ROMARCO MINERALS INC. (TSX: R) (the "Company") is pleased to announce that it has
released its results for the third quarter ended September 30, 2012. The
Company's 2012 third quarter financial statements and MD&A are available
on SEDAR at www.sedar.com and 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 September 30,
2012 was $74.2 million
·
Cash spend (before foreign exchange
effects) during the three-month period ended September 30, 2012 was $9.7
million compared with $17.8 millionduring
the same period in 2011.
·
Reported $2.0 million ($0.00 per
share) net loss for the three months endedSeptember
30, 2012 compared with a $3.9 million ($ 0.01 per share)
net loss during the same period in 2011.
·
Reduced 2012 exploration drilling in
an on-going effort to conserve cash.
·
The Company modified its mine layout
to avoid direct impacts to wetlands (25% reduction) and to streams (32%
reduction).
·
Detailed project engineering was
approximately 61% complete atSeptember 30, 2012.
·
On October 19, 2012, the Company
was notified by the Standards Council of Canada ("SCC")
that the Company's wholly owned Kershaw Mineral Laboratories ("KML")
was approved for accreditation.
·
On October 25, 2012, the Company
announced the Corps had indicated that the scheduled date of December
14, 2012 for publishing the Draft Environmental Impact Study
("EIS") would not be met.
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 drilling 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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