ROMARCO MINERALS INC. (TSX: R) (the "Company") is
pleased to announce its results for the third quarter ending September
30, 2011. The Company's financial statements are prepared in accordance with
International Financial Reporting Standards ("IFRS"). All dollar
amounts in this news release are expressed in U.S. dollars, unless otherwise
noted.
Highlights from the third quarter include:
·
Cash balance at September 30, 2011 was $45
million.
o
On October 19, 2011, the Company announced the
closing of a bought-deal financing for gross proceeds of C$92.6 million.
The Company's
current cash position is approximately $125 million.
·
The US Army Corps of Engineers ("Corps")
requested the Company complete an Environmental Impact Statement
("EIS") for its Haile Gold Mine project in South
Carolina. The EIS is expected to add approximately 12 months to the project
schedule proposed in the Company's feasibility study (dated February 10,
2011), primarily as a result of the extended technical review period and the
public comment and review periods dictated by the EIS schedule. The Company
will utilize the additional time to increase exploration drilling and further
optimize the project.
·
The Corps selected the dates for the first three
milestones in the EIS process:
o September
23, 2011 - filed the Notice of Intent to Prepare an EIS in the Federal
Register.
o October
27, 2011 - held the Public Scoping Meeting in Kershaw, South
Carolina.
o November
28, 2011 - the close of the public comment period following the Public
Scoping Meeting.
·
The Corps selected Cardno
ENTRIX as the third-party contractor to complete the EIS for the Haile
project.
·
Exploration at Haile continued to demonstrate
high-quality continuity of the mineralized system. Horseshoe, Snake and the
mineralized area between these two deposits remain open to the south and at
depth. Several widely spaced intercepts between Snake and South Pit remain
open in multiple directions. Mustang remains open to the northeast and
northwest at depth and Mill Zone is currently open along strike.
o Returned
117 meters of 5.5 g/t gold from a newly designated mineralized zone, Mustang.
§
Mustang is positioned approximately 180 meters below
the $950reserve pit and within the saddle between South Pit and
Ledbetter.
o Encountered
23 meters of 45.8 g/t at Horseshoe, the fourth best hole ever completed on
the Haile property.
·
Initiated regional exploration program at Bayberry
and Hickory properties inSouth Carolina and North
Carolina, respectively.
·
Secured key equipment for Haile, including the
mobile mine fleet, primary SAG and secondary Ball grinding mills.
·
Reported $3.9 million net loss for the
three months ended Septmeber 30, 2011 and $12.3
million for the nine months ended September 30, 2011.
The Company's 2011 third quarter financial statements and MD&A are
available on SEDAR at www.sedar.com and
on the Company's website atwww.romarco.com
About Romarco
Minerals Inc.
Romarco Minerals Inc. is an
exploration and development company engaged in the acquisition, exploration
and development of precious metals mineral properties. The Company has
completed a positive Feasibility study and is continuing exploration and
permitting for its flagship project, the Haile Gold Mine in South
Carolina.
Please note:
This entire press release may be accessed via fax, e-mail, Romarco's website at www.romarco.com and
through CNW Group's website at www.newswire.ca. All
material information on Romarco Minerals Inc. can
be found atwww.sedar.com.
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