Not true. Radiometric dating is based on calculations from physical constants (decay rates of radioisotopes), and is not dependent on fossil evidence. However, radiometric dating can be used to determine absolute ages of strata in which fossils appear. There are different methods of radiometric dating using various isotopes, so ages from one method can sometimes be confirmed by using other methods. The evidence for the great antiquity of the earth (and of life on earth) is simply overwhelming.
For a great summary of the problems with radiometric dating (to include circular calibration methods), please see the following:
http://www.detectingdesign.com/radiometricdating.html