TORONTO, Feb. 3 /PRNewswire/ - 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
- 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.
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.