were abandoned because of bad ground conditions. A third hole (RGR-33) was drilled from the same location as holes RGR-31 and RGR-32 at a steeper angle to a depth 697 feet but only intersected a number of narrow veins and/or vein fragments and may have deflected from the target vein. Holes RGR-34 and RGR-35 were located to provide shallow intersections of the Scossa 1-12 (main) vein and although the vein was intersected in both holes, less than 10% of the core was recovered in the vicinity of the vein because of the highly fractured nature of the ground. The program was abandoned when it became evident that obtaining meaningful core samples was not possible with the drill rig on site because of the highly fractured nature of the rock. Similarly, it was decided that samples from drill holes with such low core recoveries would only generate meaningless or questionable results; so no samples were collected or assaying carried out. Further exploration and/or evaluation of the Scossa Property may require the use of a reverse-circulation drill on surface in conjunction with an underground program involving bulk sampling of the veins in the vicinity of significant intersections identified from surface drilling. The topography at Scossa would be favourable for the construction of a decline from which future exploration of the property could be carried out.
The management of Romios is very pleased with the outcome of the exploration program and looks forward to announcing analytical results once they have been reviewed by Qualified Persons in addition to releasing reports once they are available. It is anticipated that Romios will engage in a larger and more aggressive program in the Galore Creek area next summer.
For the purposes of the disclosure in this Press Release, Thomas Skimming, P.Eng., Vice-President of Exploration and a Director is the Qualified Person ("QP") in accordance with
NI-43-101.
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.
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe","estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
You can view the Next News Releases item: November 8, 2007, Romios Encounters Galore Style Mineralization at "RNT" Zone, Newmont Lake Project, Northwest B.C.
You can view the Previous News Releases item: September 20, 2007, Romios Encounters High Grade Gold Mineralization on its "JW" Property in the Galore Creek Area Intersects 31.87 g/t Gold Over 2.4 M in Drill Hole