Romarco announces 2014 first quarter results

News provided by

ROMARCO MINERALS INC.

Apr 30, 2014, 05:15 ET

 TRADING SYMBOL: TSX: R

TORONTO, April 30, 2014 /PRNewswire/ - ROMARCO MINERALS INC. (TSX: R) (the "Company") is pleased to announce that it has released its results for the first quarter ended March 31, 2014.  The Company's 2014 first 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 first quarter and recent events include:

  • Cash balance at March 31, 2014 was $38.0 million.
  • On March 13, 2014, the Company announced that the US Army Corps of Engineers ("Corps") published the Draft Environmental Impact Statement ("EIS") for the Federal 404 Wetlands permit application (the only required environmental Federal permit) for the Haile Gold Mine project. The Corps will accept written comments until the close of the comment period on May 9, 2014.
  • On March 14, 2014, the Company announced the public hearing scheduled on April 24, 2014 would be a coordinated, joint federal and state hearing by the Corps and the South Carolina Department of Health and Environmental Control ("SCDHEC").  SCDHEC will also accept written comments on the request for a mine permit modification through May 9, 2014. The joint public hearing took place as scheduled and no new issues were identified.   
  • Cash spend (before foreign exchange effects) during the three-month period ended March 31, 2014 was $9.0 million compared with $15.4 million during the same period in 2013.
  • Reported $2.9 million ($0.00 per share) net loss for the three-month period ended March 31, 2014 compared with a $3.6 million ($0.01 per share) net loss during the same period in 2013.
  • During January 2014, the Company extended the delivery schedule of its Hitachi shovel and final payment of approximately $2 million by eleven months to December 31, 2014.

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 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 at www.sedar.com.

SOURCE ROMARCO MINERALS INC.