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
September 23, 2011 - filed the Notice of Intent to Prepare an EIS in the
October 27, 2011 - held the Public Scoping Meeting in Kershaw, South
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
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.
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.
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