ROMARCO ANNOUNCES IN-SHELL RESOURCE ESTIMATE

TRADING SYMBOL: TSX-V: R

TORONTO, Nov. 2 /PRNewswire/ - ROMARCO MINERALS INC. (TSX-V: R) (the "Company") is pleased to announce an updated resource estimate for its wholly-owned Haile Gold Mine in South Carolina, USA. A US$1,200 economic shell was constructed for calculating recoverable gold that includes both gold price and recovery factors. The mineralized material contained within that shell is the resource reported. This resource estimate does not include portions of the Horseshoe, Snake, Ledbetter, and South Pit zones, as this mineralized material lies outside the current economic shell.  The in-shell resource comprises 3.1 million ounces of gold in the measured and indicated category with an additional 1.1 million inferred ounces of gold above a 0.411 g/t (0.012 oz/t) cutoff grade.  This cutoff grade corresponds with a gold price of US$1,200 per ounce.  See table below for details.

Highlights of the in-shell gold resource are:

• Measured and indicated resources increased 44% from 2.2 million ounces of gold to 3.1 million ounces of gold
• Measured and indicated resource grade increased 21% to 1.82 g/t
• Measured resources account for 54% of the M&I resources
• Inferred resources declined by 46% given the conversion of inferred to indicated
• Inferred resource grade increased by 33% to 1.34 g/t gold
• Total tonnes of measured and indicated material increased by 20% from 44.6 million metric tonnes to 53.4 million metric tonnes.

The table below illustrates the tonnage, grade, and in-shell, recoverable ounces at US$1,200 gold:

The mineral resource estimate has been calculated using the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definitions Standards for mineral resources in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

This resource includes only portions of the recently discovered Horseshoe zone.  Although portions of Horseshoe are included in the US$1,200 shell, a tradeoff study will determine if Horseshoe should be mined as a pit or as an underground target.  As this study is currently in progress, Horseshoe is unlikely to be included in the reserve and the feasibility study due in the first quarter 2011.  Additional drilling will also help define Horseshoe, which remains open in all directions and at depth.

The economic resource shell does not include the following:

• Deep Horseshoe Zone.  This zone has not been drill defined along strike and down dip. In addition, a potential new zone of mineralization may exist south of the main Horseshoe/Snake trend and at least one drill hole has encountered mineralization in this area.
• Snake Deep Zone.  Several drill holes have intersected mineralization in the down dip extensions of the Snake deposit and these areas lie beneath the resource shell.  Additional drilling is planned for this area.
• West Ledbetter.  Some drill hole intercepts recently released lie below the resource shell.  Additional drill testing will be conducted to determine the extent of this zone.
• West South Pit.  The strike extent of the West South Pit extends beyond the resource shell. Step-out drilling is planned to test the western extent along strike.

The tables below demonstrates the breakdown of tonnage and grade in each known zone at US$1,200 gold:

Note: Ktonnes = Metric Tonnes x 1,000 and Ktons = Short Tons x 1,000.

The table below represents the contained gold ounces by zone within a US$1,200 gold economic shell:

Adjacent Areas consist of the Champion and 601 zones which contain historic ounces and are west of the South Pit.  Recent drilling at these zones is extremely limited and all zones have shown potential for expansion.

Cross section diagrams including US$1,200 economic shells can be found on the Company's website (www.romarco.com) or here: http://romarco.com/projects/index.php?&content_id=331

The updated resource estimate includes approximately 106,900 meters of new drilling in 306 core and reverse circulation holes drilled between September 6, 2009 and September 30, 2010.   From January 1, 2010 to September 30, 2010 approximately 71% of holes were exploration holes and 29% were for condemnation.

The updated resource block model will be used in the Feasibility Study currently underway for an open pit mining operation.  The Feasibiiity study, being conducted by M3 Engineering & Technology Corporation, is expected to be completed in the first quarter of 2011. Exploration drilling will continue throughout the Haile mineralized system which continues to remain open in all directions and at depth.  The Company has nine (9) drill rigs active on exploration (4 core and 5 rc)

A new reserve estimate will be performed in conjunction with the feasibility study and will include drilling data from October 2008 that was the basis of the last reserve estimate (see press release dated February 3, 2009). The feasibility study will use a US$950 gold price for calculating reserves.

Jim Arnold, Sr. VP and COO stated, "The fact that this resource calculation includes both economic and recovery restrictions is significant.  Past resource calculations were restricted only by cutoff, so the fact that 3.1 million ounces measured and indicated plus 1.1 million ounces inferred fall within an economic shell is also very significant."

Diane Garrett, President and CEO commented, "Romarco is pleased to provide these interim results showing the effectiveness of the on-going deposit definition and exploration drilling at our Haile Project. Increasing the measured and indicated resource by 956,000 ounces of gold from December 2009 to September 2010 demonstrates the significant potential that continues to exist at Haile".

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 National Instrument ("NI") 43-101.

The NI 43-101 Technical Report is currently in process and will be SEDAR filed soon.  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 December 3, 2009 and revised April 1, 2010 on SEDAR.  Romarco's Qualified Person under NI 43-101 is Peter J. Butterfield, senior geologist at Haile.

About Romarco Minerals Inc.

Romarco Minerals Inc. is a gold development company focused on production in the US and Mexico.  The Company's flagship project is the Haile Gold Mine in South Carolina which is currently in the process of a feasibility study and continued exploration drilling. The Pinos Gold District in Mexico is a high grade epithermal vein district in the advanced exploration stage.

"Neither the TSX Venture nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release"

SOURCE ROMARCO MINERALS INC.