TRADING SYMBOL: TSX: R
TORONTO, July 13 /CNW Telbec/ - ROMARCO MINERALS INC. (TSXV: R) (the "Company") is pleased to announce that it today held its Annual General Meeting ("AGM") at which shareholders approved each of the matters presented for approval.
Diane Garrett commented: "I would like to thank our shareholders for their continuing support and our board of directors for their guidance and effort over the past year."
At the board meeting following the AGM, directors approved an option grant to directors, officers and employees to acquire a total of 3,582,000 shares at a price of $1.60. Options granted to employees are exercisable until July 12, 2015 and will vest as to 25% on grant and every six months thereafter. Options granted to directors are exercisable until July 12, 2012.
In addition, the board approved a grant of options to employees, directors and officers in light of the fact that no 2009 annual option grant was made. Options to acquire a total of 4,000,000 shares were granted, exercisable until August 31, 2014 at a price of $1.81. The exercise price is equal to value paid in June 2010 in respect of the SAR plan adopted in lieu of the 2009 option grant. These options will vest as to 25% on grant and 25% every six months thereafter.
The Options are granted pursuant to the Company's stock option plan which was approved by shareholders at the Company's AGM of shareholders held on July 13, 2010. The Company's stock option plan and the grant of the Options is subject to the final approval of the TSX Venture Exchange.
Thus far in 2010, the Company has completed approximately 52,000 meters of drilling in 130 holes of which 60% was exploration and 40% condemnation drilling. Exploration drilling was conducted in the Horseshoe, Snake, Ledbetter and South Pit areas. Assays are pending for approximately 50 drill holes.
The Company has purchased three additional drill rigs (two core and one RC) for a total cost of approximately US$3.3 million. This will bring the total number of drill rigs at Haile to nine (four core and five RC).
A fifth tailings location is being prepared for drilling and the Company anticipates having four RC rigs performing condemnation drilling in this area. The other five rigs will continue to focus on exploration further delineating Horseshoe, continued expansion of Ledbetter, South Pit and Snake, including follow up on drill results received from below the Snake Pit.
The Company is also pleased to announce that on June 27, 2010 Haile Gold Mine Inc. (a wholly owned subsidiary of Romarco Minerals Inc.) and all of its contractors celebrated five years with no lost time accidents and no reportable injuries. The Company has 60 full time employees and an additional 60 contractors.
Diane Garrett, Romarco's President and CEO said, "We are very excited about this milestone. There is no priority that Romarco places higher than our employee safety. Safety, environmental management and social responsibility are the key to success and Romarco has established the culture for performing to the highest industry standards."
To commemorate the achievement, Haile, the Company's flagship project near Kershaw, South Carolina, hosted an event that featured local, State and Federal dignitaries, a congratulatory speech from MSHA (Mine Safety Health Administration), commemorative gifts and the best of South Carolina food.
Jim Arnold, Romarco's COO said, "This is a complete commitment by our employees and contractors. Everyone knows how serious we are about safety and they buy in. A person can't work at Romarco unless they work safely at Romarco."
About Romarco Minerals Inc.
Romarco Minerals Inc. is a gold development company focused on production in the US and Mexico. The Company's flagship project is the Haile Gold Mine in South Carolina which is currently in the process of a feasibility study and continued exploration drilling. The Pinos Gold District in Mexico is a high grade epithermal vein district in the advanced exploration stage.
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
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SOURCE Romarco Minerals Inc.
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