 |  |   Tue May 31, 2005
SEAGOLD Property Optioned to Romios Gold
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| | ROK: #5-05
Vancouver, British Columbia: Roca Mines Inc. ("Roca" or the "Company") announces that it has signed an agreement dated May 1, 2005 (the "Agreement") with Romios Gold Resources Inc. ("Romios") whereby Romios can earn up to a 75% interest in the SEAGOLD Property, located in the Eskay/Iskut Camp in northwestern British Columbia, Canada. In late 2003, Roca acquired an option to earn a 100% interest in the SEAGOLD Property subject to a 2.5% NSR held by the vendor reducible to 1% upon payment of $2 million (see ROK#18-03 dated December 9, 2003).
To earn an initial 50% interest in the SEAGOLD Property, Romios has agreed to pay Roca a total of $200,000 in cash, issue to Roca 600,000 common shares of Romios, and incur aggregate exploration expenses of $1 million in stages ending on or before December 31, 2007. Upon vesting its initial 50% interest, Romios will have the right to earn an additional 25% interest in the SEAGOLD Property by paying Roca $2 million in cash or common share equivalent value at that time the additional option is exercised.
Romios will also assume Roca's obligation to issue the original property vendor 200,000 common shares upon commencement of commercial production, and advance royalty payments of $30,000 per annum commencing on the earlier of one year from the date the option is fully exercised and December 1, 2007. The Agreement and an initial installment of $25,000 cash and 150,000 common shares are subject to approval by the TSX Venture Exchange.
ROCA MINES INC.
"Scott Broughton"
Scott E. Broughton -- President and CE0
For further information contact the Company at:
Tel: 604-684-2900
Fax: 604-684-2902
Email: [email protected]
Web: www.rocamines.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. |
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