VANCOUVER, British Columbia, May 24, 2022 (GLOBE NEWSWIRE) -- Rome Resources Ltd. (the "Company") is pleased to announce that it has reached agreement in principle to acquire majority interests in two properties situated in the Walikali District of the North Kivu Province in eastern Democratic Republic of the Congo ("DRC"). The two contiguous properties adjoin the northern boundary of the tenements held by Alphamin Resources Corp. ("Alphamin") (TSXV: AFM), and are referred to collectively as the "Bisie North Tin Project". Alphamin's Mpama North Mine is situated approximately 8 km south of the boundary of the Bisie North Tin Project.
The Bisie North Tin Project comprises two adjoining licences covering a total area of 38.4 km². Exploration Licence PR 13274 covers an area of 30.7 km² and is in the process of being converted into small scale mining permit PEPM 13274. Exploration Licence PR 15130 covers an area of 7.7 km², and its west and south boundaries adjoin PR 13274..
Exploration Permit 13274
The Company has agreed to acquire from Medidoc FZE ("Medidoc") all of the issued and outstanding shares in Medidoc ? RD Congo S.A.R.L.U. ("Medidoc Congo") for CAD$2,000,000, to be paid by the issuance of 40,000,000 shares of the Company at a deemed price of CAD$0.05 per share. On closing, the Company has agreed to settle a debt of CAD$1,278,229 owing to Medidoc by Medidoc Congo by the issuance of an additional 25,564,580 shares of the Company at a deemed price of CAD$0.05 per share. The total consideration amounts to 65,564,229 shares.
Medidoc Congo holds a 72.5% interest in Exploration Permit PR 13274 (converting to PEPM 13274). The remaining 27.5% interest is held by Investissement et de Developpement Immobilier S.A.R.L ("IDI"). Medidoc Congo and IDI operate the permit under a joint venture agreement. Medidoc Congo is the operator of the joint venture.
Under the agreement, the Company has agreed to fund, to the extent of up to CAD$250,000, on-going costs associated with the maintenance of the Permit until closing. Such advances will be treated as a loan to Medidoc Congo.
Medidoc advises that exploration to date at PR 13274 by Medidoc Congo includes a soil sampling and geological mapping program with channel samples collected across mineralized structures currently being mined by artisanal miners. Soil samples were collected on lines 400m apart across the whole of PR 13274 and infill samples were collected on lines 200m apart over anomalous areas. The assay results returned a significant continuous tin-in-soil anomaly with gold, copper and zinc credits over a 4 kilometre strike length. The channel sample results reportedly returned tin values up to 1m at 11% Sn. The Company has not verified these results, and is carrying out its independent due diligence and verification investigations.
Exploration Permit PR 15130
The Company has agreed to acquire from CoTinCo Minerals Projects International LLC ("CTC") a 65% interest in PR 15130 for CAD$1,000,000, to be paid by the issuance of 20,000,000 shares of the Company at a deemed price of CAD$0.05 per share. CTC currently holds a 70% interest in PR 15130, with the remaining 30% interest held by Palm Constellation S.A.R.L. ("Palm"). CTC and Palm operate PR 15130 under a joint venture agreement. CTC is the operator of the joint venture.
Under the agreement with CTC, the Company has agreed to fund, to the extent of up to CAD$250,000, on-going costs associated with the operation of the joint venture until closing. Such advances will be treated as a loan to the joint venture companies.
PR 15130 adjoins the north and eastern boundary of PR 13274. To the knowledge of the Company, no material exploration work has been carried out on the property.
The Company is now carrying out technical and legal due diligence on the Bisie North Tin Project, and anticipates executing a definitive agreement for each of the properties in the near future.
Closing of both transactions is subject to all requisite shareholder and securities regulatory body approvals and the satisfaction or waiver of conditions precedent typically present in transactions of this size and nature. The Company anticipates concurrent closings for the two transactions. Closing will result in the Company ceasing to be eligible for listing on NEX and the Company will apply for a listing on the TSX Venture Exchange.
The scientific and technical information contained in this news release has been reviewed and approved by Mr Stephen Alan Mawson. Mr Mawson is an Independent Contracting Geologist, with degrees in Geology from Rhodes University, South Africa (B.Sc. 1973) (M.Sc. 1983) and is a registered Professional Natural Scientist (Geological Science) with the South African Council for Natural Scientific Professions (SACNASP Reg. No. 400074/03) and a member of the Geological Society of South Africa. Mr Mawson is a qualified person (QP) under NI 43-101.
For further information, please contact:
Dr. Georg Schnura
President, CEO and Director
Telephone: (604) 687-6140
Email: [email protected]
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
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