VANCOUVER, Nov. 6, 2013 /CNW/ - ROMARCO MINERALS INC. (TSX: R) (the "Company") is pleased to announce that it has released its results
for the third quarter ended September 30, 2013. The Company's 2013
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. All dollar amounts in this news release are expressed in U.S.
dollars, unless otherwise noted.
Highlights from the results include:
On November 5, 2013, the Company announced that it had arranged a
non-brokered private placement financing (the "Private Placement") of
approximately 71,678,600 common shares of the Company (the "Offered
Shares") at a price of C$0.35 per Offered Share for aggregate gross
proceeds of C$25.1 million which is scheduled to close on or about
November 13, 2013.
During October 2013, the Company received the Bureau of Air Quality
State Construction Permit, the National Pollutant Discharge Elimination
System Permit and the Dams & Reservoirs Safety Permit. All three
permits are now effective and each appeal period has closed with no
During October 2013, the Company entered into an agreement with Cutfield
Freeman & Co Ltd. as its Financial Adviser with the aim of securing
financing for a significant portion of the funds for the Haile Gold
During the month of September 2013, the Corps informed the Company that
Cardno ENTRIX, a third-party contractor, had completed the hydrology
modelling work associated with the previously announced hydrological
tasks (see news release dated February 20, 2013). Based on this
now-completed work, modelling and characterization of potential
indirect impacts of the project are underway for inclusion in the Draft
On July 22, 2013, the US Army Corps of Engineers issued a public notice
for a community meeting and released the date of the alternatives
evaluation report publication. The Corps' Environmental Impact
Statement ("EIS") schedule is as follows:
Alternatives Development and Evaluation Report publication - Completed: August 5, 2013
Community meeting - Completed: 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 wetlands and stream 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 September 30, 2013 was $32.7 million.
Cash spend (before foreign exchange effects) was $7.5 million during the
three-month period ended September 30, 2013 compared with $9.7 million
during the same period in 2012.
Reported $3.9 million ($0.01 per share) net loss for the three-month
period ended September 30, 2013 compared with a $2.0 million ($0.00 per
share) net loss during the same period in 2012.
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.
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.
For further information:
Romarco Minerals Inc.
Dan Symons, Vice President, Investor Relations