Romarco announces 2011 third quarter results
TORONTO, Nov. 7, 2011 /CNW Telbec/ - ROMARCO MINERALS INC.
(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 $950
reserve 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 in South 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 at www.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 at www.sedar.com.
ROMARCO MINERALS INC.
CONTACT:
Romarco Minerals Inc.
Diane Garrett, President and CEO Dan Symons, Manager, Investor
Phone: 210-621-4200 Relations
E-mail: dgarrett@romarco.com Phone: 416-367-5500
E-mail: dsymons@romarco.com
Renmark Financial Communications Inc.
Maurice Dagenais 514-939-3989 or via e-mail
at mdagenais@renmarkfinancial.com