TRADING SYMBOL: TSX: R
ROMARCO MINERALS INC. (TSX: R) (the
"Company") is pleased to announce its results for the second
quarter ending June 30, 2011. The Company's financial statements
are prepared in accordance with International Financial Reporting Standards
("IFRS"). All dollar amounts in this news release are expressed in
U.S. dollars, unless otherwise noted.
Highlights from the second quarter include:
·
Cash balance at June 30, 2011 was $63
million.
·
During the first six months of
2011 directed drilling on areas that were most likely to benefit the mine
plan, primarily infill and condemnation drilling. Second quarter
exploration drilling continued to define significant mineralization inside
the planned permit area within and beyond the current reserve pit boundaries.
o
The drill program returned
positive infill and step-out results at Horseshoe and Mill Zone, continuity
between South Pit and Ledbetter in a zone now designated as Mustang, step-out
mineralization north of Ledbetter and continuity between Snake and Horseshoe.
o
The Company's exploration drilling
program is on schedule and budget achieving 49,000 meters of drilling for the
three months ended June 30, 2011, and the year-to-date 92,000 meters of
drilling represents an increase of 77% over the same period in 2010.
·
Hired Michael F. Gleason as
Construction Manager and advanced design and engineering for the Haile
project.
·
Completed construction of
Company-owned analytical and metallurgical laboratory on schedule and budget.
·
During the second quarter, the
Company increased its land position by approximately 10% (986 acres) to
11,011 acres (4,456 hectares) at June 30, 2011.
·
Reported $3.6 million net
loss for the three months ended June 30, 2011and $8.3 million for
the six months ended June 30, 2011.
·
On July 1, 2011, the US
Army Corps of Engineers requested the Company complete an Environmental
Impact Statement ("EIS") for its Haile Gold Mine project
in South Carolina. The EIS is expected to add approximately 12 months to
the project schedule proposed in the Company's feasibility study (dated February
10, 2011), primarily as a result of the extended technical review period and
the review periods dictated by the EIS schedule. The Company will utilize the
additional time to increase exploration drilling and further optimize the
project.
The Company's 2011 second quarter financial statements and MD&A
are available on SEDAR at www.sedar.com and on the Company's website atwww.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 atwww.sedar.com.
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