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ROMARCO MINERALS INC. (TSX: R) (the
"Company") is pleased to announce that it has released its results
for the second quarter ended June 30, 2012. The Company's 2012
second quarter financial statements and MD&A are available on SEDAR at www.sedar.comand on the Company's website at www.romarco.com. All dollar amounts in this
news release are expressed in U.S. dollars, unless otherwise noted.
Highlights from the results include:
·
Cash balance at June 30, 2012 was $83.6
million.
·
Received Environmental Impact Statement
("EIS") schedule from the US Army Corps of Engineers ("Corps")
pertaining to the Federal 404 Wetlands permit.
o Extended
key contracts to re-align equipment deliveries and payments for the
development of Haile Gold Mine.
o Extended
Financial Adviser mandate with Barclay Bank PLC with the aim of securing
project debt financing for a significant portion of the funds to construct
and commission Haile Gold Mine's future mining and processing
operations.
·
The Company modified its mine facilities layout to
avoid direct impacts to a significant amount of wetlands and streams.
·
Reduced 2012 exploration drilling in an on-going
effort to conserve cash.
·
Increased controlled land position to 11,258 acres
(4,556 hectares).
·
Detailed project engineering was approximately 51%
complete at June 30, 2012.
·
Reported $3.1 million ($0.01 per
share) net loss for the three months endedJune 30,
2012.
About Romarco
Minerals Inc.
Romarco Minerals
Inc. is a gold 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.
TRADING
SYMBOL: TSX: R
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