TRADING SYMBOL:TSX: R
TORONTO, Nov. 19, 2014 /CNW/ - ROMARCO MINERALS INC. (TSX: R) (the "Company") announces the South Carolina Department of Health and Environmental Control ("SCDHEC") Board received a request for review of the proposed Mine Operating permit issued for the Company's 100%-owned Haile Gold Mine project ("Haile"). The Sierra Club's request cited the reclamation plan and reclamation bonding as the areas of concern. The Company does not believe the request has technical merit and believes these concerns have been adequately addressed throughout the permitting process.
The general steps for a SCDHEC Board review and the appeal process are:
- The SCDHEC Board has 60 days to hold a Final Conference Review or decline the request.
- If the SCDHEC Board determines that there will be no conference or if 60 days passes without a decision on the request, the SCDHEC staff decision becomes the Final Agency Decision.
- If the SCDHEC Board grants the request for a conference, it must be conducted no later than 60 calendar days after the filing of the request for review and this Board decision becomes the Final Agency Decision.
- Within 30 days following receipt of the SCDHEC Final Agency Decision, an appeal can be filed with the South Carolina Mining Council.
- The Mining Council is required to set a hearing within 20 to 40 days of the appeal and shall give a written decision within 30 days of a hearing.
- Within 30 days of the Mining Council written decision, an appeal can be filed with the Administrative Law Court.
As a result of the request for review, the Company is continuing with its cash conservation actions. The Company's cash balance at November 19, 2014 was approximately US$18 million.
The Company will hold a conference call on November 20, 2014 at 8:30 am EST for an update by Senior Management regarding the request for review of the Mine Operating permit as well as 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 after the event by dialing toll free in Canada and the United States 1-855-859-2056 or locally 416-849-0833, passcode 38875739# (available up to November 27, 2014)
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 advancing the permitting process 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