TRADING SYMBOL: TSX: R
*All dollar amounts are expressed in US dollars unless otherwise stated.
TORONTO, June 26, 2013 /CNW/ - ROMARCO MINERALS INC. (TSX: R) (the "Company") has been advised that the US Army Corps of Engineers
("Corps") will post a schedule for completing the Environmental Impact
Statement ("EIS") for the Federal 404 Wetlands permit for the Haile
Gold Mine project in Kershaw, SC. The schedule includes remaining key
milestones for the EIS process including publication the Draft EIS and
In addition, the Corps indicated that the draft Alternatives Analysis,
which is described as "the heart of the EIS"1 under the National Environmental Policy Act, is in the final review
stage and will be made available to the public in August 2013 - well in
advance of the Draft EIS. Following the filing of the Alternatives
Analysis, a public meeting will be held in Kershaw, SC on August 20,
2013 where the public will have the opportunity to discuss the
Alternatives Analysis with the Corps.
Below is the Corps' schedule and corresponding milestones to complete
the remainder of the EIS:
Month of Completion
Alternatives Analysis publication
August 20, 2013
Draft EIS publication
Draft EIS public hearing
Final EIS publication
Diane Garrett, President & CEO commented: "We are extremely pleased with
the Corps' schedule, and are especially pleased that it reflects that
the Alternative Analysis, which is essentially the heart of the EIS,
will be made public this August - well in advance of the Draft EIS.
The Corps' schedule provides clarity for our planning and will allow
all stakeholders to closely follow the remainder of the EIS process
step-by-step and monitor the progress being made on the permitting
front. We are solely focusing on permitting and diligently managing our
cash to ensure we are funded through to final permits. We are
fortunate to have a high-quality, high-grade, low-cost gold deposit in
the U.S. with robust economics."
The Federal 404 Wetlands permit is the only Federal permit Romarco
requires for the Haile project. The Corps is the federal agency
regulating 404 permits.
The Company has filed applications for its State Mine Operating permit,
National Pollution Discharge Elimination System permit, 401 Water
Quality Certification, Air Quality permit, and Dam Safety permit for
the proposed tailing storage facility. The South Carolina Department
of Health and Environmental Control ("SCDHEC") is the regulatory agency
responsible for processing and issuing state permits. The Company has
been informed that once the Draft EIS is publicly filed, SCDHEC can
then begin to hold public meetings and process the state permits
necessary for beginning operations at Haile Gold Mine.
The Company's cash balance is anticipated to be approximately $40
million at June 30, 2013. After suspending all exploration drilling
activity during the second quarter of 2013 as well as other continuing
cash conservation actions, the Company anticipates an average net
quarterly cash spend of between $6 million to $7 million over the next
18 months and a positive cash balance at the end of 2014. The Company
continues to pursue additional cash conservation opportunities,
including selling non-critical assets that can be rented or replaced if
needed in the future.
The Company will hold a conference call on June 27, 2013 at 8:30 am ET
where senior management will provide an update on the EIS and Haile
Gold Mine project. Senior management will also respond to questions
from analysts and investors.
To join the call:
In Canada and the United States - 1-888-231-8191
International - 647-427-7450
The conference call will be recorded and playback will be available
approximately two hours after the event's completion by dialing toll
free in Canada and the United States 1-855-859-2056 or locally
416-849-0833, passcode 11904150# (available up to July 7, 2013).
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 permitting for its flagship
project, the Haile Gold Mine in South Carolina.
This Press Release contains "forward-looking information" that is based
on Romarco's expectations, estimates and projections as of the dates as
of which those statements were made. This forward-looking information
includes, among other things, statements with respect to the Company's
business strategy, plans, outlook, financing plans, projections, costs
savings, expenditures for permitting and environmental matters, and
estimated future expenditures for those matters, completion dates for
the various permitting and development stages of mines, and, currency
exchange rates. Generally, this forward-looking information can be
identified by the use of forward-looking terminology such as "outlook",
"anticipate", "project", "target", "believe", "estimate", "expect",
"intend", "should", "scheduled", "will", "plan" and similar
expressions. Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause Romarco's
actual results, level of activity, performance or achievements to be
materially different from those expressed or implied by such
forward-looking information, and developed based on assumptions about
such risks, uncertainties and other factors set out herein, including
but not limited to:
uncertainties relating to the success of the Company's gold exploration
and development properties and the ability to develop a producing mine;
uncertainties associated with the highly speculative nature of the
risk that the Company may be unable to secure further capital necessary
to carry out its operations;
uncertainties relating to the ability of the Company to secure the
various permits to conduct its current and anticipated future
inherent uncertainties associated with exploration and development
uncertainties relating to actual capital costs, operating costs and
expenditures, production schedules and economic returns;
risks associated with Romarco's operations being subject to significant
environmental laws and regulations, including change in governmental
risks associated with the limited operating history of the Company and
the lack of history of earnings, positive cash flow or dividend
uncertainties related to recent market events; and
uncertainties related to the current global financial conditions;
A discussion of these and other factors that may affect Romarco's actual
results, performance, achievements or financial position is contained
in the filings by Romarco with the Canadian provincial securities
regulatory authorities, including Romarco's Annual Information Form.
Forward-looking statements are based on assumptions management believes
to be reasonable, including but not limited to the continued operation
of Romarco's mining operations, no material adverse change in the
market price of commodities, that the mining operations will operate in
accordance with Romarco's public statements and achieve its stated
production outcomes, and such other assumptions and factors as set out
herein. Although Romarco has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or intended.
There can be no assurance that forward-looking statements will prove to
be accurate. Accordingly, readers should not place undue reliance on
forward-looking statements. Romarco disclaims any intent or obligations
to update or revise publicly any forward-looking statements whether as
a result of new information, estimates or options, future events or
results or otherwise, unless required to do so by law.
SOURCE: ROMARCO MINERALS INC.
For further information:
Romarco Minerals Inc.
Dan Symons, Vice President, Investor Relations
Renmark Financial Communications Inc.
514-939-3989 or via e-mail at email@example.com