Romios Gold Resources Inc.

Romios Gold Resources Inc.

March 07, 2005 08:35 ET

Romios Announces Completion Of Acquisition




MARCH 7, 2005 - 08:35 ET

Romios Announces Completion Of Acquisition

TORONTO, ONTARIO--(CCNMatthews - March 7, 2005) - Romios Gold Resources
Inc. ("Romios") (TSX VENTURE:RG) is pleased to announce that it has
acquired all of the issued and outstanding shares of Mclymont Mines Inc.
("MMI") in consideration for the issuance of 2,000,000 common shares and
500,000 warrants to purchase common shares at $0.20 until March 1, 2006
and at $0.25 until March 1, 2007. MMI has the right to acquire up to 75%
interest in the Newmont Lake Property located approximately 30
kilometers southeast of Novagold Resources Galore Creek Project in
Northwestern BC. The Newmont Lake Property is comprised of 80 claim
units which have been held by Gulf International Minerals Ltd. ("Gulf")
since 1986 and an additional 202 claim units which were staked during
2002 and 2004.

Pursuant to the terms of the agreement with Gulf dated January 25, 2004,
MMI can earn a 50% interest in the Newmont Lake Property by issuing
250,000 shares and incurring $3,325,000.00 in exploration expenditures
by October 1, 2007. After earning a 50% interest, Mclymont has the
option of purchasing an additional 25% interest by paying Gulf
$1,000,000 in cash or shares based on the ten day trading average price
of the Company's shares. Pursuant to the terms of the acquisition of
MMI, Romios has issued 250,000 shares to Gulf as partial consideration
to earn the interest in the Newmont Lake Property.

As part of the acquisition of MMI, Carl von Einsiedel was appointed a
director of Romios and Mr. Garth Kirkham was appointed Vice-President of
Romios. In addition, Mr. von Einsiedel was granted 235,500 stock options
and Garth Kirkham was granted 235,500 stock options all exercisable at
$0.21 per share for 5 years.

The securities issued on this transaction are legended and restricted
from trading until July 2, 2005.

The Newmont Lake Property includes an advanced stage gold, copper,
silver prospect and a large track of adjoining ground that has potential
to host additional mineralization. The claims form, an irregular
staircase shaped block that covers a northeast oriented graben structure
underlain by Late Triassic to Early Jurassic aged intrusives and
volcanics believed to have potential for Galore Creek style
mineralization. The advanced stage prospect (referred to as the "NW
Zone") is located on the original Gulf claims near the western margin of
the graben in the southern part of the subject property.

As a result of the acquisition of MMI, Carl von Einsedel, a director and
shareholder of Romios currently holds or controls directly or indirectly
1,593,337 common shares of RGRI representing 7.96% of RGRI's outstanding
capital plus 440,000 warrants to purchase common shares and 235,500
options to purchase common shares and has the ability to acquire 10.97%
of Romios on a partially diluted basis after giving effect to the
exercise of all of his warrants and options. Mr. von Einsiedel has
advised Romios that he has acquired the common shares for investment
purposes and has no immediate intention to either increase or decrease
his holdings of Romios. Notwithstanding the foregoing, Mr. von Einsiedel
has advised that he may decrease or increase his beneficial ownership,
control, or direction over the common shares in the capital of Romios
through market transaction, private placement agreements, other treasury
issuances or otherwise.

For the purposes of the disclosure in this press release, Carl von
Einsiedel, P.Geo., director of Romios effective March 01, 2005, is the
Qualified Person ("QP") in accordance with NI 43-101.

The current outstanding capital of the Company is 20,003,435 common


Contact Information

    Romios Gold Resources Inc.
    Tom Drivas
    President and a director of Romios
    (416) 221-4124
    (416) 218-9772 (FAX)
    Romios Gold Resources Inc.
    Carl von Einsiedel, P.Geo
    Director of Romios
    (604) 649-5793
    The TSX Venture Exchange has neither approved nor disapproved of the
    information contained herein.