ROMARCO MINERALS INC. (TSX: R) (the "Company") is pleased to announce that it has
released its results for the first quarter ended March 31, 2012.
The Company's 2012 first 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 March 31, 2012 was $98.5
On February 7, 2012, the Company
announced an updated mineral resource estimate containing 71.2 million tonnes at 1.77 g/t for 4.0 million gold ounces of
measured and indicated material, with an additional 20.1 million tonnes at 1.24 g/t for 0.8 million gold ounces of inferred
Announced 2012 drill program of 85,000
meters and budget of $12 million. The 2012 program will be drilled
with the five company-owned rigs and is expected to produce a cash savings of
approximately $17 million over the 2011 program.
o Drilled approximately 23,900 meters during the first quarter of 2012,
of which 44% was exploration at Haile, 26% was condemnation at Haile and 30%
was regional exploration.
Provided drill results for initial
holes on first phase of drilling at three regional properties.
Provided on-going drill results at
Mr. Gary Sugar joined the
Board of Directors.
Reported $3.5 million net
loss for the three months ended March 31, 2012.
Increased controlled land position by
84 acres (34 hectares) to 11,138 acres (4,507 hectares). The Company controls approximately 11,271
acres (4,561 hectares) at May 4, 2012.
Detailed project engineering was
approximately 44% complete at March 31, 2012.
The resource calculations were completed by Independent
Mining Consultantsof Tucson, Arizona under
the direction of Mr. John Marek, PE, an independent
Qualified Person ("Q.P.") pursuant to NI 43-101.
For additional information on the Company's
sampling, analysis, and Quality Assurance and Quality Control
("QA/QC"), please see the Company's most recent Annual Information
Form ("AIF") filed March 19, 2012 on SEDAR. Romarco's Qualified Person under NI 43-101 is James
M. Berry, P.G., Chief Geologist at Haile. Mr.
Berry has reviewed and approved this news release.
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