TRADING SYMBOL: TSX: R
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.
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
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,
First quarter exploration drilling continued to define significant
mineralization within the planned permit area, but beyond the current
reserve pit boundaries.
The drill program returned positive results from Mill Zone and the area
between South Pit and Ledbetter.
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.
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.
SOURCE ROMARCO MINERALS INC.
For further information:
Romarco Minerals Inc.
Renmark Financial Communications Inc.
Maurice Dagenais 514-939-3989 or via e-mail at email@example.com
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.