Romarco announces 2013 third quarter results
VANCOUVER, Nov. 6, 2013 /PRNewswire/ - ROMARCO MINERALS INC. (TSX: R) (the "Company") is pleased to announce that it has released its results for the third quarter ended September 30, 2013. The Company's 2013 third quarter financial statements and MD&A are available on SEDAR at www.sedar.com and on the Company's website at www.romarco.com. All dollar amounts in this news release are expressed in U.S. dollars, unless otherwise noted.
Highlights from the results include:
- On November 5, 2013, the Company announced that it had arranged a non-brokered private placement financing (the "Private Placement") of approximately 71,678,600 common shares of the Company (the "Offered Shares") at a price of C$0.35 per Offered Share for aggregate gross proceeds of C$25.1 million which is scheduled to close on or about November 13, 2013.
- During October 2013, the Company received the Bureau of Air Quality State Construction Permit, the National Pollutant Discharge Elimination System Permit and the Dams & Reservoirs Safety Permit. All three permits are now effective and each appeal period has closed with no appeal.
- During October 2013, the Company entered into an agreement with Cutfield Freeman & Co Ltd. as its Financial Adviser with the aim of securing financing for a significant portion of the funds for the Haile Gold Mine project.
- During the month of September 2013, the Corps informed the Company that Cardno ENTRIX, a third-party contractor, had completed the hydrology modelling work associated with the previously announced hydrological tasks (see news release dated February 20, 2013). Based on this now-completed work, modelling and characterization of potential indirect impacts of the project are underway for inclusion in the Draft EIS.
- On July 22, 2013, the US Army Corps of Engineers issued a public notice for a community meeting and released the date of the alternatives evaluation report publication. The Corps' Environmental Impact Statement ("EIS") schedule is as follows:
- Alternatives Development and Evaluation Report publication - Completed: August 5, 2013
- Community meeting - Completed: August 20, 2013
- Draft EIS publication - March 2014
- Draft EIS public hearing - April 2014
- Final EIS publication - July 2014
- On July 10, 2013, the Company submitted a revised wetlands and stream mitigation plan ("mitigation plan") that supersedes the previously submitted wetlands and stream conceptual mitigation plan and is built on protection of outstanding aquatic, cultural and historic resources on three parcels of property that the Company controls.
- Cash balance at September 30, 2013 was $32.7 million.
- Cash spend (before foreign exchange effects) was $7.5 million during the three-month period ended September 30, 2013 compared with $9.7 million during the same period in 2012.
- Reported $3.9 million ($0.01 per share) net loss for the three-month period ended September 30, 2013 compared with a $2.0 million ($0.00 per share) net loss during the same period in 2012.
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 drilling and permitting for its flagship project, the Haile Gold Mine in South Carolina.
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
SOURCE ROMARCO MINERALS INC.