TORONTO, May 7, 2012 /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, 2012. The Company's 2012 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 results include:
- Cash balance at March 31, 2012 was $98.5 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.
- Announced 2012 drill program of 85,000 meters and budget of $12 million. The 2012 program will be drilled with the five company-owned rigs and is expected to produce a cash savings of approximately $17 million over the 2011 program.
- Drilled approximately 23,900 meters during the first quarter of 2012, of which 44% was exploration at Haile, 26% was condemnation at Haile and 30% was regional exploration.
- Provided drill results for initial holes on first phase of drilling at three regional properties.
- Provided on-going drill results at Haile.
- Mr. Gary Sugar joined the Board of Directors.
- Reported $3.5 million net loss for the three months ended March 31, 2012.
- Increased controlled land position by 84 acres (34 hectares) to 11,138 acres (4,507 hectares). The Company controls approximately 11,271 acres (4,561 hectares) at May 4, 2012.
- Detailed project engineering was approximately 44% complete at March 31, 2012.
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.
For additional information on the Company's sampling, analysis, and Quality Assurance and Quality Control ("QA/QC"), please see the Company's most recent Annual Information Form ("AIF") filed March 19, 2012 on SEDAR. Romarco's Qualified Person under NI 43-101 is James M. Berry, P.G., Chief Geologist at Haile. Mr. Berry has reviewed and approved this news release.
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.
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.