ROMARCO
ANNOUNCES 2010 FOURTH QUARTER AND YEAR END RESULTS
ROMARCO MINERALS INC. (TSX: R) (the "Company") is pleased to announce its
results for the fourth quarter and year ended December 31, 2010.
All dollar amounts in this news release are expressed in U.S. dollars, unless
otherwise noted.
Highlights from the fourth quarter and
year-end include:
·
Cash
balance as at December 31, 2010 is $109.8 million.
·
Reported
an in-shell resource estimate at $1,200 gold. The resources
consisted of 53 million tonnes at 1.82 g/t for 3.1
million ounces gold measured and indicated and an additional 25 million tonnes at 1.34 g/t for 1.1 million inferred gold ounces.
·
Reported
$5.2 million net loss for the three months ended December
31, 2010, including $2.9 million write-down of the Pinos mineral property. The reported net loss for year ended 2010 is $14.9 million.
·
Increased
land position by 1,622 acres or 31% to 6,865 acres during the fourth quarter
and by 3,022 acres or 80% during 2010. The Company
now controls approximately 9,700 acres as of March 21, 2011.
·
Drilled
approximately 29,700 meters in the fourth quarter and 107,700 meters of
drilling in 2010 representing an approximate 34,700 meters or 48% increase over
the 2009 drill program.
·
Increased
drill rig count from 5 to 10 throughout 2010. There are currently 11
drill rigs active at Haile.
·
Completed
C$138 million gross proceeds equity financing in second quarter.
·
Named
number one company overall on the TSX-V in February 2010 and
subsequently graduated to the TSX exchange in November 2010.
·
Appointed
Barclays Capital as Financial Adviser for its Haile
Gold Mine project.
·
On February 9, 2011, the
Company released results of a positive Feasibility study for its Haile Gold Mine project, including
proven and probable reserves of 30.5 million tonnes
at 2.06 g/t for 2.0 million ounces at $950 gold. The
National Instrument ("NI") 43-101 technical report was filed on SEDAR
on February 22, 2011.
The resource calculations were completed
by Independent Mining Consultants of Tucson,
Arizona under the direction of Mr. John Marek,
PE, an independent Qualified Person ("Q.P.") pursuant to NI 43-101.
All Q.P. individuals have reviewed and
approved this press release.
For a full discussion of the Company's
sampling, analysis, quality assurance, quality control, and other technical
disclosure, please see the Company's NI 43-101 Technical Report filed February
22, 2011 on SEDAR. Romarco's Q.P. under
NI 43-101 is Peter J. Butterfield, senior geologist at Haile.
The Company's 2010 fourth quarter and
year-end financial statements and MD&A are available on SEDAR at www.sedar.com and on the Company's website at www.romarco.com
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 exploration and permitting for its
flagship project, the Haile Gold Mine
in South Carolina.
Please note:
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.