TORONTO, Feb. 3 /CNW Telbec/ - ROMARCO MINERALS INC. (TSX:R) (the "Company") is pleased to announce the planned exploration program
for 2011 at its 100%-owned Haile Gold Mine in South Carolina, USA. The
planned 2011 drilling program consists of approximately 172,000 meters,
representing a 60% percent increase over the 2010 drilling program of
107,735 meters. Exploration planned for 2011 is approximately 110,000
meters, an 83% increase over the 2010 exploration program. Additional
condemnation drilling will be performed for stockpile and facility
sites necessary for final design, construction plans and expansion
scenarios. The Company also reports that from December 31, 2009 to
January 31, 2011 it increased its land position from 3900 acres to a
total of approximately 7900 acres. Approximately 94% of the
landholdings are owned fee simple (surface, water, and mineral rights)
and the balance is leased. The current Haile corridor now extends more
than 5 km along the mineralized strike.
The significant drilling campaign continues to develop on the success
and growth achieved in 2010 and substantiates what Romarco's team
continues to see as additional upside potential at the Haile Gold
Mine. Following three years of exploration, the mineralized footprint
at Haile remains unconstrained providing potential for
expansion. During 2010, the Company focused on three drilling
objectives comprising step-out drilling to expand the overall
mineralized footprint at Haile, infill drilling to convert inferred
ounces to the measured and indicated categories, and condemnation
drilling to identify available areas for production related
facilities. The results of the 2010 program were successful in all
objectives as the Company increased known mineralization, improved
measured and indicated resources by 44% over the 2009 estimate,
increased the average grade and cleared an area for development of the
proposed tailings facility.
In 2011, the Company plans to expand upon these successes by using a
similar approach to further define the mineralized system at Haile and
target the following areas for continued expansion:
Mill Zone - the high-grade extension of the South Pit
Continuity between Snake and Horseshoe
Easterly extensions of the property beyond Horseshoe
Westerly extensions of the property including the Champion and 601
deposits, which are situated more than 1 km west of South Pit
Additionally, as the Company expands its land position throughout the
district, exploration drilling will be initiated to evaluate these
prospective new target areas. The program will also include on-going
condemnation drilling to test areas proposed for future expansion of
Throughout 2011, the Company expects to maintain a fleet of 11 drilling
rigs, including seven core and four reverse circulation rigs. The
anticipated 2011 drilling allocation includes:
one-third designated as condemnation drilling.
half designated for the Haile Mine property area and includes step-out
and infill drilling for all zones, as well as incidental water and
monitoring well installations.
the balance designated for anticipated regional exploration drilling on
recently acquired properties within the greater district.
About Romarco Minerals Inc.
Romarco Minerals Inc. is a gold development company focused on
production primarily in the US. The Company is currently in the process
of completing a feasibility study and continuing exploration drilling
for its flagship project, the Haile Gold Mine in South Carolina.
This Press Release contains "forward-looking information" that is based
on Romarco's expectations, estimates and projections as of the dates as
of which those statements were made. This forward-looking information
includes, among other things, Romarco's plans for its 2011 exploration
program. Generally, this forward-looking information can be identified
by the use of forward-looking terminology such as "outlook",
"anticipate", "project", "target", "believe", "estimate", "expect",
"intend", "should", "scheduled", "will", "plan" and similar
expressions. Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause Romarco's
actual results, level of activity, performance or achievements to be
materially different from those expressed or implied by such
forward-looking information, and developed based on assumptions about
such risks, uncertainties and other factors set out herein, including
but not limited to:
timely delivery and commissioning of drill rigs that have been ordered;
estimates of the hours that each drill rig will operate in the course of
uncertainties associated with fluctuations in gold prices;
risks associated with Romarco's operations being subject to significant
environmental laws and regulations, including change in governmental
risk of being subject to legal proceedings; and
uncertainties relating to the ability of the Company to successfully
acquire additional property;
A discussion of these and other factors that may affect Romarco's actual
results, performance, achievements or financial position is contained
in the filings by Romarco with the Canadian provincial securities
regulatory authorities, including Romarco's Annual Information Form.
Forward-looking statements are based on assumptions management believes
to be reasonable, including but not limited to the continued operation
of Romarco's mining operations, no material adverse change in the
market price of commodities, that the mining operations will operate in
accordance with Romarco's public statements and achieve its stated
production outcomes, and such other assumptions and factors as set out
herein. Although Romarco has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or intended.
There can be no assurance that forward-looking statements will prove to
be accurate. Accordingly, readers should not place undue reliance on
forward-looking statements. Romarco disclaims any intent or obligations
to update or revise publicly any forward-looking statements whether as
a result of new information, estimates or options, future events or
results or otherwise, unless required to do so by law.
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
SOURCE ROMARCO MINERALS INC.
For further information:
Romarco Minerals Inc.
Renmark Financial Communications Inc.
Maurice Dagenais 514-939-3989 or via email at firstname.lastname@example.org