TORONTO, Feb. 24, 2012 /CNW Telbec/ - ROMARCO MINERALS INC. (TSX: R) (the "Company") is pleased to provide an outline of its planned 2012
drill campaign based on the positive results from the 2011 exploration
The Company's drilling program for 2011 was successful on several
fronts: The areas needed for condemnation were completed, much of the
mineralization previously classified as inferred resource was upgraded
to measured and indicated resource classifications, mineral resources
at Haile increased significantly, and regional exploration away from
Haile encountered ore-grade mineralization.
With the information gained in 2011, the Company conducted a
comprehensive review of its exploration drilling priorities and
considered the following:
2012 drill targets will predominately focus on step-out, greenfields
exploration and deep drilling which is more cost effective with core
Increased need for core drilling relative to reverse circulation
Cost efficiencies of conducting its exploration program with five
Contract core drilling cost were US$55 per foot versus Romarco-owned
core rigs cost of US$26 per foot
Substantial completion of condemnation drilling needed for developing
As a result of this review and being conscious of cash conservation in
current market conditions, the Company's 2012 exploration and
development drilling plan will be conducted with five Company-owned
rigs (four core and one reverse circulation). This program will yield
a cash savings of approximately US$17 million over the 2011 drill plan
and deliver 85,000 meters of exploration drilling in highly prospective
areas. The proposed budget for the 2012 drill program is approximately
US$12 million. The Company believes that contractor drills can be
re-mobilized and additional company rigs can be acquired if warranted
by exploration success. The structural information gained from core
versus reverse circulation drilling should lead to improved step-out
The exploration drill plan for 2012 comprises of:
1) Step-out drilling along strike and at depth to expand the overall
mineralized footprint at Haile
2) Continued regional exploration drilling in the Carolinas
3) In-fill drilling focused within the permit area on targets with
the highest likelihood of converting existing resources into reserves.
Diane Garrett, President and CEO stated: "With the success of the 2011
drill program and the need to drill deeper zones and step-out along
strike to areas with little drill data, we are mostly focusing on core
drilling. Drilling with our Company-owned rigs allows us to maintain a
sustainable exploration program and accomplish all our exploration
objectives while prudently managing cash resources."
The Company continues to actively pursue strategic property on trend
with Haile as well as land positions regionally with favourable geology
and, in some cases, historical drilling or mining information.
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 drilling and permitting
for its flagship project, the Haile Gold Mine in South Carolina.
SOURCE ROMARCO MINERALS INC.
For further information:
Romarco Minerals Inc.
Diane Garrett, President and CEO
Dan Symons, Vice President, Investor Relations
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