TORONTO, March 12, 2012 /PRNewswire/ - ROMARCO MINERALS INC. (TSX: R) (the "Company") is pleased to announce that it has released its results for the fourth quarter and year ended December 31, 2011. 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 All dollar amounts in this news release are expressed in U.S. dollars, unless otherwise noted.
Highlights from the results include:
- Cash balance at December 31, 2011 is $115.4 million.
- On February 7, 2012, the Company announced an updated mineral resource estimate containing 71.2 million tonnes at 1.77 g/t for 4.0 million gold ounces of measured and indicated material, with an additional 20.1 million tonnes at 1.24 g/t for 0.8 million gold ounces of inferred material.
- Drilled approximately 179,000 meters in 2011, of which 79% was exploration at Haile, 12% of condemnation at Haile and 9% of regional exploration. During the fourth quarter of 2011, drilled approximately 40,500 meters of which 68% was exploration at Haile, 7% of condemnation at Haile and 25% of regional exploration.
- Discovered two new, high-grade zones through exploration: Mustang and Palomino at Haile.
- Advanced 404 Wetlands Permit: the US Army Corps of Engineers (the "Corps") filed the Environmental Impact Study ("EIS") notice, selected Cardno ENTRIX as third-party contractor, announced and held Public Scoping meeting and completed scoping comment period.
- Increased controlled land position by 4,213 acres (1,705 hectares) or 62% to 11,054 acres (4,473 hectares). The Company now controls approximately 11,138 acres (4,507 hectares) at March 12, 2012.
- Reported $3.4 million net loss for the three months ended December 31, 2011. The reported net loss for the year ended 2011 is $15.7 million.
- Completed C$92.6 million gross proceeds equity financing in fourth quarter.
- Secured key long lead-time equipment with financial commitments of $42.2 million at December 31, 2012.
- Completed positive feasibility study for Haile project.
- Permitted and constructed the Kershaw Mineral Lab on time and under budget -passed two of three tests for ISO/IEC 17025:2005 accreditation.
- No environmental fines or infractions for the year.
- Acquired five regional exploration targets - 3 in South Carolina, 2 in North Carolina and initiated exploration.
- Romarco was added to the following indices:
- Morgan Stanley Small Cap Index
- S&P / TSX Composite Index
- S&P / TSX Global Gold Index
- S&P / TSX Global Mining Index
- Dow Jones Junior Precious Metals Index
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 dated February 10, 2011 on SEDAR. Romarco's Q.P. under NI 43-101 is James Berry, chief geologist at Haile.
About Romarco Minerals Inc.
Romarco Minerals Inc. is a gold development company engaged in the acquisition, exploration and development of precious metals mineral properties. 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.
SOURCE ROMARCO MINERALS INC.