ROMARCO ANNOUNCES 2011
EXPLORATION PROGRAM AND INCREASED LAND POSITION
ROMARCO MINERALS INC. (TSX:R) (the
"Company") is pleased to announce the planned exploration program for
2011 at its 100%-owned Haile Gold Mine in South
Carolina, USA. The planned 2011 drilling program consists of
approximately 172,000 meters, representing a 60% percent increase over the 2010
drilling program of 107,735 meters. Exploration planned for 2011 is
approximately 110,000 meters, an 83% increase over the 2010 exploration
program. Additional condemnation drilling will be performed for stockpile
and facility sites necessary for final design, construction plans and expansion
scenarios. The Company also reports that from December 31, 2009
to January 31, 2011 it increased its land position from 3900
acres to a total of approximately 7900 acres. Approximately 94% of the
landholdings are owned fee simple (surface, water, and mineral rights) and the
balance is leased. The current Haile corridor now extends more than 5 km
along the mineralized strike.
The significant drilling campaign continues to develop on the success
and growth achieved in 2010 and substantiates what Romarco's
team continues to see as additional upside potential at the Haile
Gold Mine. Following three years of exploration, the mineralized
footprint at Haile remains unconstrained providing potential for
expansion. During 2010, the Company focused on three drilling objectives
comprising step-out drilling to expand the overall mineralized footprint at
Haile, infill drilling to convert inferred ounces to the measured and indicated
categories, and condemnation drilling to identify available areas for
production related facilities. The results of the 2010 program were
successful in all objectives as the Company increased known mineralization,
improved measured and indicated resources by 44% over the 2009 estimate,
increased the average grade and cleared an area for development of the proposed
tailings facility.
In 2011, the Company plans to expand upon these successes by using a
similar approach to further define the mineralized system at Haile and target
the following areas for continued expansion:
·
Mill Zone - the high-grade extension of the South Pit
·
Horseshoe
·
Continuity
between Snake and Horseshoe
·
Snake
Deep
·
West
Ledbetter
·
Easterly extensions of the property beyond Horseshoe
·
Westerly extensions of the property including the
Champion and 601 deposits, which are situated more than 1 km west of South Pit
Additionally, as the Company expands its land position throughout the
district, exploration drilling will be initiated to evaluate these prospective
new target areas. The program will also include on-going condemnation drilling
to test areas proposed for future expansion of the operation.
Throughout 2011, the Company expects to maintain a fleet of 11 drilling
rigs, including seven core and four reverse circulation rigs. The anticipated
2011 drilling allocation includes:
·
one-third
designated as condemnation drilling.
·
half
designated for the Haile Mine property area and includes
step-out and infill drilling for all zones, as well as incidental water and
monitoring well installations.
·
the
balance designated for anticipated regional exploration drilling on recently
acquired properties within the greater district.
About Romarco
Minerals Inc.
Romarco
Minerals Inc. is a gold development company focused on production
primarily in the US. The Company is currently in the process of completing
a feasibility study and continuing exploration drilling 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, Romarco's
plans for its 2011 exploration program. 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:
·
timely delivery and commissioning of drill rigs that
have been ordered;
·
estimates of the hours that each drill rig will
operate in the course of the year;
·
uncertainties associated with fluctuations in gold
prices;
·
risks associated with Romarco's
operations being subject to significant environmental laws and regulations,
including change in governmental regulation;
·
risk of being subject to legal proceedings; and
·
uncertainties relating to the ability of the Company
to successfully acquire additional property;
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.
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