Romarco - More Drilling
Planned At Haile
Additional information on Haile reserves
February 5, 2009
ROMARCO
MINERALS INC. (TSXV: R) (the �Company�) is pleased to announce its 2009 exploration
plans and project development schedule for the Haile Gold Mine in South
Carolina.
Exploration
Plans
Romarco�s
initial plan was to drill 22,000 meters in 2009, nearly three times the
drilling completed in 2008. However, now the Company is making plans to
increase this year�s program to 85,000 meters through the addition of a
second rig and double shifts on each rig. Two-thirds of the drilling this
year will be step-out exploration holes in known mineralized areas adjacent
to the deposits. The balance of the drilling will be in-fill to convert
measured and indicated resources into reserves.
To date, the
Company has focused its exploration in the highly prospective North Resource
Area which remains open in three directions and at depth. Feasibility study
related mine design has also shown substantial potential targets exist on
other areas of the property. These targets are adjacent to the South Pit (to
the north and west of the current reserve), the Snake Pit on the east side of
the property, mineralized potential at depth, as well as targets identified
on the newly acquired land parcels along strike. The current land package
hosts 3.2 kilometers of strike length.
A total of 52
holes were drilled in 2008 with assays received and reported for 45 holes to
date. Of those 45 holes:
87% returned
more than 3 g/t gold over the mineralized interval
94% returned more than 1 g/t gold over the mineralized interval
60% returned more than 30 meters of 2.5 g/t gold
25% returned more than 30 meters of 4.0 g/t gold
Development
Plans
Romarco�s
recently announced Feasibility Study (see press release dated February 3,
2009) demonstrated the robust economics of Haile. Optimization of the project
will occur over the next quarter after which detailed engineering of Phase 1
(7000 tons per day) shall commence. The success of last years drilling
combined with the team�s optimism about future exploration at Haile has
prompted the consideration of a Phase 2 (additional 7,000 tons per day)
process facility.
The
development plan is to commence detailed engineering concurrently with
securing the remaining permits. Coincident with obtaining permits, plant
construction will start early in the second quarter of 2010 with project
completion targeted for mid-year 2011. Even after gold production begins at
Haile, the Company anticipates exploration drilling to continue for several
years.
The
Feasibility Study was based on a proven reserve of 7.3 million tonnes
averaging 2.52 g/t gold and a probable reserve of 10.5 million tonnes
averaging 2.05 g/t gold. The combined proven and probable reserve as of
October 2008 is 1.3 million ounces of gold at 2.24 g/t. The corresponding
gold resource that formed the basis for the reserve and feasibility study is
detailed in the table below. A cutoff grade of 0.514 g/t gold was used for
resource. The measured and indicated resource increased by 2.22 million
tonnes from the last reported estimate (see press release dated Sept. 4,
2008) due to inclusion of assays from six additional drill holes. This
resulted in an increase in the proven and probable reserve as well as an
increase in grade from 1.97 g/t to 2.24 g/t.
A revised
reserve and resource estimate will be available in March 2009 � this update
will include drill results received from October 2008 through January 2009.
Haile Gold Mine Project
Lancaster County S.C.
Estimated Minable
Reserve
Proven Reserve
|
Tonnes (000s)
|
Gold Grade (g/t)
|
Contained Gold (000 oz)
|
0.015 oz/t (0.343 g/t)
|
8,331
|
2.28
|
610
|
0.020 oz/t (0.514 g/t)
|
7,282
|
2.52
|
590
|
|
|
|
|
Probable Reserve
|
|
|
|
0.015 oz/t (0.343 g/t)
|
12,290
|
1.84
|
729
|
0.020 oz/t (0.514 g/t)
|
10,529
|
2.05
|
695
|
|
|
|
|
Proven and Probable Reserve
|
|
|
|
0.015 oz/t (0.343 g/t)
|
20,621
|
2.02
|
1,338
|
0.020 oz/t (0.514 g/t)
|
17,811
|
2.24
|
1,285
|
|
|
|
|
Inferred Resource within Designed
Pit
|
|
|
|
0.015 oz/t (0.343 g/t)
|
4,883
|
1.36
|
214
|
0.020 oz/t (0.514 g/t)
|
3,912
|
1.55
|
195
|
Haile Gold Mine Project
Lancaster County S.C.
Estimated Mineral
Resource
|
Tonnes
|
Gold Grade
|
Contained
|
Measured
|
(000's)
|
(gm/t)
|
Gold (000 oz)
|
Cutoff (oz/ton)
|
|
|
|
0.010
|
12,588
|
1.737
|
703
|
0.015
|
9,973
|
2.082
|
668
|
0.020
|
8,376
|
2.367
|
637
|
Indicated
|
|
|
|
Cutoff (oz/ton)
|
|
|
|
0.010
|
26,158
|
1.216
|
1,022
|
0.015
|
18,616
|
1.537
|
920
|
0.020
|
13,814
|
1.866
|
829
|
Meas + Indic
|
|
|
|
Cutoff (oz/ton)
|
|
|
|
0.010
|
38,746
|
1.385
|
1,725
|
0.015
|
28,588
|
1.727
|
1,588
|
0.020
|
22,191
|
2.055
|
1,466
|
Inferred
|
|
|
|
Cutoff (oz/ton)
|
|
|
|
0.010
|
27,547
|
0.858
|
760
|
0.015
|
16,877
|
1.136
|
616
|
0.020
|
11,232
|
1.409
|
509
|
The Company
will be filing an NI 43-101 technical report covering the Feasibility Study
on SEDAR in the very near future. Please visit the Company�s website for the
latest information.
This press
release has been reviewed and approved for release by Ken Brunk, P.E. (COO
for Romarco), and Tom Kilbey, Professional Geologist (Sr. Geologist for
Romarco) each being a designated �Qualified Person� under NI 43-101.
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 undergoing exploration drilling, bankable
feasibility study and permitting. The Pinos Gold District in Mexico is a high
grade epithermal vein district that is in the advanced exploration stage.
For further
information, please contact Diane Garrett, President and C.E.O. at (830)
624-6249 or Shirene Urton, Executive Assistant at (775) 355-1900.
ON BEHALF OF ROMARCO MINERALS INC.
"Diane R. Garrett"
Diane R. Garrett,
President & CEO
THE TSX
VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
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