TORONTO, Aug. 24, 2015 /CNW/ - ROMARCO MINERALS INC. (TSX: R) (the "Company" or "Romarco") is pleased to announce that it has filed the Information Circular in connection with the previously announced transaction (see July 30, 2015 news release) whereby OceanaGold Corporation will acquire all outstanding shares of Romarco by way of a plan of arrangement under the Business Corporations Act (British Columbia). The Information Circular is available on SEDAR at www.sedar.com and on the Company's website at www.romarco.com
The Company is also pleased to provide an update on construction progress at its Haile Gold Mine project in South Carolina, USA. The project is currently tracking on budget and schedule. Recent highlighted activities include:
- The storm water management controls are complete at the plant site and plant site excavation has commenced
- The civil works for the Water Treatment Plant was completed in July 2015
- The depressurization wells around the Mill Zone pit area started pumping in July 2015 and are now producing water for construction and the water flows are tracking consistently with the Company's hydrology modeling work completed during the feasibility and permitting process
- Pit development is progressing ahead of schedule. At July 31, 2015, approximately 163,112 metric tonnes (179,800 short tons) of overburden have been mined versus plan of 99,790 metric tonnes (110,000 short tons)
- The Hitachi shovel has been received and assembled
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, received all major permits, secured financing and has commenced construction of its flagship project, the Haile Gold Mine in South Carolina. The Company's current construction schedule contemplates first production during the fourth quarter of 2016.
SOURCE ROMARCO MINERALS INC.
For further information: Romarco Minerals Inc. : Dan Symons, Vice President, Business Development & Investor Relations, Phone: 416-367-5500, E-mail: [email protected]