ROMARCO ANNOUNCES 2011 FIRST QUARTER
RESULTS
TORONTO, May 24, 2011
/CNW Telbec/ - ROMARCO MINERALS INC. (TSX: R)
(the "Company") is pleased to announce its results for the first
quarter ending March 31, 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 first quarter include:
·
Cash
balance at March 31, 2011 was $88 million.
·
On February
9, 2011 announced results of a positive Feasibility study for the Haile
Gold Mine project, including proven and probable reserves of 30.5
million tonnes at 2.06 g/t for 2.0 million ounces at $950
gold. The National Instrument ("NI") 43-101 technical report was
filed with SEDAR on February 22, 2011.
o
The
reserves and resource calculations were completed by Independent Mining
Consultants of Tucson,
Arizona under the direction of Mr. John Marek,
PE, an independent Qualified Person ("Q.P.") pursuant to NI 43-101.
o
The
Company filed its applications for the two primary permits in late 2010 with
the US Army Corps of Engineers (USACE) and the State of South
Carolina Department of Health and Environmental Control (DHEC). The
Company is continuing to advance through the permitting process and is
currently working with the agencies and responding to comments.
·
Reported
$4.8 million net loss for the three months ended March
31, 2011.
·
First
quarter exploration drilling continued to define significant mineralization
within the planned permit area, but beyond the current reserve pit boundaries.
o
The
drill program returned positive results from Mill Zone and the area between
South Pit and Ledbetter.
o Added two new Company-owned core drill rigs for
obtaining better geologic information in the targeted zones and reduced one
Company-owned reverse circulation drill rig. Romarco is currently drilling
with 11 rigs.
o
Drilling
was on schedule achieving approximately 43,000 meters in the first quarter of
the 172,000 meters planned for 2011.
·
Increased
land position by approximately 50% (3,164 acres) to 9,541 acres owned fee
simple at March 31, 2011. As of May 24, 2011,
the Company controls approximately 10,300 acres (4,168 hectares).
For a full discussion of the Company's
sampling, analysis, quality assurance, quality control, and other technical
disclosure, please see the Company's NI 43-101 technical report filed February
22, 2011 on SEDAR. Romarco's Q.P. under NI
43-101 is Peter J. Butterfield, senior geologist at Haile.
The Company's 2011 first quarter
financial statements and MD&A are available on SEDAR at www.sedar.com and on the Company's website at www.romarco.com
About Romarco Minerals
Inc.
Romarco Minerals Inc. is a gold development company
focused on production primarily in the US. 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