Romarco receives 401 Water Quality Certification for Haile and provides project financing update
07 Oct, 2014, 18:00 ET
TRADING SYMBOL:TSX: R
TORONTO, Oct. 7, 2014 /CNW/ - ROMARCO MINERALS INC. (TSX: R) (the "Company") is pleased to announce the South Carolina Department of Health and Environmental Control ("SCDHEC") has mailed notice that it has issued the proposed certification of consistency with state water quality standards, known as the Section 401 Water Quality Certification, a prerequisite for the Company's application for a permit under Section 404 of the Clean Water Act for the Company's 100%-owned Haile Gold Mine project ("Haile"). Unless there is a written request to the SCDHEC Board for review, the proposed Section 401 Water Quality Certification becomes effective on October 23, 2014.
Under Section 401 of the Clean Water Act, the State is authorized to advise the U.S. Army Corps of Engineers ("USACE") of whether granting of the federal permit to Haile will be consistent with state water quality standards. The SCDHEC proposed 401 Water Quality Certification provides that the Haile project is consistent with state standards. The USACE has provided a timeline of November 2014 for its Record of Decision ("ROD") for the Section 404 permit application.
The Company is also continuing to work with the three international financial institutions, Caterpillar Financial Services Corporation, Macquarie Bank Limited and Société Generale Corporate & Investment Banking (together the "Lenders") mandated in July 2014 to arrange a senior secured project finance facility for Haile. The Company has been working on a detailed and comprehensive term sheet with the Lenders, and from those discussions it anticipates receiving commitments for up to US$200 million, with no requirement for mandatory gold hedging, by November 2014 which is in line with the Company's schedule for project construction and development.
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]
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