TRADING SYMBOL:TSX: R
*All dollar amounts are expressed in US dollars unless otherwise stated.
TORONTO, June 26, 2013 /CNW/ - ROMARCO MINERALS INC. (TSX: R) (the "Company") has been advised that the US Army Corps of Engineers ("Corps") will post a schedule for completing the Environmental Impact Statement ("EIS") for the Federal 404 Wetlands permit for the Haile Gold Mine project in Kershaw, SC. The schedule includes remaining key milestones for the EIS process including publication the Draft EIS and Final EIS.
In addition, the Corps indicated that the draft Alternatives Analysis, which is described as "the heart of the EIS"1 under the National Environmental Policy Act, is in the final review stage and will be made available to the public in August 2013 - well in advance of the Draft EIS. Following the filing of the Alternatives Analysis, a public meeting will be held in Kershaw, SC on August 20, 2013 where the public will have the opportunity to discuss the Alternatives Analysis with the Corps.
Below is the Corps' schedule and corresponding milestones to complete the remainder of the EIS:
|Month of Completion||Milestone|
|August 2013||Alternatives Analysis publication|
|August 20, 2013||Public meeting|
|March 2014||Draft EIS publication|
|April 2014||Draft EIS public hearing|
|July 2014||Final EIS publication|
Diane Garrett, President & CEO commented: "We are extremely pleased with the Corps' schedule, and are especially pleased that it reflects that the Alternative Analysis, which is essentially the heart of the EIS, will be made public this August - well in advance of the Draft EIS. The Corps' schedule provides clarity for our planning and will allow all stakeholders to closely follow the remainder of the EIS process step-by-step and monitor the progress being made on the permitting front. We are solely focusing on permitting and diligently managing our cash to ensure we are funded through to final permits. We are fortunate to have a high-quality, high-grade, low-cost gold deposit in the U.S. with robust economics."
The Federal 404 Wetlands permit is the only Federal permit Romarco requires for the Haile project. The Corps is the federal agency regulating 404 permits.
The Company has filed applications for its State Mine Operating permit, National Pollution Discharge Elimination System permit, 401 Water Quality Certification, Air Quality permit, and Dam Safety permit for the proposed tailing storage facility. The South Carolina Department of Health and Environmental Control ("SCDHEC") is the regulatory agency responsible for processing and issuing state permits. The Company has been informed that once the Draft EIS is publicly filed, SCDHEC can then begin to hold public meetings and process the state permits necessary for beginning operations at Haile Gold Mine.
The Company's cash balance is anticipated to be approximately $40 million at June 30, 2013. After suspending all exploration drilling activity during the second quarter of 2013 as well as other continuing cash conservation actions, the Company anticipates an average net quarterly cash spend of between $6 million to $7 million over the next 18 months and a positive cash balance at the end of 2014. The Company continues to pursue additional cash conservation opportunities, including selling non-critical assets that can be rented or replaced if needed in the future.
The Company will hold a conference call on June 27, 2013 at 8:30 am ET where senior management will provide an update on the EIS and Haile Gold Mine project. Senior management will also 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 approximately two hours after the event's completion by dialing toll free in Canada and the United States 1-855-859-2056 or locally 416-849-0833, passcode 11904150# (available up to July 7, 2013).
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.
This Press Release contains "forward-looking information" that is based on Romarco's expectations, estimates and projections as of the dates as of which those statements were made. This forward-looking information includes, among other things, statements with respect to the Company's business strategy, plans, outlook, financing plans, projections, costs savings, expenditures for permitting and environmental matters, and estimated future expenditures for those matters, completion dates for the various permitting and development stages of mines, and, currency exchange rates. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as "outlook", "anticipate", "project", "target", "believe", "estimate", "expect", "intend", "should", "scheduled", "will", "plan" and similar expressions. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Romarco's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, and developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to:
- uncertainties relating to the success of the Company's gold exploration and development properties and the ability to develop a producing mine;
- uncertainties associated with the highly speculative nature of the Company's operations;
- risk that the Company may be unable to secure further capital necessary to carry out its operations;
- uncertainties relating to the ability of the Company to secure the various permits to conduct its current and anticipated future operations;
- inherent uncertainties associated with exploration and development activities;
- uncertainties relating to actual capital costs, operating costs and expenditures, production schedules and economic returns;
- risks associated with Romarco's operations being subject to significant environmental laws and regulations, including change in governmental regulation;
- risks associated with the limited operating history of the Company and the lack of history of earnings, positive cash flow or dividend payments;
- uncertainties related to recent market events; and
- uncertainties related to the current global financial conditions;
A discussion of these and other factors that may affect Romarco's actual results, performance, achievements or financial position is contained in the filings by Romarco with the Canadian provincial securities regulatory authorities, including Romarco's Annual Information Form. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the continued operation of Romarco's mining operations, no material adverse change in the market price of commodities, that the mining operations will operate in accordance with Romarco's public statements and achieve its stated production outcomes, and such other assumptions and factors as set out herein. Although Romarco has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking statements. Romarco disclaims any intent or obligations to update or revise publicly any forward-looking statements whether as a result of new information, estimates or options, future events or results or otherwise, unless required to do so by law.
|1||40 C.F.R. § 1502.14|
SOURCE: ROMARCO MINERALS INC.
For further information:
Romarco Minerals Inc.
Dan Symons, Vice President, Investor Relations
E-mail: [email protected]
Renmark Financial Communications Inc.
514-939-3989 or via e-mail at [email protected]