TRADING SYMBOL:TSX: R
TORONTO, Oct. 8, 2014 /CNW Telbec/ - ROMARCO MINERALS INC. (TSX: R) (the "Company") is pleased to announce it has entered into an agreement with South Carolina conservation groups to provide on-going protection for lands in the Lynches River Watershed of South Carolina.
Haile Gold Mine, Inc. ("Haile"), a wholly owned subsidiary of Romarco, regulatory agencies and the conservation community have maintained a professional, respectful and transparent relationship since the Company initially arrived in South Carolina to begin developing the Haile Gold Mine project (the "Project"). These working relationships were instrumental in assembling a showcase mitigation package for the Project's proposed impacts to the environment. Haile now has reached an agreement with the Conservation Voters of South Carolina, the South Carolina Coastal Conservation League, the Winyah Rivers Foundation, the South Carolina Wildlife Federation, and the National Wildlife Federation regarding the Project. The conservation groups have agreed that they will not bring any suit or claim with respect to the federal, state or local permits issued for the Haile Gold Mine Project as described in the Final Environmental Impact Statement.
"The Company strongly believes that industry can and should work cooperatively with the conservation community for not only the creation of jobs and economic benefit but also for the protection of environmentally sensitive areas," said CEO Diane Garrett. "We are pleased that this agreement will provide long term economic and environmental benefits to the local community and the State."
Haile and these groups have agreed to establish an organization named the Lynches River Conservation Board (the "Board"). The mission of the Board will be to fund land acquisition projects in the Lynches River watershed that improve the water quality and ecological integrity of the Lynches River watershed. The Board will be comprised of six members including a representative from Haile and from the local government. The Board may accept and award proposals from qualified third parties, including land trusts and state and local agencies for selecting, funding and managing appropriate land conservation projects in the Lynches River watershed.
As an initial contribution to this endeavor, Haile will transfer approximately 368 acres of currently owned land in the Flat Creek area of Lancaster County to a land conservation organization. These lands and wetlands are critical to water quality, fish, mussels, and other wildlife adjacent to Flat Creek in the Lynches River watershed close to a State preserve known as Forty Acre Rock. The lands are valued at approximately $2 million and within a designated critical habitat for the endangered Carolina heelsplitter mussel. The State and many land conservation organizations have identified land in Flat Creek as a priority for conservation protection.
After Haile achieves commercial production it will make four annual donations to the Lynches River Conservation Board in the amount of $1 million each. These funds will be used to further conserve and protect the Lynches River watershed.
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.
SOURCE: ROMARCO MINERALS INC.
For further information:
Romarco Minerals Inc.
Dan Symons, Vice President, Investor Relations
E-mail: [email protected]