Romios Gold Resources Inc. (TSXv:RG), is earning an initial 50% interest in Roca's Seagold Property, now an integral component of the Newmont Lake Project in the prolific Eskay/Iskut Mining Camp of northwestern British Columbia.
For more information on the Newmont Lake Project, please visit www.romios.com.
Option terms - 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. To earn its initial 50% interest from Roca, 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 upon paying Roca $2 million in cash or common share equivalent value at the time. 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.
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