Romarco announces 2011 third quarter results

TORONTO, Nov. 7, 2011 /CNW Telbec/ - ROMARCO MINERALS INC. (TSX: R) (the "Company") is pleased to announce its results for the third quarter ending September 30, 2011. The Company's financial state

ments 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.

    • 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:

    • September 23, 2011 - filed the Notice of Intent to Prepare an EIS in the Federal Register.

    • October 27, 2011 - held the Public Scoping Meeting in Kershaw, South Carolina.

    • 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.

    • 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.

    • 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.

SOURCE ROMARCO MINERALS INC.

For further information:

Romarco Minerals Inc.     
Diane Garrett, President and CEO
Phone: 210-621-4200
E-mail: dgarrett@romarco.com
  Dan Symons, Manager, Investor Relations
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

Profil de l'entreprise

ROMARCO MINERALS INC.

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