TORONTO, Oct. 29, 2014 /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, 2014. The Company's 2014 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 third quarter and recent events include:
- On October 27, 2014, the U.S. Army Corps of Engineers ("Corps") issued the Section 404 permit for the Haile Gold Mine project ("Project") in South Carolina (the only required Federal environmental permit).
- The Corps' Record of Decision ("ROD") explains its reasons for issuing the permit and completes the Environmental Impact Statement ("EIS") and federal permitting process.
- The Section 404 permit became immediately effective on October 27, 2014.
- On October 23, 2014, the South Carolina Department of Health and Environmental Control ("SCDHEC") issued its final Section 401 Water Quality Certification for the Project. The certification became effective on that date because the 15-day statutory appeal period was completed with no appeal raised.
- On October 8, 2014, the Company announced that it had reached agreement with South Carolina conservation groups to provide ongoing protection for lands in the Lynches River Watershed of South Carolina. The conservation groups have agreed that they will not bring any suit or claim with respect to the federal, state or local permits issued for the Project as currently planned.
- Cash balance at September 30, 2014 was $24.5 million and approximately $21.5 million at October 29, 2014.
- Net cash spend (before foreign exchange effects) during the three-month period ended September 30, 2014 was $7.6 million compared with $7.5 million during the same period in 2013.
- Net loss was $3.7 million ($0.01 per share) for the three-month period ended September 30, 2014 compared with a $3.9 million ($0.01 per share) net loss during the same period in 2013.
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
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.