TORONTO, ON, July 31, 2013 /CNW/ - ROMARCO MINERALS INC. (TSX: R) (the "Company") is pleased to announce that it has released its results
for the second quarter ended June 30, 2013. The Company's 2013 second
quarter financial statements and MD&A are available on SEDAR at www.sedar.com and on the Company's website at www.romarco.com. All dollar amounts in this news release are expressed in U.S. dollars,
unless otherwise noted.
Highlights from the results include:
On June 26, 2013, the Company announced the US Army Corps of Engineers
("Corps") schedule for the completion of the Haile Gold Mine
Environmental Impact Statement ("EIS"), and on July 22, 2013, the Corps
issued a public notice for a community meeting and released the date of
the alternatives evaluation report publication. The Corps' EIS schedule
is as follows:
Alternatives Development and Evaluation Report publication - August 5,
Community meeting - August 20, 2013
Draft EIS publication - March 2014
Draft EIS public hearing - April 2014
Final EIS publication - July 2014
On July 10, 2013, the Company submitted a revised wetlands and stream
mitigation plan ("mitigation plan") that supersedes the previously
submitted conceptual mitigation plan and is built on protection of
outstanding aquatic, cultural and historic resources on three parcels
of property that the Company controls.
Cash balance at June 30, 2013 was $40.1 million.
Cash spend (before foreign exchange effects) was $9.0 million during the
three-month period ended June 30, 2013 compared with $14.7 million
during the same period in 2012.
Reported $4.0 million ($0.01 per share) net loss for the three-month
period ended June 30, 2013 compared with a $3.1 million ($0.01 per
share) net loss during the same period in 2012.
Effective April 15, 2013, the Company suspended all exploration drilling
activity for its three remaining Company-owned operating drill rigs.
Resumption of drilling will be predicated on future funding. The
Company continues to engage strict cash conservation measures as it
undergoes permitting for the Haile project.
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.
Dan Symons, Vice President, Investor Relations
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