Vancouver, British Columbia--(Newsfile Corp. - July 26, 2023) - Rome Resources Ltd. (TSXV: RMR) (FSE: 33R) ("Rome" or the "Company") is pleased to announce that it has fully exercised the second option under its option agreement with CoTinCo Minerals Projects International LLC dated the 15th day of August 2022, as amended the 6th day of June 2023 (the "CoTinCo Option Agreement"). As a result, Rome has increased its earned undivided indirect interest in and to exploration permit PR 15130 from 25% to 51%.
Pursuant to the CoTinco Option Agreement, Rome initially acquired a 25% undivided interest in and to exploration permit PR 15130 (see the Company's news release dated February 6, 2023). Rome has now acquired a further 26% indirect interest in PR 15130 (for a total indirect interest of 51%) by funding additional exploration expenditures totalling CAD$1,750,000 at exploration permit PR 15130 and by issuing a total of 6,000,000 RMR shares, of which 2,000,000 RMR shares were issued to Mark Gasson, the Company's president; 2,000,000 RMR shares were issued to Dr. Andreas Reitmeier and 2,000,000 RMR shares were issued to Klaus Eckhof. The 6,000,000 RMR shares are restricted from trading until November 26, 2023 and, in addition thereto, are subject to escrow provisions.
About Rome Resources
Rome Resources Ltd. is a mineral exploration company that holds indirect interests in two contiguous properties, PR 15130 and PR 13274, which are situated in the Walikale District of North Kivu Province in eastern Democratic Republic of the Congo, and that are prospective for tin, copper and zinc mineralization. These properties, which are collectively referred to as the "Bisie North Tin Project", are located within 8 km of Alphamin Resources Corp.'s Mpama North tin mine, which is the world's highest grade tin mine with an average grade of 4.5% tin that currently produces 4% of the world's tin supply. Rome's exploration team discovered Alphamin's tin deposits and Rome intends to fund exploration on the Bisie North Tin Project up to the completion of a definitive feasibility study.
Contacts
Investors / Shareholders
Mark Gasson
President, CEO & Director
P: (604) 687-6140
Media
E: info@romeresources.com
Cautionary Note Regarding Forward-Looking Statements
The information in this news release may include certain information and statements about management's view of future events, expectations, plans and prospects that may constitute forward-looking statements. Forward-looking statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Although Rome Resources Ltd believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, Rome Resources Ltd disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
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